Pyng Medical Corp. Announces Revised Terms of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 09, 2009) - Pyng Medical Corp. (the “Company”) (TSX VENTURE: PYT) announces, further to its press releases dated May 14, 2009 and May 25, 2009, that it intends to revise the terms of its non-brokered private placement (the “Private Placement”) of secured subordinated convertible notes (the “Notes”), as follows:

- the aggregate principal amount of the Notes has been raised from up to $1 million to up to $1.5 million.

- the Notes will mature in five years plus one day after their date of issue (and not 30 months after their date of issue, as previously announced).

- the holders of Notes may exercise their right to convert at any time prior to the maturity date of the Notes.

- the holders of Notes may exercise their right to convert all or a portion of the total outstanding principal amount of the Notes into common shares (the “Shares”) of the Company, at a conversion price of $0.20 per Share (it was previously announced that each Note would convert to a unit comprised of one Share and one Share purchase warrant).

- for every $0.20 principal amount of Notes purchased, subscribers will also receive one Share purchase warrant (a “Warrant”). Each Warrant may be exercised for one Share at $0.22 per Share, at any time prior to the maturity date of the Notes.

All other terms of the Private Placement remain as outlined in the Company’s press releases dated May 14, 2009 and May 25, 2009.

The Private Placement is subject to the negotiation, execution and delivery of definitive agreements and the receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.

About Pyng Medical Corp.

Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Creators of the FAST1® Intraosseous Infusion System, Pyng’s expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide. Pyng has received the exclusive 2008 Medical Device Company of the Year Award from Life Sciences British Columbia for its sustained achievements in commercializing the Company’s proprietary FAST1®, the only medical device able to provide rapid sternal access for administering drugs and fluids to the heart in seconds. The Company was also selected in the “2007 TSX Venture 50" Top 10 companies in Life Sciences based on solid financial metrics for the year ending December 31, 2006.

Safe Harbour Statement; Forward-Looking Statements: This release may contain forward-looking statements based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like “expects”, “anticipates”, “plans”, “intends”, “projects”, “indicates”, and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as other USA Commissions, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.