Attention Business Editors:
Top international marketing executive John Morgan, former Labatt Brewing Company
C.E.O., joins Cryopak Corporation to spearhead Global Expansion Program
VANCOUVER, March 19 /CNW/ - CRYOPAK INDUSTRIES INC.
Symbol CII:VSE
Mr. Harry Bygdnes, President of Cryopak Industries Inc. is pleased to
announce the appointment of Mr. John F. Morgan to the position of President
and Chief Executive Officer of Cryopak Corporation, a wholly-owned operating
subsidiary of Cryopak Industries Inc. Mr. Morgan brings to Cryopak a wealth of
senior management and marketing experience spanning 25 years, including 17
years with Labatt Brewing Company, Canada's leading brewery, and a three year
tenure with Versacold Corporation, one of the largest frozen food storage and
transportation firms in North America.
Among his many accomplishments as President and C.E.O. of Labatt Brewing
Company, Mr. Morgan was instrumental in reversing a two-year market decline
for the company while generating record market share and profits. Under Mr.
Morgan's leadership, annual sales volume increased to $1.3 billion. As Vice
President and General Manager of Labatt Ontario Breweries, Mr. Morgan
successfully exceeded planned profit targets for a $400 million division of
the company by increasing marketing investment and selectively reducing
overheads. The net result was a sales increase of 25% in an industry that
experienced a growth rate of only 6% for the same three-year period.
Through a strategic acquisition and joint-venture program, Mr. Morgan was
also the driving force behind the successful launch of Labatt Breweries of
Europe, which evolved from a start-up venture to generate over $200 million in
annual revenues. In two years, Mr. Morgan built Labatt's Blue into the ninth
largest selling standard lager brand in the U.K., recognized by an independent
jury as the U.K.'s 'most successful lager launch ever.' While stationed in
London, Mr. Morgan also acquired and merged two brewing companies in Italy on
behalf of Labatt. The new entity became the number three brewer in that
country.
As a student of cold chain management and Chief Executive Officer of
Versacold Corporation, Mr. Morgan repositioned this regional service provider
in the Canadian frozen and refrigerated food industry into a national
corporation. Through an internal growth and acquisition campaign, Mr. Morgan
was responsible for doubling the size of the company and implementing an
industry leading information technology strategy. During this three year
period, Versacold emerged as the number one storage and transportation firm
within the Canadian frozen food sector.
Mr. Morgan's affiliations and credentials include a Master of Business
Administration degree (Marketing Major) from Queen's University and a B.A.
from the University of Manitoba. An occasional sessional lecturer in marketing
at several prominent Canadian universities, Mr. Morgan is currently a director
of the B.C. Women's Hospital and Health Care Foundation and a past director of
the Toronto Blue Jays baseball team.
Commenting on the appointment, Mr. Harry Bygdnes, President of Cryopak
Industries Inc., cited Mr. Morgan's demonstrated strengths in improving
revenues and profits through strategic marketing programs. ''Bringing on board
a President and C.E.O. of John Morgan's stature is an important development
for our company. We are indeed fortunate to have John as President and C.E.O.
of our operating company as well as a board member of the parent company.
John's impressive track record and his diversified list of achievements,
particularly in the areas of sales, marketing and 'cold chain' management,
will undoubtedly place the company in an ideal position to capture a large
portion of the global market in the various business segments presently being
pursued.''
In his role as President and C.E.O. of Cryopak Corporation, Mr. Morgan
will be responsible for overseeing all aspects of marketing, sales and
manufacture of the Cryopak line of products. An important focus for Mr. Morgan
will be the implementation of a long term multi-phase marketing campaign and
expansion program, building on the company's recent successful market
penetration within the pharmaceutical transportation, seafood shipping and
airline food and beverage catering sectors.
Under the terms of the three-year renewable employment agreement, Mr.
Morgan will receive a base salary and a bonus structure commensurate with
industry standards upon achieving stated growth objectives. As a signing
incentive, Mr. Morgan will receive a forgivable interest-free loan for the
purpose of a private placement of 125,000 common shares of Cryopak at a price
of $0.776 per share. The private placement will include 125,000 warrants,
which may be exercised after six months of employment. The exercise price is
$0.776 per share and Mr. Morgan will receive a similar interest-free loan.
Subject to shareholder approval, Cryopak has granted 750,000 incentive stock
options to Mr. Morgan, exercisable at $0.76 per share, for a period of five
years. These options vest over a period of approximately four years.
The appointment of Mr. Morgan, including the private placement, are
subject to the approval of the Vancouver Stock Exchange, which has already
provided approval in principle at the Listings Committee level.
On Behalf of the Board of Directors
''Harry Bygdnes''
-----------------
Harry Bygdnes
President
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
About the Company
Cryopak Industries Inc. is the developer, manufacturer and marketer of
proprietary refrigerant products and packaging systems for use in the
transport of pharmaceuticals, seafood and other perishables, airline food and
beverage service, large-scale catering, retail and health services. Over the
past six month period of fiscal year 1998/1999, Cryopak Industries Inc. has
achieved substantial market penetration, highlighted by a recent $3.6 million
purchase order by Northwest Airlines and a $1.2 million purchase order from a
leading multinational pharmaceutical firm.
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For further information: Roger Blair (604) 685-3616, Fax
(604) 685-9170
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