Milberg Weiss Announces the Filing of a Class Action Suit against Cryo Cell International, Inc.

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--June 19, 2003

The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on June 18, 2003, on behalf of purchasers of the securities of Cryo Cell International, Inc. ("Cryo Cell" or the "Company") (Nasdaq:CCELE) between March 16, 1999 and May 20, 2003 inclusive (the "Class Period").

A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/cases/cryocell/

The action, numbered CV-1272-T-27-MSS, is pending in the United States District Court, Middle District of Florida, Tampa Division, against defendants Mercedes Walton, Gerald F. Maass, Edward Modzelewski, Frederick C.S. Wilhelm, Wanda D. Dearth, Junior Winokur, Charles D. Nyberg, Cryo Cell, Daniel D. Richard, Jill M. Taymans, John V. Hargiss, Weinick Sanders Leventhal & Company, LLP, and Mirsky, Furst & Associates, P.A.

The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between March 16, 1999 and May 20, 2003, thereby artificially inflating the price of Cryo Cell securities. During the Class Period, the Company issued statements that failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company had materially overstated its earnings, net income and earnings per share; (2) that the Company continually recognized revenue in violation of generally accepted accounting principles ("GAAP") with respect to the following: (a) related-party transactions; (b) revenue sharing agreements; and (c) revenue recognition for the sale Area Licenses. As a result, the Company's financial results were materially overstated at all relevant times.

On April 15, 2003, the Company issued a press release disclosing that it may be necessary to restate its financial results for fiscal years 2001 and 2002 because of improper recognition of revenue. On May 20, 2003, defendants revealed that the Company's new auditors had suddenly resigned. By May 21, 2003, Cryo Cell stock had lost most of its value, and traded at only $0.94 per share, a far cry from the stock's Class Period high of over $10 per share in August, 2001.

If you bought the securities of Cryo Cell between March 16, 1999 and May 20, 2003 you may, no later than August 04, 2003, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 220-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:

    Steven G. Schulman
    One Pennsylvania Plaza, 49th fl.
    New York, NY, 10119-0165
    Phone number: (800)320-5081
    E-mail: cryocellcase@milbergNY.com

    Maya Saxena
    The Plaza 5355 Town Center Road, Suite 900 Boca Raton, FL 33486
    Phone number: (561)361-5000
    Website: http://www.milberg.com