LOS ANGELES, April 16 /PRNewswire-FirstCall/ -- Cord Blood America, Inc. (OTC Bulletin Board:
CBAI -
News), 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 revenues for 2007 totaled $5.8 million, up 74 percent compared to revenues of $3.3 million in 2006. "Because of an adjustment in how we recognized yearly storage revenue for our CorCell acquisition, the amount we could claim as revenues was reduced by a one-time charge of more than $500,000," said Matthew Schissler, CEO, Cord Blood America
Cord Blood America reported a gross profit of $1.97 million in 2007, up 604 percent compared to gross profit of $280,913 in 2006. "Our achievements in reducing debt of our acquisitions, including the acquisition of CorCell, Inc. in Philadelphia, PA. was especially noteworthy."
The Company also reported that assets increased to $6.73 million at December 31, 2007 up 821 percent compared to assets of $731,000 at December 31, 2006 due to acquisitions made during the year.
"We are pleased by our continued growth, encouraged that we have reduced our debt and some operating expenses, and confident that the storage of umbilical cord blood for the future treatment of significant diseases will continue to grow exponentially," said Mr. Schissler.
About Cord Blood America
Cord Blood America (OTC Bulletin Board: CBAI - News) 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 - News), visit our website at http://www.corcell.com. For investor information, visit http://www.cordblood-america.com.
CONTACT: Paul Knopick E & E Communications 949/707-5365 pknopick@eandecommunications.com
