SOURCE: CryoPort

October 13, 2009 09:01 ET

CryoPort Announces Results From Its Annual Shareholders Meeting

LAKE FOREST, CA--(Marketwire - October 13, 2009) - CryoPort, Inc. (OTCBB: CYRX) today announced that at its Annual Meeting of Shareholders, held on October 9th, all corporate resolutions passed, except the authorization to issue preferred stock.

Resolutions for the election of all the members of the Board of Directors, the selection of KMJ Corbin & Company as the Company's auditor, approval of an increase to the number of common shares authorized and the ability of the Board of Directors to initiate a possible reverse split of the Company's outstanding common stock all passed. The proposal to authorize the creation of 25,000,000 shares of preferred stock did not pass because it did not obtain the affirmative vote of the majority of the Company's outstanding shares of common stock.

Larry Stambaugh, CEO of CryoPort, stated, "I'm very pleased that our shareholders have supported management's recommendation on the resolutions. Having the flexibility to manage the capital structure of the Company will be important as we initiate the process of seeking to move from the OTC Bulletin Board to The NASDAQ Stock Market. Also, in connection with the recent filing of our Registration Statement on Form S-1 directed at raising $10 million of new capital, it is important for us to have these measures passed and in place to allow us to execute our commercialization strategies for the CryoPort Express®."

About CryoPort, Inc.

CryoPort (www.cryoport.com) is commercializing proprietary, technology-driven shipping products for use in the rapidly growing global biotechnology and biopharmaceutical cold chain. The products developed by CryoPort are essential components of the infrastructure required for the clinical testing, research and end user deliver of temperature-sensitive medicines and biomaterials in an increasingly complex logistical environment.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements which are not purely historical, including statements regarding CryoPort's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that the company's NASDAQ listing application will not be approved, the risk that the company will not be able to raise sufficient additional capital to fully commercialize its CryoPort Express® and the risk that such commercialization will experience delays. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties associated with completing product development; obtaining additional financing to support the company's operations and commercial launch of its products; and complying with government regulations. The company's business could be affected by a number of other factors, including the risk factors listed in the company's Registration Statement on Form S-1 filed with the SEC on October 6, 2009. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. CryoPort, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

Contact Information

  • Contact:
    Stuart Fine
    Carpe DM, Inc.
    908-469-1788