Cryopak Announces Offer To Amend Convertible Loan Agreement.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 31, 2003 Cryopak Industries Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYPKF) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CII) today announced that it has commenced an offer to the holders 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. The CLA matured on June 7, 2003 and the Company was unable to repay the outstanding debt or accrued interest. The Company has reached an agreement with ICSOS S.A. of Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. , Switzerland to the proposed amendments of the CLA. ICSOS was the party of record under the original CLA and represents parties holding approximately a 40% interest in the CLA. The offer is being made to the remaining holders with an interest in the CLA on the same terms. The terms of the amended CLA will be substantially the same as those of the existing CLA except that the principal amount will be increased to reflect accrued but unpaid interest, the reduction of the conversion price to $0.80 in the first year and $1.25 in the second year and the extension of the maturity date to June 7, 2005. Completion of the amendment is subject to regulatory and other approvals and is conditional upon a minimum overall acceptance of the amended terms by holders representing not less than 80% of the outstanding dollar amount of the CLA. The offer is initially due to expire on November 21, 2003 unless extended by the Company. About Cryopak Cryopak Industries Inc. develops, manufactures and markets quality temperature-controlling products such as the premium patented Cryopak Flexible Ice(TM) Blanket, as well as flexible hot and cold compresses, gel packs, and instant hot and cold packs. Cryopak Industries Inc. trades on both 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. and the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. (TSX-V: CII and OTCBB: CYPKF). ON BEHALF OF THE BOARD OF DIRECTORS John Morgan, President & 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. The TSX Venture Exchange 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). Because such statements include risks and uncertainties, actual results may differ from those expressed or implied by such forward-looking statements. |
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