Cryopak Industries Inc.
TSX VENTURE : CYK

Cryopak Industries Inc.

September 06, 2005 09:30 ET

Cryopak Negotiates Further Extensions and Settlements for the Outstanding Convertible Loan Agreement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 6, 2005) - Cryopak Industries Inc. (TSX VENTURE:CYK) ("Cryopak") today announced that it has concluded an arrangement with several parties to extend repayment or settle an additional $0.6 million of principal on its outstanding Convertible Loan Agreement ("CLA"), which came due June 7, 2003. In June 2005 the Company announced that it had settled over $0.4 million of principal through a discounted payout and in January 2005 the Company extended the repayment $1.6 million of principal.

"We have made significant progress towards resolving this situation during the past nine months. Of the original $3.6 million in principal outstanding on the CLA, we have been able to successfully extend repayment for $1.9 million and pay out over $0.6 million at a significant discount. This means that there is only $1.1 million remaining unresolved and we are working diligently to come to some resolution with the remaining investor group," stated Mr. Martin Carsky, President and CEO of Cryopak.

About Cryopak

With ISO 9001:2000 certified 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.

ON BEHALF OF THE BOARD OF DIRECTORS

Martin Carsky, President and CEO


Contact Information

  • Cryopak Industries Inc.
    Martin Carsky
    President and CEO
    1-800-667-2532
    www.cryopak.com