Exhibit 99.1

CRYO-CELL INTERNATIONAL REPORTS

SECOND QUARTER 2006 RESULTS

Company Leverages Strong Balance Sheet to Launch New Services, Grow Market Share and Drive Unit Growth

Oldsmar, FL – July 17, 2006 - Cryo-Cell International, Inc. (OTC Bulletin Board Symbol: CCEL) (the “Company”), one of the world’s largest and most established family cord blood banks, announced today financial results for the second quarter ended May 31, 2006. Consolidated revenues for the second quarter of 2006 were approximately $4.5 million, up 25% from approximately $3.6 million for the second quarter of 2005. The revenue increase was primarily attributable to the successful implementation of a price increase in December 2005 for newly enrolling clients, as well as an overall increase in the customer base over the prior year.

The Company reported a net loss in the second quarter of 2006 of approximately ($860,000), or ($0.07) per basic common share, compared to net income of approximately $116,000, or $0.01 per basic common share, in the second quarter of 2005. The net loss in the second quarter of 2006 is the result of a 46% increase in cost of sales and a 30% increase in marketing, general and administrative expenses in the second quarter of 2006 over the second quarter of 2005, partially offset by the 25% increase in revenue. In addition, net income in the 2005 period was increased by the effect of a liability reversal of $498,000 in connection with the renegotiation of a consulting agreement with a former officer.

The increase in cost of sales was due to increased expenses for lab supplies, sales promotions and cord blood collection reimbursements, as well as the expenses associated with the Company’s introduction of service enhancements in connection with the recent price increase. The enhancements include return shipping by a medical courier to all new U.S. customers. The increase in expenses for lab supplies was due to the Company’s April 2005 implementation of a new processing methodology in accordance with newly established standards of the AABB (formerly known as American Association of Blood Banks). The new process utilizes closed-system bags in place of vial storage.

The increase in marketing, general and administrative expenses reflects the Company’s decision to enhance existing production procedures and quality systems. It also reflects the previously announced strategic initiatives to increase market share and achieve unit growth by strengthening the resources allocated to sales and marketing. This resulted in an increase in consumer advertising and increased expenditures related to corporate re-branding.

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The Company recognized approximately $137,000 in licensee income for the second quarter of 2006, compared to approximately $93,000 for the second quarter of 2005, an increase of 47% for the second quarter 2006 versus the second quarter 2005.

For the six month period ended May 31, 2006, the Company’s revenues were approximately $8.2 million, compared to approximately $6.8 million for the six month period ended May 31, 2005. The 21% revenue increase is attributable primarily to the successful implementation of a price increase in December 2005 for newly enrolling clients, as well as the overall increase in the customer base over the prior year.

The Company reported a net loss for the six month period ended May 31, 2006 of approximately ($805,000), or ($.07) per basic common share, compared to net income of approximately $294,000, or $.03 per basic common share, for the six month period ended May 31, 2005. The net loss for the six month period ended May 31, 2006 is attributable to a 44% increase in cost of sales and a 26% increase in marketing, general and administrative expenses in the 2006 period versus the 2005 period, partially offset by the 21% increase in revenue and a significant increase in licensee income in 2006. In addition, net income in the 2005 period was increased by the effect of a liability reversal of $498,000 in connection with the renegotiation of a consulting agreement with a former officer.

The Company recognized approximately $470,000 in licensee income for the six months ended May 31, 2006, compared to approximately $198,000 for the six months ended May 31, 2005. Licensee income for the six months ended May 31, 2006 included approximately $149,000 of non-recurring income recognized on the payment of the second installment for the India license agreement. The remaining $321,000 represents royalty income from license agreements outside the United States and the sale of sublicense agreements.

As of May 31, 2006, the Company had approximately $9.0 million in available cash, cash equivalents, marketable securities and other investments, and no long-term debt.

“The results for the second quarter reflected the expected effects of previously announced initiatives designed to grow Cryo-Cell’s market share and drive unit growth,” stated Mercedes Walton, Chairman and CEO, “During the quarter we focused our resources on corporate re-branding; launching the Plureon service; and expanding our marketing and sales programs. We believe that these initiatives will positively influence both top and bottom line growth over time. We are encouraged by preliminary signs of consumer interest in our new services that we believe clearly reflect our progress to date. This includes a 76% increase in the pipeline of prospective client inquiries in the second quarter of 2006 versus the first quarter of 2006, creating what we believe to be the largest cumulative pipeline representing the broadest range of prospective client delivery dates in the Company’s history.”

“In addition to the unprecedented growth of our pipeline, we are also encouraged by the significant levels of interest we have received from both professionals and consumers in anticipation

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of the Fall 2006 launch of our exclusive new Plureon service that will bundle Cryo-Cell’s industry-leading U-Cord® product with a promising and innovative placental stem cell product. Since Cryo-Cell’s OR-Live webcast on June 6^th, demonstrating the collection of placental tissue for isolation of Plureon® placental stem cells following a Cesarean delivery for example, nearly 30,000 viewers have replayed the broadcast, establishing a new viewership record for the comparable time period.”

Ms. Walton continued, “As Cryo-Cell’s growth initiatives take hold, we anticipate accelerated unit growth will result in capturing additional market share. We believe that the anticipated short-term impact of increased expenses on quarterly earnings will be positively offset by longer-term growth of revenue and earnings in the coming periods.”

About Cryo-Cell International, Inc.

Based in Oldsmar, Florida, with nearly 120,000 clients worldwide, Cryo-Cell is one of the largest and most established family cord blood banks. ISO 9001:2000 certified and accredited by the AABB, Cryo-Cell operates in a state-of-the-art Good Manufacturing Practice and Good Tissue Practice (cGMP/cGTP)-compliant facility. Cryo-Cell is a publicly traded company. OTC Bulletin Board Symbol: CCEL. Expectant parents or healthcare professionals may call 1-800-STOR-CELL (1-800-786-7235) or visit www.cryo-cell.com.

Forward-Looking Statement

Statements wherein the terms “believes”, “intends”, “projects” or “expects” as used are intended to reflect “forward-looking statements” of the Company. The information contained herein is subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements or paragraphs, many of which are outside the control of the Company. These uncertainties and other factors include the uncertainty of market acceptance of our proposed service offer relating to placental stem cells, given that placental stem cells have not yet been used in human therapies, and treatment applications using such stem cells are subject to further research; any adverse effect or limitations caused by recent increases in government regulation of stem cell storage facilities; any increased competition in our business; any decrease or slowdown in the number of people seeking to store umbilical cord blood stem cells or decrease in the number of people paying annual storage fees; any adverse impacts on our revenue or operating margins due to the costs associated with increased growth in our business, including the possibility of unanticipated costs relating to the operation of our new facility; any technological breakthrough or medical breakthrough that would render the Company’s business of stem cell preservation obsolete; any material failure or malfunction in our storage facilities; any natural disaster such as a tornado, other disaster (fire) or act of terrorism that adversely affects stored specimens; the costs associated with defending or prosecuting litigation matters and any material adverse result from such matters; decreases in asset valuations; any continued negative effect from adverse publicity in the past year regarding the Company’s business operations; any negative consequences resulting from deriving, shipping and storing specimens at a second location; and other risks and uncertainties. The foregoing list is not exhaustive, and the Company disclaims any obligations to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements. Readers should carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-KSB, Quarterly Reports on Form 10-QSB and any Current Reports on Form 8-K filed by the Company.

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