VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 22, 2006) - Pyng Medical Corp. ("Pyng" or the "Company") (TSX VENTURE:PYT) announces that it has granted, subject to all necessary approvals, incentive stock options under it Stock Option Plan to purchase up to 300,000 common shares in its capital stock exercisable at a price of $0.40 per share. These options are reserved for an officer of the Company and are exercisable for a period of 2 years expiring on November 19, 2008.
As of November 22, 2006, the Company has granted a total of 1,970,000 incentive stock options under its Stock Option Plan to its directors, officers and employees to purchase common shares. 465,000 were exercised, 50,000 were cancelled, and 305,000 have expired. Total stock options outstanding to date were 1,150,000. The exercise price of 300,000 is $0.40, 230,000 options is $0.75 per share, 570,000 options is $0.45 per share, 20,000 options is $0.43 per share, 20,000 options is $0.42 per share, and 10,000 options is $0.34 per share. 80,000 options expire on August 3, 2007, 150,000 options expire on October 12, 2007, 20,000 options expire on July 16, 2008, 20,000 options expire on August 14, 2008, 10,000 options expire on August 21, 2008, and 300,000 options expire on November 19, 2008.
On behalf of the board,
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.
(604) 303-7987 (FAX)