Cryopak Announces Agreement to Extend 40% of the Convertible Loan Agreement.VANCOUVER, British Columbia -- Cryopak Industries Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CII CII Confederation of Indian Industry CII Chartered Insurance Institute (UK) CII Construction Industry Institute (University of Texas) CII Council of Institutional Investors ) today announced that it has reached an agreement with the holders of 40% of the Company's outstanding $3.6 million convertible loan agreement (CLA CLA, n.pr See acid, conjugated linoleic. ) to amend and restate the CLA. Under the terms of the amended CLA, interest, which had been accumulating at 10% per annum Per annum Yearly. , has been forgiven, and 2.53% interest added to the outstanding principal. The principal will be repayable in equal instalments every six months beginning December 31, 2006. A reduced interest rate of LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 25 basis points will be paid on the outstanding principal during this period. The amended CLA is no longer convertible into common shares of the Company. This offer has also been made to the remaining holders with an interest in the CLA and the Company is in discussions with representatives for certain of those parties at this time. About Cryopak With facilities in Vancouver and Montreal, we are a leading provider of temperature-controlling products and solutions. Our clients include some of North America's leading retailers and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and companies, as well as global pharmaceutical companies. In our retail business, we develop, manufacture and sell reusable ice substitutes, flexible hot and cold compresses, reusable gel ice and instant hot and cold packs. These products are marketed under such popular brand names as Ice-Pak(TM), Flexible Ice(TM) Blanket, Simply Cozy(R), and Flex Pak(TM). In our pharmaceutical business, we engineer solutions and supply products that help our customers safely transport their temperature sensitive pharmaceuticals. Over the past few years we have evolved into a recognized player in this growing segment as we assist customers in optimizing their cold chain processes. Our shares are listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol CII. For more information about our Company, please visit our website address at: www.cryopak.com or call 1.800.667.2532. ON BEHALF OF THE BOARD OF DIRECTORS Martin Carsky, 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. Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ from those expressed or implied by such forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Cryopak Industries Inc. (TSX VENTURE:CII) |
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