Item 1.01 Entry into a Material Definitive Agreement.

On May 15, 2009, the Registrant and FedEx Express, a subsidiary of FedEx Corp., entered into an agreement to provide an innovative and breakthrough frozen shipment solution for the life science industry. Registrant has developed the CryoPort Express Shipper ("Container"), a shipping container designed to ship products in a frozen state at temperatures below 150C for up to 10 days, and eliminate greenhouse gas emissions and landfill disposal issues associated with traditional dry ice shipping. The Lease Agreement ("Agreement") calls for FedEx to lease individual containers from Registrant when said containers are part of or listed on any order placed by either a Customer or Provider Client, and accepted by Registrant. FedEx will bear the risk of loss, damage, theft, destruction, attachment, seizure and the like, except for reasonable wear and tear or product defects. The pricing is valid for one (1) year, and the term of the Agreement is for one (1) year, cancelable by either party upon thirty (30) days notice.

The Agreement will be filed as an exhibit with the Registrant's next Form 10K filing for the period ended March 31, 2009.