Pyng Medical Moves to a New Facility.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--June 22, 2001

Pyng Medical (OTCBB:PYNGF) (CDNX:PYT.V) will be moving to a new manufacturing facility for September 1, 2001.

A new facility has been identified and the lease will be signed after legal scrutiny. Anticipated closure is June 22nd, 2001. We are pleased with the new facility because it offers a number of advantages to Pyng Medical Corp. now and into the future. At 5700 square feet, the facility is larger than the space Pyng Medical now occupies. We will have loading dock facilities, and in-house warehouse space. We will also have a substantial net savings in monthly rent from the current costs. As a key issue Pyng Medical Corp. will have stability in the new facility because we will be leasing directly from the owner, which was not the case in the current facility. The lease will be for 4-5 years with right of first refusal on a neighboring space, which becomes available 18 months from now.

The main reason for the move at this time is that Pyng was a sub-tenant to a sub-lease on space from February 2000 until end of August 2001. As a sub-tenant, we were subject to the whims of our landlord and they allowed their rights to a continued lease lapse. This issue was raised in our year-end report and it now has been effectively dealt with and to our benefit.

We are planning a move that minimizes disruption to our activities and expenditures. To avoid taking key resources away from marketing and production, we have hired a part-time employee, familiar with such transactions, to plan and facilitate the move. The new facility is also in the Knightsbridge business park area, close to our current facilities. Renovations and lease hold improvements are being planned with the landlord to ensure we have production facilities (a controlled manufacturing environment) before vacate our existing facilities in September 2001. Leasehold improvements have been negotiated as part of the lease.

Necessary approvals and the associated training at the various required jurisdictional levels in North America have slowed the introduction of the product in the short term. However sales have been well above our revised business plan projections, which were the subject of a previous news release, and adjusted for the extended approvals process and training requirements.

Pyng is working closely with our distributors and the approvers in key states to ensure approvals for the F.A.S.T.1 procedure. We are also developing an on line training package with both Power Point and video. We believe this would be very beneficial in the field. We will be providing an update to our web site on these issues shortly. These efforts as well as our other marketing efforts are paying off; we are encouraged by increased sales in April and May. Each of these months we achieved $25,000 in actual sales while June appears to be on track for the same.

The Canadian Venture Exchange has neither reviewed nor approved of the contents of this news release. Safe Harbor Statement: This release may contain certain forward-looking statements including without limitation, projections, assumptions, expectations, product development objectives, commercial introduction, and potential advantages of the F.A.S.T.1 System. Actual events or results may differ from the Company's expectations as a result of risk factors discussed in Pyng Technologies Corp. reports on the file with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's report on Form 20F for the year ended September 30, 1999.