Cord Blood America Signs Letter of Intent to Acquire Mexico’s Largest Stem Cell Storage Company
PR Newswire “Press Releases US – English”
LAS VEGAS , Dec. 8, 2010 /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 to families nationwide and internationally, today announced that it has signed a letter of intent to purchase Cryo-Cell Mexico, which is Mexico ‘s largest stem cell storage company.
Cryo-Cell Mexico (www.cryo-cell.com.mx) operates in 32 states in Mexico . Cryo-Cell Mexico has 74 points of sale, including offices in some hospitals, more than 70,000 samples in storage at present and its market share, number one in Mexico , dominates all of its competitors. The acquisition, when completed, means that Cord Blood America will control over 100,000 customers internationally, and expects its combined revenues to be in the $14M range annually if all businesses continue the same sales rate.
Cryo-Cell Mexico has averaged over 8,000 new customers per year, for the last three years.
“We’re happy. Today is a red letter day in CBAI’s history. We told our shareholders that acquisitions are one of the key ways to grow our Company. This acquisition would add a major stem cell collection company, with an excellent reputation and operations, to the Cord Blood America family of companies,” said Matthew Schissler , co-founder, CEO and President. “We will keep our shareholders apprised of the progress of this acquisition as it moves forward. We will focus all of our efforts on bringing this to a successful close.”
Further commenting about being acquisitive, Mr. Schissler added, “Day-to-day conversations are ongoing, regarding acquisition opportunities. It’s a sign that the industry is consolidating and an effort that we are committed to staying front and center on.”