LAKE FOREST, Calif. – May 9, 2012 – Cryoport, Inc. (OTCBB: CYRX) today announced that it has signed an agreement with Pan Asia Logistics to open its Asian Operations Center in Singapore. The agreement calls for Pan Asia to support the Cryoport Solution by providing warehousing, shipping, receiving, order entry and fulfillment, and refurbishing and recycling of Cryoport’s liquid nitrogen dry vapor shipping containers.
“Shipments of life science and biological material are growing at a strong double digit growth rate in Asia, and our partnership with Pan Asia Logistics will significantly enhance our ability to expand our services within our current customer base and drive new business,” said Cryoport’s Chairman Stephen Wasserman. “Not only is Singapore the site of a growing number of clinical trials, it is also strategically located to serve as a hub for life science shipments across the continent and globally. Pan Asia is well known throughout the region, and its reputation for excellent customer service made it the best choice to help build our business in Asia.”
Pan Asia Logistics Executive Director Susan Tan stated, “Cryoport represents a significant advancement in frozen shipping for the life science industry, and is already incorporated into our operations. We are looking forward to providing the features and benefits of the Cryoport solution, including the highest standard of shipping integrity, ease-of-use, and environmental safeguards to life sciences companies in the Asia-Pacific region.”
About Cryoport, Inc.
Cryoport provides leading edge cold chain logistics services through the combination of purpose built proprietary technologies and total turnkey management of the entire process. The Cryoport Express® liquid nitrogen dry vapor shipper is validated to maintain a constant -150°C temperature for a 10 plus day dynamic shipment duration, and its Cryoportal™ Logistics Management Platform manages the entire shipment process, including initial order, document preparation, customs clearance, courier management, shipment tracking, issue resolution, and delivery. Cryoport’s total turnkey service management approach offers reliability, cost effectiveness, and convenience, while the use of recyclable and reusable components provides a “green” and environmentally friendly solution.
About Pan Asia Logistics
Pan Asia Logistics is a worldwide operating logistics provider with an extensive global infrastructure and network. Pan Asia Logistics provide a complete spectrum of fully integrated logistics services and supply chain solutions for a wide array of industries, such as Automotive and Manufacturing, Electronics and High-tech, Lifestyle and Consumer Goods as well as the Chemical Industry, Oil and Gas and Heavy Industries. Established in Singapore in 2003, Pan Asia Logistics is known as the fastest growing logistics provider in Asia Pacific. Also well known for its competence and proficiency in Project Logistics and transportation of heavy equipment and its expertise in Contract Logistics and Warehousing, Pan Asia Logistics is headquartered in Changi North.
For more information, see www.panalogs.com.
Forward Looking Statements
Statements in this press release which are not purely historical, including statements regarding Cryoport, Inc.’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that the company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, and technical development risks. The company’s business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended March 31, 2011. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Cryoport, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.