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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/11/15 -- Pyng Medical Corp. (the "Company") (TSX VENTURE: PYT) is pleased to announce, further to its press release dated August 10, 2015, that it has closed the Shares for Debt Transaction (defined below). The Company has entered into a debt settlement agreement with certain of its directors pursuant to which the Company has issued 2,125,000 common shares in full and final satisfaction of an aggregate amount of $106,250.00 owed (or approximately one common share for each $0.05 of debt owed) with respect to services rendered by the directors (the "Shares for Debt Transaction").
All securities issued pursuant to the Shares for Debt Transaction are subject to a hold period expiring December 12, 2015.
The Shares for Debt Transaction is subject to final approval of the TSX Venture Exchange.
About Pyng Medical Corp.
Pyng Medical Corp. engineers and markets award-winning trauma and resuscitation products for front-line critical care personnel world-wide. Pyng's product portfolio includes innovative sternal intraosseous (sternal IO) pelvic stabilization and tourniquet devices specifically designed and customized for both the military and civilian markets. With growing markets in North America, Europe and Asia, Pyng develops user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Safe Harbour Statement; Forward-Looking Statements: This release contains 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 closing of the transactions described in this release and TSX Venture Exchange approvals 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 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.Contacts: George Dorin Chief Financial Officer Pyng Medical Corp. (604) 303-7964 x219 NEXT ARTICLE
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