Cryopak Industries Inc.

Cryopak Industries Inc.

March 30, 2005 09:00 ET

Cryopak Announces Increase in Amount of Proposed Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CRYOPAK INDUSTRIES INC.

TSX VENTURE SYMBOL: CYK
OTC Bulletin Board SYMBOL: CYPIF

MARCH 30, 2005 - 09:00 ET

Cryopak Announces Increase in Amount of Proposed
Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2005) - Cryopak
Industries Inc. (TSX VENTURE:CYK)(OTCBB:CYKIF) wishes to announce that,
in connection with its proposed private placement of Secured Subordinate
Convertible Debentures (the "Debentures") in the principal amount of
$1,000,000 announced on March 24, 2005, it has received commitments from
other third party investors with respect to subscriptions of Debentures
with principal of up to an additional $900,000, for a private placement
of Debentures with a total principal amount of up to $1,900,000. The
terms and conditions of the Debentures are as disclosed in the Company's
press release dated March 24, 2005. This private placement remains
subject to regulatory approval. A finder's fee of up to 1% will be
payable in connection with the private placement.

As disclosed in the Company's press release dated March 24, 2005,
Esarbee Investments Limited, an insider of the Company, B.C. Discovery
Fund (VCC) Inc., which is related to an insider of the Company, Mr. John
McEwen, Chairman of the Company, and Mr. Martin Carsky, Chief Executive
Officer of the Company, intend to subscribe for $500,000, $250,000,
$26,000 and $35,000 of the Debentures, respectively.

About Cryopak

With facilities in Vancouver and Montreal, we are a leading provider of
temperature-controlling products and solutions. Our clients include some
of North America's leading retailers and consumer goods companies, as
well as global pharmaceutical companies. In our retail business, we
develop, manufacture and sell reusable ice substitutes, flexible hot and
cold compresses, reusable gel ice and instant hot and cold packs. These
products are marketed under such popular brand names as Ice-Pak™,
Flexible Ice™ Blanket, Simply Cozy®, and Flex Pak™. In our
pharmaceutical business, we engineer solutions and supply products that
help our customers safely transport their temperature sensitive
pharmaceuticals. Over the past few years we have evolved into a
recognized player in this growing segment as we assist customers in
optimizing their cold chain processes. Our shares are listed on the TSX
Venture Exchange under the symbol CYK. For more information about our
Company, please visit our website address at: www.cryopak.com or call
1.800.667.2532.

ON BEHALF OF THE BOARD OF DIRECTORS

Martin Carsky, President and CEO

Certain statements contained herein are "forward-looking" statements (as
such term is defined in the Private Securities Reform Act of 1995).
Because such statements include risks and uncertainties, actual results
may differ from those expressed or implied by such forward-looking
statements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Cryopak Industries Inc.
    Martin Carsky
    President and CEO
    1-800-667-2532
    www.cryopak.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.