Cryopak's $6 Million Private Placement Fully Subscribed: Proceeds to be Used for Growth and Acquisition.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 2, 2002 Further to the announcement dated March 7, 2002, Cryopak (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYPKF) (CDNX CDNX See Canadian Venture Exchange (CDNX). :CII CII Confederation of Indian Industry CII Chartered Insurance Institute (UK) CII Construction Industry Institute (University of Texas) CII Council of Institutional Investors ) is pleased to report that the CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $6 million private placement has been fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of through leading European and North American investment companies. Two prominent investment groups are directly involved in this financing and the funding for a follow-on European joint venture: 1. SFF (Small Form Factor) Refers to a device that is smaller than others in its field. For example, a miniature display on a cellphone is an SFF device because displays can be extremely large on monitors and TVs by comparison. See form factor. Financial Services SA ("SFF"), a financial intermediary based in Nyon, Switzerland, through its network of European financial institutions and individuals. 2. The Claridge/Andell Group, the investment companies representing the interests of Stephen Bronfman, Andrew Hauptman and Ellen Bronfman Hauptman. The private placement consists of 7.5 million common shares and 3,375,000 warrants. Each warrant entitles the holder to purchase an additional common share at a price of CDN $1.25 for a period of two years. Proceeds will primarily be used to fund a synergistic acquisition and for internal growth. The current agreement provides for the formation of a joint venture among Claridge/Andell, SFF and Cryopak, providing for the manufacture and distribution of Cryopak's products in Europe. Creation of the joint venture will be based upon successful market testing of the product. Additional information will be announced in the short term regarding this joint venture program as well as additions to the Company's Board of Directors. John Morgan, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cryopak commented, "We are very pleased to be associated with the extremely high caliber of investors introduced to Cryopak through this financing. This agreement brings us together with the interests of SFF and the Claridge/Andell Group, two of the most respected investment organizations worldwide. The result of this association will be the acceleration of our growth plan and the raising of our profile in the business and investment community." Cryopak Industries Inc. develops, manufactures and markets quality temperature-controlling products such as the premium patented Cryopak Flexible Ice(TM) Blanket, flexible hot and cold compresses, gel packs, and instant hot and cold packs. The products are used during transport to ensure critical temperature maintenance for pharmaceuticals, blood, airline food and beverages, seafood and all other perishable items. The Company's products are also used for first aid, medical and physiotherapy treatments, and, through retail distribution, for daily all-purpose chilling applications. With almost 10 years of experience in research and development, Cryopak also offers expert testing and consulting services to help companies optimize their cold-chain management programs. For more information about Cryopak Industries Inc. or its products, visit the Company's website at www.cryopak.com. ON BEHALF OF THE BOARD OF DIRECTORS Douglas R. Reid, CFO See Chief Financial Officer. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995) and may include risks and uncertainties. Actual results may differ from those expressed or implied by such forward-looking statements. |
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