TCP Reliable acquires the assets of insolvent Cryopak companies

On September 29, 2006, Cryopak Industries Inc., a TSX traded company in the temperature controlled packaging business, announced that its secured creditors would appoint Deloitte & Touche LLP as receiver of the Company. Cryopak Corporation Ltd., its subsidiary, will assign itself into bankruptcy and PricewaterhouseCoopers Inc. will be appointed as the trustee in bankruptcy. TCP Reliable Inc. of Edison, New Jersey has offered to acquire substantially all of the assets of both the Company and its Subsidiary for approximately $4.5 million and to take over operation of the Company's business. The receiver intends to complete that transaction as soon as possible. TCP designs and manufactures temperature controlled solutions for the pharmaceutical/life science industry, food packaging, and fragile components electronics industry. TCP was advised by a team from Fasken Martineau led by John Grieve and including Iain Mant, Georald Ingborg, Brent Lewis, Frank Schober, Kate Seniowski, and Alison Campbell.