PRESS
RELEASE
BIOLIFE SOLUTIONS INC. ANNOUNCES PRELIMINARY SALES FOR 2006 FOURTH QUARTER AND YEAR
Also Announces Strategic Management Changes
OWEGO, NY – Jan. 23 – PRNewswire-FirstCall – BioLife Solutions Inc. (OTC Bulletin
Board: BLFS) a leading manufacturer of proprietary cryopreservation media for cells and
tissues, today announced preliminary results for product sales for the fourth quarter
and full-year 2006.
Sales of the Company's patented HypoThermosol(R) and CryoStor(TM)`preservation
solutions for the quarter ended December 31, 2006, increased to $176,000, up 32
percent over fourth-quarter 2005. Full-year 2006 product sales increased 36 percent to
$603,000, when compared to product sales for full -year 2005.
Chief Executive Officer Mike Rice commented: "Our product sales reflect increases in
orders from both new and existing customers, which are attributable to our sales and
marketing initiatives throughout 2006 and what we believe is growing adoption of
HypoThermosol and CryoStor as cell therapy companies, pharmaceutical firms, and cell
suppliers to academic research become more aware of the benefits of our products.
"As for our future growth, we have identified several new markets and applications for
our products," Rice continued. "To help maximize the potential these opportunities>
offer, it's important that we strengthen and broaden our scientific team and expand our
IP portfolio. We expect to be making several announcements over the next several
weeks as we move forward with our growth plans, including the filing of several new
patent applications."
The company also announced management changes. Its board of directors terminated
the employment of John G. Baust, as chairman, senior vice president, and chief scientific
officer pursuant to the terms of his employment agreement dated July 26, 2006, which
includes a non-compete, non-solicitation clause effective for 24 months. The board of
directors also terminated the employment of John M. Baust as the Company's director
of research and development. He is the son of John G. Baust.
In a related decision, the board also elected to not renew its research and development
agreement with Cell Preservation Services, Inc. (CPSI), which is scheduled to expire on
March 15, 2007. The agreement with CPSI includes a non-disclosure provision that
remains in force for 24 months and also specifies that BioLife owns all rights, titles, and
interests in any and all technology, inventions, designs, and ideas that resulted from
CPSI's research and development activities in support of specific projects directed by
BioLife.
The Company has commenced searches for a new senior scientific officer and research
and development officer as part of its strategic decision to bring its intellectual property
and product development in-house.
This news release contains forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking statements include any
statements that relate to the intent, belief, plans or expectations of the Company or its
management, or that are not a statement of historical fact. Any forward-looking statements in
this news release are based on current expectations and beliefs and are subject to numerous
risks and uncertainties that could cause actual results to differ materially. Some of the specific
factors that could cause BioLife Solutions' actual results to differ materially are discussed in the
Company's recent filings with the Securities and Exchange Commission. BioLife Solutions
disclaims any obligation to update any forward-looking statements as a result of developments
occurring after the date of this press release.