Cryopak Announces Senior Management Changes and Negotiations Concerning Convertible Loan.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--June 9, 2003 Cryopak Industries Inc. (TSX-V: CII CII Confederation of Indian Industry CII Chartered Insurance Institute (UK) CII Construction Industry Institute (University of Texas) CII Council of Institutional Investors ; OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CYPKF) announces the resignation of Mr. Douglas R. Reid as Chief Financial Officer and the appointment of Mr. Martin Carsky as the Company's new Chief Financial Officer. Mr. Carsky has worked as C.F.O. or interim C.F.O. for a number of Vancouver-based publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , and brings extensive capital markets, acquisition and restructuring experience to Cryopak. Most recently, he has held the position of Vice-President of Finance and Secretary of Anthem Properties, a TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension listed property development company. Cryopak also announces that it is in the process of negotiating an extension of and amendments to its outstanding C$3.6 million Convertible Loan Agreement which came due on June 7, 2003. The Company has not paid the principal or accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. owing on maturity. Parties that have an interest in the Convertible Loan have agreed to an interim extension to June 21, 2003 to allow time for the presentation of the Company's suggested amendments. About Cryopak: Cryopak Industries Inc. (TSX-V: CII; OTCBB: CYPKF) 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. Cryopak's products are also used for first aid, medical and physiotherapy treatments, and, through retail distribution, for daily all-purpose chilling applications. With more than 10 years' 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: www.cryopak.com. 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 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. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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