SANTA MONICA, Calif., May 14 /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 received a commitment for up to $2.3 million to acquire or build its own state-of-the-art laboratory for the storage of multiple stem cell products including umbilical cord blood stem cells.
"The funding is from a private, institutional investor and allows us to focus even further on our due diligence efforts that I announced last week," said Company founder and CEO Matthew Schissler. "Certain properties of the funding will be recorded as both an asset and a liability on our books." Three hundred thousand dollars of the funding has already been received by the Company to begin the lab purchase or build out, with the additional $2 million to be paid out in future installments.
"Having our own secure cryogenic stem cell bank will provide Cord Blood America with tremendous growth potential not only with our existing cord blood processing and storage business but also emerging sciences for other types of stem cells, including peripheral blood stem cell and adipose tissues," Mr. Schissler said. "We've discussed having our own lab for quite some time. Having this funding gives us the resources needed to vigorously pursue and ultimately acquire or build our own state of the art stem cell processing and storage facility."
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.
CONTACT: Paul Knopick E & E Communications 949/707-5365 email@example.com
|SOURCE Cord Blood America, Inc.|
Copyright©2009 PR Newswire.
All rights reserved