Cryocon Signs Agreement with Massachusetts Industrial Distributor; Eastern Company Seeks Utah Scientific Engineering and Metallurgical Expertise.

Business Editors

OGDEN, Utah--(BUSINESS WIRE)--Sept. 17, 2002

Cryocon Inc. (OTCBB: CRYQ) recently signed a licensing agreement with Johnson Packings and Industrial Products Inc., an East Longmeadow, Mass. distribution and fabrication company.

Cryocon Inc. will receive a percentage of Johnson's Cryogenic revenues in exchange for Cryocon's technical, scientific and metallurgical assistance.

"This collaboration will provide an established cryogenics facility on the eastern seaboard and enable us to expand our Deep Cryogenic Tempering Technology in that area of the country," said Cryocon CEO J. Brian Morrison.

Johnson Packings has been treating drill bits, molds, dies, end mills, pump parts, taps, industrial knives and blades.

"Customer demand for increasing Mean Time Between Failure on wear components made it imperative to expand our technical knowledge. After an extensive search we found Cryocon to be the firm that could offer us the scientific and metallurgical resources to support our continued growth. We wanted to establish a formal relationship," said Brice Craven, president of Johnson Packings and Industrial Products Inc.

Pulp & Paper, Power Generation, Chemical, and OEMs are some of Johnson Packings and Industrial Products markets and areas of interest.

Cryocon Inc., is a public company based in Ogden that specializes in solving product wear and durability issues through material transformation engineering which include its process of Deep Cryogenic Tempering (DCT). DCT is a computer-controlled tempering process that significantly improves the wear and performance characteristics of many types of metal, alloys and synthetic materials.

Treated items show dramatic increases in wear resistance, toughness, machinability, thermal and dimensional stability.

This press release contains forward-looking statements, including those statements pertaining to the beneficial nature of signing an agreement with Johnson Packings and Industrial Products.

The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements."

Actual results could differ materially from those projected in the forward looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.

Unless otherwise required by applicable law, we do not undertake, and the company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.