SOURCE: CryoPort, Inc.

February 25, 2009 16:31 ET

CryoPort, Inc. Investors Agree to Restructure Corporate Debt

LAKE FOREST, CA--(Marketwire - February 25, 2009) - CryoPort, Inc. (OTCBB: CYRX), a leading developer of frozen shipping technologies, today announced that it has successfully renegotiated the terms of its Secured Convertible Debenture. The terms of this agreement will be more fully disclosed in the Company's Form 8-K that will be filed with the Securities and Exchange Commission.

CryoPort CEO Larry Stambaugh stated, "We are pleased to have our investors show their continued confidence in our Company's future. While CryoPort is not immune from the challenges posed by the historic economic situation, we look forward to continued and expanded execution upon our vision."

About CryoPort, Inc.

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

"SAFE HARBOR"

This press release contains forward-looking statements. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.

Contact Information

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