Cryopak Announces Joint Venture with BioLargo Technologies Inc.; Products Approved For Strict New Blood Shipment Regulations.
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 26, 2003
Cryopak Industries Inc. (OTCBB: CYPKF)(TSX-V: CII) today announces that it has negotiated a joint venture marketing agreement with BioLargo Technologies Inc. and IOWC Technologies Inc., of Edmonton, AB, effective immediately.
The joint venture will market the BioLargo product line-up, in particular the ZD-SORB(TM) and the BI2O-SORB(TM) Blood Transport Product. BioLargo's patented technologies relate to the incorporation of anti-infective agents into fabric-type absorbent webs to make products that neutralize bio-hazardous materials, are biodegradable, and may be disposed of in the normal waste stream.
These technologies are important to Cryopak, especially in the area of blood shipments. Since January 1, 2003, new regulations by the International Air Transport Association require that all blood shipments be packaged with acceptable absorbent products to ensure the safety of package handlers. In addition, and perhaps of more significance, one of BioLargo's products also aids in temperature-maintenance of products during transit and the combination with the Flexible Ice(TM) Blanket will be significant for the safe and sure transport of blood products. In fact, Cryopak has already participated with BioLargo in a combination "pack-out" through Blood Systems Inc. for the shipment of blood products. Sales of BioLargo products are expected to commence immediately. The initial joint venture is for a one-year period during which Cryopak retains an option to convert this arrangement into a long-term licensing agreement. BioLargo/IOWC will continue to develop their line of products for the benefit of the joint venture and will accelerate the commercialization of their temperature maintenance applications.
John Morgan, President and CEO of Cryopak said, "BioLargo's products and industry knowledge are a great fit for Cryopak, and will move us further toward our vision of being the premium supplier of temperature-controlling packaging solutions. Their products are compatible for use with the Flexible Ice(TM) Blanket, and are used in the shipment of a vast range of bio-medical products where spoilage and contamination are of concern, including blood and diagnostic specimens where absorbents are now mandated."
BioLargo Technologies, Inc. is a private Canadian technology-transfer corporation that distributes its patented technology products to major international corporations involved in the bio-medical field.
BioLargo's technologies are incorporated mainly within air-laid, non-woven fabrics to produce disposable products that are lightweight, super-absorbent, yield a safe yet disinfecting dose of iodine, are biodegradable, and can be disposed of as normal household waste even though they were used to disinfect and deodorize infectious bio-hazardous matter. Among the many possible end-uses are diapers, other hygiene disposables, medical or consumer wipes, and absorbents that are mandated for the transportation of blood and diagnostic specimens. For more information visit www.biolargo.com.
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. 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 of experience in research and development, we also offer expert testing and consulting services to help companies optimize their cold-chain management programs. For more information visit www.cryopak.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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|Date:||Mar 26, 2003|
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