Cryopak Industries Inc - $3.6-million purchase order from Northwest
Airlines
Cryopak Industries Inc
CII
Shares issued 12,835,064
1998-11-25 close $0.87
Tuesday Dec 1 1998
Mr. Harry Bydgnes reports
A three-year agreement has been reached with Northwest Airlines of St. Paul,
Minnesota, to begin rollout of Cryopak's industry-leading Cryopak refrigerant
products for use in interior catering and inflight food and beverage service.
Commencing Dec. 4, 1998, Northwest Airlines will begin an international launch
of the Cryomat refrigerant products as a temperature control enhancement and
cooling agent for inflight food and beverage service, starting with scheduled flights
between the United States and Asia.
Northwest Airlines will use Cryomat products for onboard cooling of food and
beverages. In conjunction with the agreement, the company has received an initial
purchase order from Northwest Airlines totalling $3.6-million.
The introduction of the Cryomat refrigerant products into the Northwest Airlines
system represents the culmination of over 12 months of extensive product testing
and independent evaluation within the North American airline and food catering
sector. Results from the program conclusively demonstrated Cryomat's superior
temperature control capabilities over all competing products, while meeting or
exceeding new requirements established by the Food and Drug Administration to
monitor food safety.
At present, industry sources estimate the total airline market requirements for
refrigerant products, ranging from interior and exterior catering applications to
inflight food and beverage service, exceed $100-million (U.S.) annually. Cryopak
is currently negotiating and/or conducting introduction programs with over 38
additional registered airlines and anticipates Cryomat will be widely adopted for
usage within the international airline industry.
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