Lifebank Cryogenics Corp.

Lifebank Cryogenics Corp.

November 14, 2005 19:35 ET

Lifebank's First Quarter Revenues Increase 43% and Operating Margin Increase 113%

BURNABY, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2005) - Lifebank Cryogenics Corp., ("Lifebank", or the "Company") (TSX VENTURE:LBK) a leading provider of processing and storage of umbilical cord blood stem cells, announced interim financial results for the first quarter of fiscal 2006, ending August 31, 2005.

For this period, the Company reported a 43% increase in revenues compared with the same quarter for 2004. During the same period, the Company's net loss decreased by 67%.

Cash flows from operations have also improved significantly, from a deficit of $52,000 during the quarter ended August 31, 2004, to a surplus of $37,000 for the same period in 2005.

The revenue increase was attributable to the successful implementation of a price increase during the fourth quarter of 2004, as well an overall increase in the customer base as a result of an improved marketing program.

President and CEO, Ernest Stacy, commented, "Overall this is a very positive start to fiscal 2006. Lifebank continues to make solid progress towards its goals of ongoing growth and profitability and remains committed to being the industry leader in terms of quality customer service."

This summary financial information has been extracted from Lifebank's interim financial statements for the quarter ended August 31, 2005. The complete unaudited interim financial statements and management discussion and analysis are available on SEDAR and the Company's website, at

Operating Results Quarters Ended August 31, (decrease) in
----------------------------- 2005 compared
2005 2004 to 2004

Number of samples
stored 419 326 29%
Revenue $ 542,166 $ 379,587 43%
Direct operating
expenses $ 272,683 $ 254,728 7%
Operating margin - $ $ 269,483 $ 124,859 116%
Operating margin - % 50% 33%
Operating margin -
per sample processed $ 643 $ 383 68%

Marketing expenses $ 51,367 $ 50,188 2%
Administrative and
corporate expenses $ 263,946 $ 213,639 24%
Loss for the period $ (45,830) $(138,968) -67%
Net loss per share $ (0.0047) $ (0.016)

Nominations for two new Board appointments will be considered at the Company's Annual and Special Meeting scheduled for November 24, 2005. The nominations follow the departure of Owen Granger from the Board of Directors. The Company would like to thank him Mr. Granger for his excellent contribution to the growth of the company over the last 5 years.

Lifebank is a biomedical service company that provides processing and cryogenic (ultra low temperature) storage of umbilical cord blood stem cells at its state-of-the-art facility. The Company is Health Canada compliant, FDA registered, and AABB accredited. We strive to work closely with physicians and public institutions in order to provide life saving cord blood services to any and all persons in need.

Lifebank is listed on the TSX Venture Exchange and trades under the symbol "LBK".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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