EXHIBIT 99.1

                                [CRYOLIFE LOGO]

                                  NEWS RELEASE

FOR IMMEDIATE RELEASE
CONTACT: JOSEPH T. SCHEPERS
         VICE PRESIDENT, CORPORATE COMMUNICATIONS
         (770) 419-3355


                      CRYOLIFE REPORTS SETTLEMENT OF CASES

ATLANTA...(OCTOBER 29, 2004)...  CryoLife,  Inc. (NYSE: CRY), a biomaterials and
biosurgical device company,  today reported that on Monday, October 25, 2004, it
agreed to a binding  settlement of three general  liability  lawsuits pending in
the Multnomah  Circuit Court in Oregon.  Additionally,  the Company  settled one
product  liability case and two product liability claims since June 30, 2004. As
a result  of these  settlements  and the  evaluation  of all  other  outstanding
litigation  and claims at  September  30,  2004,  the Company has recorded a net
increase of $2.4 million to its legal  liability  reserves for asserted  product
liability  and similar  claims.  This amount will be reflected in the  Company's
general,  administrative  and  marketing  expenses  for the three  months  ended
September 30, 2004.

The  Company  had cash and cash  equivalents  of $11.4  million  and  marketable
securities  of $3.8 million at September 30, 2004.  The  settlements  discussed
above  require  the  Company  to pay  approximately  $3.3  million in the fourth
quarter of 2004. These claims were uninsured.

The  Company  will hold a  teleconference  call and live web cast at 11:15  a.m.
Eastern Standard Time, Thursday, November 4, 2004, to discuss third quarter 2004
results, followed by a question and answer session hosted by Steven G. Anderson,
CryoLife President and Chief Executive Officer.

To listen to the live  teleconference,  please dial  973-582-2749  a few minutes
prior to 11:15  a.m.  No  identification  number  is  required.  A replay of the
teleconference  will be  available  November 4 through  November  10, and can be
accessed by calling (toll free) 877-519-4471 or 973-341-3080. The identification
number for the replay is 5284237.  The live  webcast can be accessed by going to
the Investor Relations section of the CryoLife website at WWW.CRYOLIFE.COM.







                  CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Statements  made  in this  report  that  look  forward  in time or that  express
management's  beliefs,  expectations  or hopes  are  forward-looking  statements
within the  meaning of the  Private  Securities  Litigation  Reform Act of 1995,
including those regarding the payment of the settlement amount and its effect on
the Company and its financial  statements.  These future events may not occur as
and when expected,  if at all, and,  together with the Company's  business,  are
subject  to  various  risks and  uncertainties.  These  risks and  uncertainties
include  that  the  Company's  2004  revenues  and  expenses  may not  meet  its
expectations,  that  the  Company's  2004  BioGlue  revenues  may not  meet  its
expectations,  that the demand for CryoLife  preserved tissues may not return to
prior levels,  that the Company's general  administrative and marketing expenses
may not meet  expectations  due to  higher  than  expected  costs  of  resolving
existing  and  future  litigation,  the  possibility  that the FDA could  impose
additional  restrictions  on the  Company's  operations,  require a  recall,  or
prevent the Company from processing and  distributing  tissues or  manufacturing
and  distributing  other  products,  that the  Company  may not have  sufficient
borrowing  or other  capital  availability  to fund its  business,  that pending
litigation  cannot be  settled  on terms  acceptable  to the  Company,  that the
Company may not have sufficient resources to pay punitive damages (which are not
covered by insurance) or other liabilities in excess of available insurance, the
possibility of severe  decreases in the Company's  revenues and working capital,
that to the extent the Company  does not have  sufficient  resources  to pay the
claims against it, it may be forced to cease operations or seek protection under
applicable  bankruptcy  laws,  changes  in laws and  regulations  applicable  to
CryoLife and other risk factors  detailed in CryoLife's  Securities and Exchange
Commission  filings,  including  CryoLife's  Form 10-K filing for the year ended
December 31, 2003,  and the  Company's  other SEC filings.  The Company does not
undertake to update its forward-looking statements.