SOURCE: Cryobanks International, Inc

March 16, 2007 08:30 ET

Cryobanks International, Inc. Announces Intent to Seek Listing on American Stock Exchange

ALTAMONTE SPRINGS, FL -- (MARKET WIRE) -- March 16, 2007 -- Cryobanks International, Inc., which is to be acquired by BioStem, Inc. (OTCBB: BTEM), announced today that upon the completion of the $9.0 million funding announced on March 14, 2007, they intend to file an application to list BioStem, Inc. on the American Stock Exchange.

Cryobanks has reviewed its balance sheet and financial condition and determined that in the event the Financing closes as anticipated, it will meet the required shareholder's equity listing criteria set by the American Stock Exchange. There can be no assurance, however, that the American Stock Exchange will ultimately accept the listing. Prior to completion of the merge and submission of formal requests to transfer to the AMEX, Cryobanks has informally consulted with one of the largest specialists on the AMEX to ensure the success of a proposed transfer. Should everything proceed as anticipated, the company will file the application simultaneous with the filing of the registration statement which is required to close the merger of BioStem and Cryobanks, with the hope that the AMEX listing will become effective upon the closing of the merger.

"After reviewing the many well known advantages of listing on the AMEX, we feel that transferring to AMEX would only render positive results to our organization. Transferring to AMEX will not only provide a less volatile trading environment, but also increase our visibility within the marketplace. Utilizing the expertise of a top specialist will further ensure that the transfer process will be performed with an unparalleled degree of professionalism as well as serving to expedite the transition to a completed state," said Dwight Brunoehler, CEO of Cryobanks.

There can be no assurance, however, that the previously announced financing, which is still subject to completion by the investor of due diligence, will ultimately close, that the previously announced merger will close, or that the American Stock Exchange will ultimately approve the listing application of the company, even if the company meets all of the published listing qualifications of AMEX.

About Cryobanks:

Cryobanks International is located in Altamonte Springs, Fl., which is to be acquired by BioStem, Inc. (OTCBB: BTEM). The Company is a leader in the collection, processing, and banking of stem cells derived from the umbilical cord immediately after birth. The units of cord blood are processed and stored by the company for use in unrelated transplants (where the donor is a histocompatible match, but is anonymous and unrelated to the recipient) and for personal storage and use. In recent years, cord blood transplants (CBTs) have become widely recognized as a safe, effective, and in many ways preferable, alternative to bone marrow transplants. There is tremendous potential need for CBTs in the United States and worldwide. Cryobanks International is well poised to help meet that need, equipped with an inventory of over 9,000 cord blood units placed on international registries. For more information about Cryobanks International call 1-800-869-8608 or visit the website at

Safe Harbor Statement

This press release contains "forward-looking statements" by the Company. These statements relate to future events or financial performance and transactions, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements, to be materially different from those contemplated by the forward-looking statements. There can be no assurance that the merger, financing or listing application described herein will successfully close. We undertake no ongoing obligation, other than that imposed by law, to update these statements. Factors that could affect results, levels of activity, performance or achievements to materially differ from those contained in the forward-looking statements include the failure to complete the merger of BioStem, Inc. (OTCBB: BTEM) and Cryobanks International, Inc., the financing previously announced by Cryobanks or any similar financing, and other factors that can be found in BioStem's filings with the Securities and Exchange Commission, which can be found at

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