VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- November 20, 2006 -- Pyng Medical Corp. (TSX VENTURE: PYT) is pleased to announce the appointment of Mr. David Christie to the position of CEO effective immediately. Mr. Christie will also be appointed to Pyng Medical’s Board of Directors at the next board meeting.
Mr. Christie has most recently been CEO of a western Canada medical device company, Innervision Medical Technologies Inc., where he helped raise over $2 million in new equity, recruited the necessary professionals and developed all the necessary plans and materials to effectively commercialize their proprietary Flash Ultrasound™ technology.
David previously held several senior roles at VSM MedTech, including Chief Operating Officer, Executive Vice President/General Manager, and Vice-President Sales and Marketing. At VSM MedTech he launched and extended their successful line of blood pressure monitors (BpTRU™) and successfully integrated the acquisition of CTF (a magnetoencephalography manufacturer) into VSM MedTech’s operations.
Previous to that David held progressively senior and successful sales and management roles in several companies, many of them North American household names. These included Regional Vice President at Clearnet, Vice President and General Manager at Laidlaw’s subsidiary Medigas, and senior sales positions at Baxter International Inc.
David has a B.Sc. (Biology) and MBA, and resides in Vancouver.
Current interim-CEO Mr. Kevin O’Neill was quoted, “We are delighted to have David as our CEO and look forward to the success of employing his impressive array of skills and experience to implement Pyng Medical Corp’s strategic plan. This will include growing the sales of our successful product the F.A.S.T.1™ and derivates in new markets. Also of great importance will be drawing on David’s previous successes in developing new profitable products for Pyng Medical, including potential acquisitions of other medical device companies as an efficient way to grow and further diversify Pyng’s revenues.”
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
-------------------------------------------------------------------------------- Contacts: Pyng Medical Corp. Kevin O’Neill (604) 303-7964 Website: www.pyng.com SOURCE: Pyng Medical Corp.
