|By Marketwired .||
|August 8, 2014 07:19 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/08/14 -- Pyng Medical Corp. (the "Company") (TSX VENTURE: PYT) announces, further to its press release of July 29, 2014, that it intends to amend the terms of certain previously issued secured convertible notes in the aggregate principal amount of $530,000 (the "2009 Notes") and to complete a non-brokered private placement (the "Private Placement") of secured convertible notes in the aggregate principal amount of up to $150,000 (the "2014 Notes").
The Company proposes to amend the maturity date of the 2009 Notes from August 8, 2014 to August 8, 2015. The Company also proposes to revise the price at which the principal of the 2009 Notes is convertible into common shares of the Company from $0.20 per common share to $0.06 per common share. The Company has obtained the conditional approval of the TSX Venture Exchange (the "TSX-V") and the consent of the holders of the 2009 Notes for the foregoing amendments.
The 2014 Notes to be issued pursuant to the Private Placement will have the same terms as the amended 2009 Notes. Both the amended 2009 Notes and the 2014 Notes will mature one year after their issuance and will bear interest at an annual rate of 10% above the Canadian bank prime rate, payable quarterly, and will be secured by a first charge on certain of the Company's assets.
Each holder of an amended 2009 Note and each new subscriber for a 2014 Note will be issued one non-transferable common share purchase warrant (each, a "Warrant") for every $0.06 of the principal amount of their notes for, in respect of the 2014 Notes, a subscription price of $0.001 per Warrant. The Warrants will have an exercise price of $0.065 per Warrant and a term of one year.
Closing of the Private Placement is expected to occur on or before August 31, 2014. Closing remains subject to the negotiation, execution and delivery of definitive agreements. The Warrants and 2014 Notes will be subject to a hold period of four months from the date of issuance in accordance with the rules and policies of the TSX-V and applicable Canadian securities laws. The creation of any "control persons" (as defined in the policies of the TSX-V) or new insiders as a result of the foregoing transactions will be subject to TSX-V approval.
The net proceeds of the Private Placement will be used by the Company for existing accounts payable and for general corporate purposes.
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, TSX-V approvals, use of proceeds from the Private Placement, the issuance of the 2009 Notes, 2014 Notes and Warrants, 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 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.
Pyng Medical Corp.
Chief Financial Officer
(604) 303-7964 x219
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon...
Feb. 28, 2015 09:00 AM EST Reads: 2,050
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics arc...
Feb. 28, 2015 09:00 AM EST Reads: 1,159
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise be...
Feb. 28, 2015 09:00 AM EST Reads: 2,756
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
Feb. 28, 2015 09:00 AM EST Reads: 2,824
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
Feb. 28, 2015 09:00 AM EST Reads: 2,589
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to mak...
Feb. 28, 2015 09:00 AM EST Reads: 933
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data th...
Feb. 28, 2015 09:00 AM EST Reads: 1,191
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities. In his session at @ThingsExpo, Gary Hall, Chief Technology Officer, Federal Defense at Cisco S...
Feb. 28, 2015 09:00 AM EST Reads: 1,019
For years, we’ve relied too heavily on individual network functions or simplistic cloud controllers. However, they are no longer enough for today’s modern cloud data center. Businesses need a comprehensive platform architecture in order to deliver a complete networking suite for IoT environment based on OpenStack. In his session at @ThingsExpo, Dhiraj Sehgal from PLUMgrid will discuss what a holistic networking solution should really entail, and how to build a complete platform that is scalable...
Feb. 28, 2015 09:00 AM EST Reads: 2,242
Big Data is amazing, it's life changing and yes it is changing how we see our world. Big Data, however, can sometimes be too big. Organizations that are not amassing massive amounts of information and feeding into their decision buckets, smaller data that feeds in from customer buying patterns, buying decisions and buying influences can be more useful when used in the right way. In their session at Big Data Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positi...
Feb. 28, 2015 08:00 AM EST Reads: 1,025
SYS-CON Media announced today that XebiaLabs launched a popular blog feed on DevOps Journal with close to 2,000 story reads in less than a day. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done.
Feb. 28, 2015 05:00 AM EST Reads: 2,251
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understand...
Feb. 28, 2015 05:00 AM EST Reads: 2,211
Cloudian, Inc., the leading provider of hybrid cloud storage solutions, today announced availability of Cloudian HyperStore 5.1 software. HyperStore 5.1 is an enhanced Amazon S3-compliant, plug-and-play hybrid cloud software solution that now features full Apache Hadoop integration. Enterprises can now transform big data into smart data by running Hadoop analytics on HyperStore software and appliances. This in-place analytics, with no need to offload data to other systems for Hadoop analyses, en...
Feb. 28, 2015 04:00 AM EST Reads: 2,321
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use c...
Feb. 28, 2015 04:00 AM EST Reads: 2,832
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, includin...
Feb. 28, 2015 03:30 AM EST Reads: 2,329