SANTA MONICA, Calif., Aug. 5 /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, said today it has retired $2.53M of long-term debt.
"The two notes signed in February and March of 2007 respectively, between CBAI and the Shelter Island Opportunity Fund (SIOF), have been retired as of August 3, 2009. With this debt retirement, CBAI has only the put option agreement obligation with SIOF remaining on its balance sheet. Cord Blood America regards this as a key milestone on its path to being able to operate debt free," said Matthew Schissler, Cord Blood America Founder and CEO. "Shelter Island provided us with the capital to purchase CorCell, which is the first licensed family cord blood banking company in the United States. Using their financing allowed us to establish CBAI as one of the largest domestic stem cell storage companies. Our obligation was to pay the notes in full before the February 28, 2010 maturity date. We are happy to have met the obligation and have saved a significant amount of interest payments because of early payoff."
"We have repeatedly said that decreasing debt would be one of our significant items to focus on in 2009," said Mr. Schissler. "Eliminating debt makes our financial balance sheet stronger and makes Cord Blood America a better investment. We are very pleased with this development."
About Cord Blood America
Cord Blood America (OTC Bulletin Board: CBAI) 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. (OTC Bulletin Board: CBAI), visit our website at www.corcell.com. For investor information, visit www.cordblood-america.com.
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 Company'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.
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|SOURCE Cord Blood America, Inc.|
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