CryoPort Signs Business Alliance Agreement With Commodity Sourcing Group
BREA, CA -- (MARKET WIRE) -- 03/13/07 -- CryoPort, Inc. (PINKSHEETS: CYRX) announced today that it has entered into a business alliance agreement with Commodity Sourcing Group ("CSG").
On January 3, 2007, it was announced that CryoPort had entered into a Letter of Intent to establish a logistics platform designed to expedite the rollout of the CryoPort Express® One-Way Shipper System. The agreement announced today is the next step in developing an understanding of the responsibilities of a potential business relationship as indicated in the Letter of Intent, and includes the formation of a steering committee to put a dedicated management team in place. As part of, and in addition to, this Agreement, an affiliate of CSG will sign a licensing agreement with a royalty provision for the ongoing use of CryoPort's technology.
CSG's President, Mr. Robert Schummer, said, "I am very excited about the progress that has been achieved to date. I look forward to the opportunity to work with CryoPort and their advanced cryogenic shipping systems. Utilizing the experience of both CryoPort and CSG, I believe that the management team will develop an exceptional platform to launch the CryoPort Express One-Way Shipper System on a global basis."
CryoPort's CEO, Mr. Peter Berry, commented, "I see the formation of a steering committee with CSG to confirm the appropriate management structure as the most effective way to accelerate the market launch of the CryoPort Express One-Way Shipper System. Additionally, this next step in the relationship reinforces a number of business development opportunities and will assist in securing the capital funding that will be necessary to ramp up our manufacturing to levels that are capable of supporting the anticipated global demand."
Additional information on CryoPort, including a downloadable Investor Fact Sheet, can be found at www.firstcapitalinvestors.com/cyrx.html
About CryoPort, Inc.
CryoPort (www.cryoport.com) develops leading edge, proprietary, technology driven shipping and storage products for use in the rapidly growing global biotechnology and biopharmaceutical sectors. The products developed by CryoPort are essential components of the infrastructure required for the testing, research and end user delivery components that make up the foundation of the biopharmaceutical and biotechnology industries.
About Commodity Sourcing Group ("CSG")
CSG (www.vhsgroup.com) is an expert at managing, and anticipating, the commodity needs and distribution challenges faced by its clients. As supply chain professionals, CSG is adept at cultivating and encircling itself with qualified suppliers whose specialty areas address its customers' commodity needs.
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This press release contains forward-looking statements. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Investor Relations: First Capital Investors, Inc. www.firstcapitalinvestors.com 321-221-2910 Email Contact
Released March 13, 2007