VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 28, 2009) - Further to its news release dated March 17, 2009, Pyng Medical Corp. (the "Company") (TSX VENTURE:PYT) is pleased to announce that Bob DiSilvio, currently interim Chief Executive Officer, will assume the role of President and Chief Executive Officer on a permanent basis.
Kevin O'Neill stated on behalf of the Board of Directors: "Bob's leadership skills and extensive experience in a range of high-performance medical device market leader companies make him the right CEO to lead Pyng to sustainable growth and profitability, not only in Pyng's traditional technical and clinical trauma care market, but also in new segments where Pyng's technologies have significant potential."
The Company has granted an aggregate of 300,000 incentive stock options pursuant to its stock option plan to Mr. DiSilvio and an aggregate of 81,200 options to members of its Advisory Board. The options are exercisable at a price of $0.23, until 10 May 2011.
About Pyng Medical Corp.
Pyng is a leader in resuscitation innovation with simple-to-use and highly effective products including FAST1(R) Intraosseous Infusion System, the FAST(TM) System, T-POD(R) Pelvic Stabilizer, and MAT(R) Tourniquet. The Company is awaiting FDA approval of the CRIC(TM) Cricothyrotomy System which is currently under final development. The Company plans to submit an application for FDA approval of the FAST(TM) System, which is currently still under development.
On behalf of the Board of Directors of Pyng Medical Corp.
Kevin O'Neill, Director, Pyng Medical Corp.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pyng Medical Corp.