Feb 8 (Reuters) - Cryosite Ltd CTE.AX :
* CRYOSITE REACHES IN PRINCIPLE SETTLEMENT WITH ACCC
* AGREED PRINCIPLE SETTLEMENT WITH ACCC IN RELATION TO PROCEEDING AGAINST CRYOSITE IN FEDERAL COURT OF AUSTRALIA
* ACCC WILL SEEK A PECUNIARY PENALTY OF $1.1M (INCLUDING COSTS) AGAINST CRYOSITE
* CO ENTERED AGREEMENT WHICH IT NOW ACCEPTS RESULTED IN IT CONTRAVENING COMPETITION AND CONSUMER ACT 2010