Pyng closes FAST1 manufacturing transfer to Donatelle

2013-01-22 09:45 ET - News Release

 

Mr. George Dorin reports

PYNG MEDICAL CORP. ANNOUNCES MANUFACTURING TRANSFER AND NEW PARTNERSHIPS

Pyng Medical Corp. has completed the manufacturing transfer of its highest-volume product, FAST1, to Donatelle Plastics Inc. of New Brighton, Minn., United States. Founded as a privately owned tool design and fabrication business in 1967, Donatelle has evolved into a U.S. Food and Drug Administration-compliant, ISO-9001:2000- and ISO-13485:2003-certified full-service medical device manufacturer that ships product around the world. The company has also begun to forge a technology partnership with Donatelle, with the goal of improving the efficiency of current products and bringing new products to market in the future. The company is no longer performing manufacturing operations in Richmond, B.C., Canada, but Richmond remains the company's headquarters.

The company has also announced that MDR Specialty Distribution Corp. of Newport News, Va., United States, has become its new North American warehouse. This move was executed to reduce costs, enhance logistics of the entire supply chain and improve customer service. The company has already realized benefits in these areas since this transfer was finalized. Both MDR and Excelera Corp. (the company's largest shareholder with approximately 17.7 per cent of the company's outstanding shares) are held under common ownership.

We seek Safe Harbor.