SOURCE: CryoPort

October 23, 2007 09:27 ET

Letter From CryoPort, Inc. to Shareholders From Chairman/Chief Executive Officer Peter Berry

LAKE FOREST, CA--(Marketwire - October 23, 2007) - CryoPort, Inc. (OTCBB: CYRX) today published a letter to shareholders from Peter Berry, the Company's Chairman and Chief Executive Officer.

Dear Shareholders,

I am pleased to report to the Shareholders of CryoPort, Inc. ("the Company") the results of the recently held Special Shareholders Meeting in Las Vegas, Nevada on October 16, 2007 and provide an update on the status of the Company.

A special shareholders meeting of CryoPort, Inc. was held on Tuesday, October 16, 2007, at 10am in Salon L of the California Ballroom in the Gold Coast Hotel, 4000 West Flamingo Way, Las Vegas, Nevada. Vice-Chairman Tom Fischer acted as Chairman of the meeting and stated that it had been determined by an audited count that a quorum of the Company's shares authorized to vote on the proposal presented was either present at the meeting or had returned signed proxy statements to the Company prior to the meeting. He informed shareholders present that the purpose of the special meeting was to amend and restate the Articles of Incorporation of the Company. The floor was then turned over to the Company's Chairman and Chief Executive Officer, Peter Berry, for a report on the status of the Company, which is outlined in the remarks below. At the end of the remarks by the Company's CEO, and a question and answer period, the Secretary of the Company announced that the proposal to Amend and Restate the Company's Articles of Incorporation had passed with 88.5% of the votes cast in favor of the proposal, 9.9% of the votes cast against the proposal and 1.6% of the potential votes abstaining.

I would like to begin by stating that the Company has made significant progress during the last four years. We completely redesigned and re-engineered the original product, business plan and business model based on frequent customer and market input and interaction. Throughout this period CryoPort's management diligently worked to provide the necessary level of operating capital. I believe that this diligence has brought the Company to its present position of being on the cusp of launching its CryoPort Express® One Way Shipper System into an estimated multi-billion dollar per year frozen shipping market for biopharmaceutical materials. The Company believes that it now has the ability to be a powerful and disruptive force in the market for currently available and competing products with the potential to set a new standard in the frozen shipping industry for biopharma materials.

In addition, I would like to highlight two of the more recent, significant successes in the Company's evolution, which include CryoPort's recent listing on the Over-the-Counter Bulletin Board following the successful completion of the 15c-2-11 filing process and the subsequent funding of the Company with $4 million of institutional investment capital that was put into place via a senior convertible debenture.

The Company has recently moved to a new location in Lake Forest California and is currently in the process of setting up both manufacturing and recycling facilities. CryoPort anticipates commencing manufacturing the CryoPort Express® container by late November to early December 2007.

I would also like to note that strategic roll out discussions have been, and are continuing, with our alliance partners, which include an international overnight shipping company. While no further details on theses discussions can be released at this time, CryoPort anticipates that updates will be provided over the next 30-90 days as events occur.

In closing, I would like to thank all of those who were present at the meeting, all of our shareholders who could not be present for their continued support and also those members of the CryoPort Board, Advisory Board and Management who have made time in their schedules to attend this meeting.

Sincerely,

Peter Berry
October 17, 2007

About CryoPort, Inc.

CryoPort (www.cryoport.com) develops leading edge, proprietary, technology-driven shipping and storage products for use in the rapidly growing global biotechnology and biopharmaceutical cold shipping chain. The products developed by CryoPort are essential components of the infrastructure required for the testing, research and end user delivery of temperature-sensitive medicines and biomaterials in an increasingly complex logistical environment.

"SAFE HARBOR"

This press release contains forward-looking statements. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.

Contact Information


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