RE: Scary NEWS!!!!From the SI board.
On Friday April 12th, 2002 Stockwatch reported that Pyng Medical Corp had filed a lawsuit for the return of Pyng Medical Corp. production tooling from a former supplier.
A Court Order to return tooling, which is owned by Pyng Medical Corp, was issued in order to mitigate the risk of delays in production caused by a protracted termination of the business relationship with the former supplier.
Pyng Medical Corp. has identified, qualified, and contracted with a new supplier for production of FAST1 System components and the tooling is now at their facilities for continued production of F.A.S.T.1 components.
There will be no effect on production as Pyng Medical Corp. has sufficient production components on hand and more components orders have been placed with our new supplier.
Pyng Medical Corp. actions were appropriate under the circumstances that were presented to us and while having to go to a court order was a necessary action in order not to delay production this issues is now resolved.
Michael