SANTA MONICA, Calif., Aug. 25 /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, said today that it has retired $1.6 million in debt since July 2009. The Company previously announced it retired $5 million in debt in the first half of 2009.
"We have said that one of the pillars of strength for Cord Blood America in 2009 was to significantly reduce debt and we certainly are fulfilling this obligation to our shareholders," said Matthew Schissler, founder and CEO. The Company also announced on August 5, 2009, that it retired $2.53 million of long-term debt with the payoff of two notes with the Shelter Island Opportunity Fund.
"Retirement of debt is good for our balance sheet and makes CBAI a better investment for our shareholders," said Mr. Schissler. "We are pleased with a strengthened balance sheet, having recently announced second quarter results showing a significant increase in working capital and cash on hand."
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 www.corcell.com. For investor information, visit www.cordblood-america.com.
Forward-Looking Statements
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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