Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the leading international stem cell storage company and the largest family stem cell bank in Europe, announces today it has initiated legal proceedings against Mr. Frédéric Amar and Salveo Holding S.A. ('Salveo') as mentioned in prior press releases.
The litigation initiated by Cryo-Save - inquiry proceedings (enqueteprocedure) with the Enterprise Chamber (Ondernemingskamer) of the Amsterdam Court of Appeal- follows Salveo having breached the Cryo-Save invoked 180-day response time by convening an extra-ordinary general meeting of shareholders ('EGM') to be held on 9 September 2013. In the opinion of Cryo-Save, the convocation of the EGM and the breach of the response time constitute mismanagement (wanbeleid) of Mr. Amar and Salveo, and consequently Cryo-Save has requested the Enterprise Chamber to order an inquiry into the policy and affairs of Mr. Amar and Salveo.
Cryo-Save will keep its shareholders and other stakeholders informed of significant developments and will issue additional statements if and when appropriate.
Enquiries:
| Cryo-Save Group | + 31 (0)575 509 100 |
| Walter van Pottelberge, Chairman |
About Cryo-Save (www.cryo-save.com/group)
Cryo-Save, the leading international family stem cell bank, stores more than 225,000 samples from umbilical cord blood and cord tissue. There are already many diseases treatable by the use of stem cells, and the number of treatments will only increase. Cryo-Save has cryopreserved samples from over 70 countries on six continents, with ultra-modern processing and storage facilities in Belgium, Germany, Dubai, India and South Africa.
