Cord Blood America Closes Acquisition of BioCells, Inc., Profitable Company and One of South America’s Largest Stem Cell Companies
LAS VEGAS and BUENOS AIRES, Argentina, Sept. 20 /PRNewswire-FirstCall/ — Cord Blood America, Inc. (http://www.cordblood-america.com) (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells, a biological insurance policy, to families nationwide and internationally, today announced that it has purchased controlling interest, 50.1 percent, of Biocordcell Argentina S.A. (BioCells, Inc.).
BioCells is headquartered in Argentina, with affiliates under development in Peru, Colombia, Bolivia, Panama and Puerto Rico, and recent expansion into Uruguay and Paraguay. Purchase price for the profitable stem cell storage company, the second largest in Argentina, depends on achieving earn out targets for net profit over the next two years.
“We expect revenues from BioCells to be approximately $1.7 million in 2010, with a profit of $150,000 (U.S.) before taxes,” said Matthew Schissler, Cord Blood America co-founder and CEO. “With this acquisition in South America, we now own a state-of-the-art large laboratory in Las Vegas, Nevada, a stem cell company in Germany with expansion plans throughout Europe, and we are partners in what could be the world’s largest stem cell storage facility in China. We are quite proud of the accomplishments of Cord Blood America and we have no intention of slowing our aggressive growth strategy,” Mr. Schissler said.
“BioCells will retain its own laboratory and storage operations in Buenos Aires and Diego Rissola, a very capable businessman and leader, will remain as General Manager of the Company,” Cord Blood America’s co-founder said.
BioCells is profitable, with annual revenues in 2009 of $1.2 million (U.S.), and 12 locations throughout that nation of 40 million people that saves umbilical cord blood stem cells at a rate even higher than in the U.S. “This is an historic day for Cord Blood America, our loyal investors and stakeholders. We will not rest until we meet our goal of becoming the world’s premier stem cell storage company,” Mr. Schissler said.
About Cord Blood America
Cord Blood America is the parent company of CorCell, which facilitates umbilical cord blood stem cell preservation for expectant parents and their children. Its mission is to be the most respected stem cell preservation company in the industry. Collected through a safe and non-invasive process, cord blood stem cells offer a powerful and potentially life-saving resource for treating a growing number of ailments, including cancer, leukemia, blood, and immune disorders. To find out more about Cord Blood America, Inc., visit our website at http://www.corcell.com/. For investor information, visit http://www.cordblood-america.com/.
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Some statements made in this press release are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as “anticipate,” “believe,” “expect,” “future,” “intend,” “plan,” and similar expressions to identify forward-looking statements. These statements including those related to the growth of the industry, new stem cell treatments, and the Cord Blood America’s performance, are only predictions and are subject to certain risks, uncertainties and assumptions. Additional risks are identified and described in the Company’s public filings with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
SOURCE Cord Blood America, Inc.