Discovery Capital Corporation

Discovery Capital Corporation

March 22, 2005 21:04 ET

Discovery Capital Corporation-Early Warning Disclosure re Cryopak Industries Inc.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DISCOVERY CAPITAL CORPORATION

TSX VENTURE SYMBOL: DVY.Y

MARCH 22, 2005 - 21:04 ET

Discovery Capital Corporation-Early Warning Disclosure
re Cryopak Industries Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2005) - Discovery
Capital Corporation (TSX VENTURE:DVY.Y) has agreed to purchase all
fractional shares from shareholders of Cryopak Industries Inc.
("Cryopak") holding less than 6,000 old (or pre-consolidated) common
shares of Cryopak, pursuant to the share consolidation and subsequent
share split announced by Cryopak on March 10, 2005. As disclosed by
Cryopak, the price per share to be paid by Discovery Capital and
received by Cryopak fractional shareholders is 5.78 cents per old common
share. Pursuant to this transaction, Discovery Capital understands that
it may purchase up to as many as 2,600,000 old common shares, or
approximately 433,000 post-consolidated shares, representing
approximately 6.6% of Cryopak's post-consolidated issued and outstanding
shares. In this event, Discovery Capital would have ownership and
control or direction over approximately 13.5% of the issued and
outstanding post-consolidated shares of Cryopak. Discovery Capital also
has control or direction over warrants for the purchase of 74,404
post-consolidated shares of Cryopak. Discovery Capital may acquire
ownership of or control or direction over additional securities of
Cryopak, or dispose of securities of Cryopak, as circumstances or market
conditions warrant or arise.

About Discovery Capital Corporation

With nearly 20 years of venture capital experience in British Columbia,
Discovery Capital, through its wholly owned subsidiary, Discovery
Capital Management Corp., is a venture fund manager and investor
specializing in: information technology, communications, health and life
sciences, and other advanced technologies. We have proven expertise in
strategic planning, management development, innovative financing
strategies, corporate governance and positioning for liquidity.
Discovery Capital Management Corp. is the manager of British Columbia
Discovery Fund (VCC) Inc., a British Columbia venture capital fund that
has raised approximately $26.7 million to date.

For more information about Discovery Capital Corporation, please visit
www.discoverycapital.com.

John McEwen, President and Co-CEO

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Discovery Capital Corporation
    Charles Cook
    CFO
    (604) 683-3000 ext. 102
    or
    Discovery Capital Corporation
    John McEwen
    President and Co-CEO
    (604) 683-3000 ext. 106
    info@discoverycapital.com
    www.discoverycapital.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release.