VANCOUVER, B.C. March 17, 2003 (PRIMEZONE) -- Pyng Technologies Corp. (OTCBB:PYNGF) (TSX Venture Exchange:PYT) and subsidiary, Pyng Medical Corp. is pleased to announce record sales for the F.A.S.T. 1 System and a profit for the first fiscal quarter of 2003.
Sales for the Quarter ending December 31st, 2002 were $ 247,377. This represents an increase of approximately 115 percent over the same quarter recorded in fiscal 2001. The net profit generated for the quarter was $14,464.
Costs of sales were $ 91,323 leaving a gross margin of $ 156,054. Interest and miscellaneous income was $ 4,964 and a gain on settlements of accounts receivable providing a margin of $ 220,168. Amortization and depreciation accounted for $ 27,221.
Cash, term deposits, accounts receivable and prepaid at the end of this quarter were $ 368,764 with Inventory totalling $ 154,288. Total current liabilities accounted for $ 434,654 and long term loans payable were $ 172,069. Expenses for the period less amortization and depreciation were $ 189,700.
Pyng also had record sales reported for January 2003 for the F.A.S.T. 1 System for Adult Intraosseous Infusion and is seeing continued strength in sales in the second quarter. Booked sales plus shipped orders for the first two quarters of FY2003 have surpassed total sales for FY2002.
These results are from the unaudited consolidated statement including Pyng Technologies Corp. and Pyng Medical Corp.
Michael W. Jacobs, President, Pyng Technologies Corp.
For further information please contact Michael W. Jacobs at 1-800-349-7964 or 604-303-7964 or visit our web site at www.pyng.com.
The Canadian Venture Exchange has neither reviewed nor approved of the contents of this news release. Safe Harbor Statement: This release may contain certain forward-looking statements including without limitation, projections, assumptions, expectations, product development objectives, commercial introduction, and potential advantages of the F.A.S.T.1 System. Actual events or results may differ from the Company's expectations as a result of risk factors discussed in Pyng Technologies Corp. reports on the file with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's report on Form 20F for the year ended September 30, 2002.