CRYOPAK INDUSTRIES INC.
#1120 - 625 Howe Street
Vancouver, British Columbia
V6C 2T6 Canada
Tel: (604)685-3616
Fax: (604)685-9170
Symbol: CII.V
October 27, 1999
FOR IMMEDIATE RELEASE
CRYOPAK INDUSTRIES INC. SIGNS $20,000,000
RETAIL SALES AGREEMENT
VANCOUVER, B.C. - Cryopak Industries Inc. is pleased to announce that Cryopak Corporation has entered into a retail sales agreement with International Industrial Development Associates Inc. ("I.I.D.A.") of Framingham, Massachusetts (the "Sales Agreement"). I.I.D.A. has been given the exclusive right to sell Cryopak Corporation's retail product line to retailers and wholesalers, who sell into the retail marketplace in the United States.
The Sales Agreement has an initial term of 5 years and automatically extends for a further 5 years upon I.I.D.A. generating cumulative sales of at least U.S. $20,000,000. In addition, I.I.D.A. must achieve certain performance targets throughout the term in order to maintain its exclusive rights. I.I.D.A. will earn appropriate commissions on sales of the products. In addition, I.I.D.A. may purchase 50,000 common shares of Cryopak Industries Inc. for every U.S. $1,000,000 of sales, to a maximum of U.S. $40,000,000 over the initial 5 year term. The purchase price is CDN $0.75 per share.
I.I.D.A. is one of the largest international sourcing and marketing companies in the retail sales industry today. The company began over 12 years ago with major emphasis on national retail accounts throughout the United States. I.I.D.A. has developed a strong relationship with senior management and their buyers with some of the United States' largest retailers, home centers, drug chains, and wholesale clubs. Some examples are: Costco, Sam's, BJ's, Walgreens, Osco, CVS, Target, K-Mart, Wal-Mart, Sears, Albertson's, Kroger and Safeway.
Fred Simon, President and CEO of I.I.D.A., said "The consumer applications and potential for retail sales of coldpak° are impressive. I believe that once people see how well this product performs in the consumer arena, sales are going to skyrocket. We are very excited about working with Cryopak in this new endeavor."
"This agreement demonstrates the potential of the retail market," said John Morgan, President and CEO of Cryopak Corporation. " The strong success of I.I.D.A. has enabled them to become leaders in today's market and pioneers for tomorrow's. They have the relationships with key retailers and a history of successful performance in the marketplace, and we expect to see the benefit of that as our products become available to consumers. This partnership allows us to cover more ground and to focus on our strategic sales effort. Our internal sales force will continue to pursue the "business-to-business arena", particularly in the pharmaceutical, airline catering, and Internet shopping segments."
Cryopak Industries Inc. develops, manufactures and markets temperature-controlling products and packaging systems for the transport of pharmaceuticals, seafood, airline food and beverages, and for Internet directed retail and commercial shopping networks. The Company is headquartered in Vancouver, British Columbia, and its shares are traded on the Vancouver Stock Exchange under the symbol CII.V. For more information about Cryopak Industries Inc. or its patented products, visit the Company's web site at www.cryopak.com, or call toll-free (800) 667-2532.
On Behalf of the Board of Directors
"R. Leigh Jeffs"
____________________________
R. Leigh Jeffs, CFO & Director
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CONTACTS:
Harry Bygdnes, Cryopak Industries Inc.
John Morgan, Cryopak Corporation
(800)667-2532 or (604)685-3616
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