Pyng Medical Corp. Announces Resignation of President and CEO
VANCOUVER, BRITISH COLUMBIA -- 09/21/10 -- Pyng Medical Corporation (TSX VENTURE: PYT) announces the resignation of current President and Chief Executive Officer (CEO), Robert (Bob) Di Silvio, effective September 30 2010. Pyng's Board of Directors has appointed Mr. Mark F. Hodge as Interim President and CEO, effective October 1, 2010. Mr. Di Silvio has decided to take a position with a San Francisco bay area medical company and will continue to serve with Pyng as a member of its Board of Directors.
Mr. Di Silvio has been on Pyng's Board of Directors and has been President/CEO since April 2009. Kevin O'Neill, Corporate Director, commented that, "Bob has achieved many firsts for Pyng Medical, his leadership and efforts have well-positioned products such as CRICTM and FASTxTM for success in the marketplace. Additionally, new products with high potential, such as FAST-Info.TM, would not have been conceived and started on the road to market without him. I am especially glad that Pyng Medical will continue to benefit from Bob's experience and leadership as a member of the Board of Directors. I am also confident that his medical device acumen will be valuable in helping achieve the growth he has positioned Pyng Medical to attain."
Mr. Hodge is a seasoned medical device professional with 25+ years business experience including many years at leading medical device companies, Medtronic and Boston Scientific, as a director in Marketing, Operations, and Engineering. Mr. Hodge holds a B.S. degree in Materials Science and Industrial Engineering, and graduate degrees in both Biomedical Engineering and Manufacturing Engineering, as well as an M.B.A. from a Boston University. Mr. Hodge has also been a contract management consultant with Pyng Medical since June 2009 and involved in various key projects related to product development, marketing, and supply-chain including the recently FDA cleared FASTxTM product.
Mr. Hodge is expected to be in this interim role for six (6) months while the Board of Directors conduct the search for a full-time President and CEO.
"Mark, and his seasoned team of Pyng senior managers, will focus on revenue growth from our new products and new markets - continuing what was started under Bob. I am confident that the experience and capabilities of this team will allow us to successfully pursue the growth strategies we started during Bob's tenure," commented Kevin O'Neill.
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 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.
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Pyng Medical Corp.