SOURCE: Cryobanks International, Inc.

April 26, 2007 06:00 ET

Cryobanks International, Inc. Nears Completion of Due Diligence for $9.0 Million Financing

ALTAMONTE SPRINGS, FL -- (MARKET WIRE) -- April 26, 2007 -- Cryobanks International, Inc. (CI) announced today that it has provided a substantial amount of documents and information to the $9.0 million investor as previously announced on March 15, 2007. The investor sent a list of due diligence questions to CI, and CI is hopeful that the investor will complete due diligence by mid May. The investor has indicated that a due diligence meeting at CI's offices in Altamonte Springs, Florida, will be scheduled within the first two weeks of May.

In the event the investor completes due diligence to its satisfaction, in its sole discretion, and the financing closes as agreed in the previously announced letter of intent, then CI will have satisfied the final remaining condition to the closing of the Agreement and Plan of Merger with BioStem, Inc. (OTCBB: BTEM). In such event, the merger would proceed to closing as contemplated in the Agreement and Plan of Merger. There can be no assurance that the investor will approve due diligence or close the financing.

About Cryobanks:

Cryobanks International is a corporation located in Altamonte Springs, Florida. 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 (CB) 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 transplant (BMT). 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 9,700 donated cord blood units listed on international registries including the National Marrow Donor Program. 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. We undertake no ongoing obligation, other than that imposed by law, to update these statements.

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