SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
CRYOPAK INDUSTRIES, INC.
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(Registrant's Name)
1120-625 Howe Street, Vancouver, B.C. Canada V6c 2T6
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(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F _____
Indicate by check mark whether registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
Yes ____ No X
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Description of document filed: Press Release
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Cryopak Industries Inc.
For Immediate Release
February 25, 2000
In accordance with Chapter 16.13 of the Listing Rules, notification is hereby
given that on February 25, 2000, the President of the Company, Mr. Harry Bygdnes
announced that a convertible loan in the amount of CDN $3,652,000 has been
arranged with a European investment group headquartered in Geneva, Switzerland.
The loan will have a term of three (3) years and will bear interest at the rate
of 10% per year, payable annually.
The principal amount of the loans will be convertible into units (each unit
consisting of one common share and one half non-transferable share purchase
warrant) at the rate of $1.25 per unit in the first year, $2.00 per unit in the
second year and $3.00 per unit in the third year. However, no more than
one-third of the principal amount may be converted during each year. Each full
warrant will be exercisable for one common share, for a period of two years (but
not beyond the maturity date), at an exercise price equal to the applicable
conversion price at the time of exercise.
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The Company will pay a finder's fee of 10% of the proceeds in cash.
The proceeds of the private placement are planned to be utilized to complete the
purchase of Northland Ice Gel, Inc. and Northland Custom Packaging and for
general working capital purposes. Cyropak Industries announced on September 15
and 17, 1999 an agreement in principle to purchase these companies, but it has
been necessary to firstly raise the appropriate financing.
The financing and acquisition of these profitable companies will allow Cryopak
to become a complete "Cold Chain" solutions provider. The strategic addition of
Northland's products fills out Cyropak's product offering. Marketing synergies
between the companies will allow Cyropak to achieve significant sales goals.
Cyropak 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 is traded on the Canadian Venture Exchange under
the symbol CII. The Canadian Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release, and the
financing outlines above is subject to regulatory approval.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CRYOPAK INDUSTRIES INC.
Dated: March 1, 2000
/s/ Harry Bygdnes
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Harry Bygdnes
President and CEO
