SOURCE: CryoPort Systems, Inc.

February 23, 2009 11:49 ET

CryoPort Names Life Sciences/Clean Tech Veteran Larry Stambaugh to President & CEO

Mr. Stambaugh Is Currently Chairman of the Board of CryoPort and Is a Recognized Leader in Corporate Governance

LAKE FOREST, CA--(Marketwire - February 23, 2009) - CryoPort Systems, Inc. (OTCBB: CYRX) today announced that Larry G. Stambaugh has been elected by the board of directors to become the President and CEO of CryoPort, Inc. in addition to his current position as Chairman of the Board. The current CEO Peter Berry handed over his role of President and CEO of CryoPort effective immediately and has been engaged by the company as an advisor to the CEO. He will also remain on the board of directors.

"I am pleased to take on the leadership of CryoPort at a time when the Company is ready to advance its revolutionary frozen shipping solution into full commercialization," stated Larry Stambaugh. "During Peter Berry's leadership, the Company has developed a technology and a business model with significant marketing relationships that can replace the current standard use of dry ice in a very large market. I highly commend Peter and the team for their innovation and the hard work it has taken to bring the company to this exciting time. I look forward to working with Peter, the board and management on the challenges of growing the company and creating shareholder value."

"Larry was recently recruited to CryoPort as Chairman and also as someone who would be capable of assuming my role as CEO and taking Cryoport to the next level. I have worked with Larry on this transition since he joined the board as Chairman a few months ago, and I am pleased that he has agreed to take on this additional leadership role for the next phase of CryoPort's growth," said Peter Berry. "I have been asked by Larry to continue to counsel the Company which is a role I readily accept and plan to continue to contribute to the Company's bright future in every way I can."

Mr. Stambaugh is currently a Principal of Apercu Consulting where he serves as an advisor to several private and public boards and CEOs, concentrating on strategic business direction, turnarounds and board governance. Mr. Stambaugh brings to CryoPort more than 30 years of successful experience building public and private global businesses and setting strategies. He also brings an extensive background in life sciences and clean tech including relationships with and knowledge of Contract Research Organizations (CRO's), and biotech and pharmaceutical companies.

About CryoPort, Inc.

CryoPort (www.cryoport.com) develops leading edge, proprietary, technology-driven shipping and storage 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 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