PRZOOM - /newswire/ -
Brea, CA, United States, 2005/07/27 - CryoPort, Inc. (OTC.PK: CYRX) released its first quarter press release to shareholders today..
To CryoPort Investors:
During our first quarter (April 1 thru June 30) we were successful in moving the company towards the completion of a number of our 2005 goals. In this letter I will discuss several aspects of CryoPort and provide some insight as to the accomplishments achieved to date and our expectations for future developments.
Filing Status Update
First and foremost, during Q1 we retained the public accounting firm Corbin and Company LLP to audit our financial statements. The accountants are nearing completion of the audits of our financials and upon successful completion of the firm's partner review we anticipate filing a Form 10SB with the United States Securities and Exchange Commission to become a fully reporting company.
To oversee our general and securities related legal activities, CryoPort has retained the legal services of Mr. Gary Cannon. The law firm of Snell and Wilmar will finalize and submit our SEC filings under the corporate oversight of Mr. Cannon. It is currently anticipated that the filing will occur in Q2 (July 1 thru Sept 30).
In conjunction to becoming a SEC reporting company, we will also submit to move the trading of our common stock to the NASD OTC Bulletin Board. Then, at such future time that we meet the more stringent criteria of listing on a more senior exchange such as the American Stock Exchange or the NASDAQ Stock Market, it is our current plan to make an application for trading of CYRX stock on the chosen exchange.
Q1 Operations and Developments
We made significant progress in the development of our one-way shipper. CryoPort delivered its first prototype one-way shipper to its first "biotech" customer late in fiscal Q1 of this year and anticipates delivering a fully operational unit that can be shipped for testing purposes during the first part of Q2. We anticipate that larger scale orders of the one-way shipper will begin shipping to this customer during the first fiscal quarter of 2006.
In June one of our other "biotech" customers reported that they are undergoing a strategic restructuring of their business to focus on their most advanced programs. We believe that this will be a positive step in the relationship between CryoPort and this customer as their most advanced programs represent potential new opportunities for CryoPort products, particularly the one-way shipper. To date we have shipped 100 reusable shippers to this customer and are scheduled to provide an additional 400 units through April 2006. This is an exciting relationship as we believe this customer has a number of products in their pipeline that will be able to benefit by using CryoPort shippers in the future.
We expect to begin significant one-way shipper production in the spring of 2006. In preparation for the one-way shipper, we are already finalizing discussions for manufacturing and distribution with two top-tier manufacturing firms. Should we need to begin significant production before next spring, these firms have the capacity to meet our requirements. Additionally, both are capable of additional manufacturing capacity should it become necessary to meet consumer demand.
In international news, a significant Brazilian animal breeding facility has informed us that they will be using CryoPort shippers in Brazil to ship via the postal service. This is a novel method of distribution and will help gain visibility for our shippers in the international marketplace.
We have received a number of inquiries from financial professionals about potential investment opportunities and from securities analysts regarding coverage of CYRX stock. Investors and brokers interested in purchasing stock can do so through most brokerage companies. CryoPort stock trades under the ticker symbol CYRX.
For analysts looking to begin coverage of the company upon submission of our SEC filings, please contact my office directly or our Capital Markets Advisors, First Capital Investors. We are happy to provide licensed financial professionals with interviews and any information that we are allowed to distribute in order for you to provide the most accurate information to your clients.
I believe that 2005 will be an exciting time for CryoPort employees and shareholders. We are working diligently to achieve the many goals that we have established prior to our becoming a public entity. Each day we strive to create value within the organization and I believe that 2005 & 2006 will provide an exhilarating business journey. I look forward to guiding the company through that process.
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.
Source: CryoPort, Inc.