LOS ANGELES, May 27 /PRNewswire-FirstCall/ -- Cord Blood America, Inc. (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company (http://www.cordblood-america.com ) focused on bringing the life saving potential of stem cells to families nationwide and internationally, today reported that CorCell Companies Inc., Philadelphia, Pa., which it acquired in October 2006, had its first operationally profitable quarter ever for the three months ending March 31, 2008.
CorCell, at the time of the purchase, was the fourth largest umbilical cord blood bank in the U.S. Established in 1995, CorCell collects umbilical cord blood stem cells from hospitals in all 50 states and internationally. CorCell is especially known for its strategic partnerships with health insurers throughout the country.
"When we acquired CorCell, it was losing $150,000 per month. With lots of re-engineering and hard work, the team has put the company in position to be highly successful. By streamlining CorCell's operations, we have turned it into a profitable entity," said Matthew Schissler, CEO, Cord Blood America. "We look for a continuation of this positive trend throughout 2008."
On May 20, 2008, the Company filed its Form 10-QSB with the United States Securities and Exchange Commission. In this document, it is noted that the Company posted an operational loss of $400,000. Mr. Schissler commented, "We have six subsidiaries under the parent Company. The operational loss came from losses of other business units, public Company expenses, and depreciation and amortization. Our operational loss decreased over 20% year over year. We're very excited for getting our largest business unit with the highest gross profits to achieve operational profitability first."
About Cord Blood America
Cord Blood America (OTC Bulletin Board: CBAI) is the parent company of
CorCell, which facilitates um
|SOURCE Cord Blood America, Inc.|
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