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Cord Blood America Announces Agreement To Restructure Debt
Date:7/9/2012

LAS VEGAS, July 9, 2012 /PRNewswire/ -- Cord Blood America, Inc. (OTC BB: CBAI) ("CBAI" or the "Company") today announced it has signed a new Securities Purchase Agreement and related documents with Tonaquint, Inc. ("Tonaquint"), including a Secured Convertible Promissory Note in the amount of $1,252,000. Separately the Company made a final and full payment to JMJ Financial ("JMJ") in the amount of $1,117,730.50.  The agreement with, and payment to JMJ, also includes full release and cancellation provisions regarding all other notes, amendments, claims and rights that may have existed between the parties.

Joseph Vicente, who became Chairman and President on May 15, 2012, explained several key components of the restructured agreements:

  • The previous JMJ agreements contained several provisions that made them onerous if left in place.  One issue was our requirement to take from the existing notes, at JMJ's option, an additional amount in cash of over $1.9 million.  Moreover, there were two other notes JMJ could have elected to execute that could have further advanced the cash sum to be paid to the Company, adding further debt to the balance sheet.  The requirement to take such a large amount of cash absent a commensurate rate of return for such funding was simply an example of unwarranted potential shareholder dilution and something CBAI's new management finds unacceptable.  By cancelling these additional funding options CBAI is not forgoing accretive growth propositions, rather, it is taking this opportunity to institute a level of control of our financing not previously in place. The Tonaquint's agreements contain a right of first refusal to provide future financing to CBAI in the event the Company would need to seek such financing.
  • Tonaquint shares common management with St. George Investments, LLC, and with this restructuring these two entities hold approximately 88% of the
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SOURCE Cord Blood America, Inc.
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