Cryopak Industries Inc.
TSX VENTURE : CYK

Cryopak Industries Inc.

June 13, 2005 09:00 ET

Cryopak Negotiates Settlement for Portion of Convertible Loan Agreement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 13, 2005) - Cryopak Industries Inc. (TSX VENTURE:CYK) ("Cryopak") today announced that it has concluded an arrangement to settle approximately $575,000 of principal and accrued interest on its outstanding Convertible Loan Agreement ("CLA") which came due June 7, 2003, for payment of $218,250.

"In January of this year we were able to successfully extend repayment for $1.6 million of the $3.6 million outstanding CLA on financially responsible terms. We are pleased to be able to take this second big step towards resolving this situation," stated Mr. Martin Carsky, President and CEO of Cryopak. "This is a real milestone for us. In the past six months we have been able to successfully negotiate a resolution to over 50% of the outstanding CLA," added Mr. John McEwen, Chairman of the Board.

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. For more information about Cryopak, please visit our website address at: www.cryopak.com.

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.

Contact Information

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