Cord Blood America, Inc. (www.cordblood-america.com) (OTC Bulletin Board: CBAI) ("CBAI" or the "Company") today announced it has achieved AABB accreditation for cell therapy activity associated with cord blood processing, storage and distribution.
"As we embark on the new year of 2014, I cannot think of a better way to validate our operations and jump start our efforts this year than to state publicly that we have earned our AABB accreditation," said Joseph Vicente, President of Cord Blood America, Inc. "This accreditation follows an intensive on-site assessment by specially trained AABB assessors and establishes that the level of technical and administrative performance with our facility meets or exceeds the industry standards set by AABB."
"We have publicized for the past six consecutive quarters our ability to achieve positive cash flows while significantly reducing expenses," added Joseph Vicente. "Sometimes this creates a perception that we were cutting our way to profitability. However, we can emphasize in the conversation today that we were able to accomplish this financial turnaround while concurrently making additional investment in our core operations via people, technology, capital goods and equipment."
The accreditation process consisted of a rigorous 12 month internal process that required the company to examine not only laboratory operations, but all functional units of its operations, as well as how to combine all elements into a cohesive total quality management system. The AABB accreditation program assisted Cord Blood America in achieving operational excellence by promoting a level of professional and technical expertise that contributes to quality performance and patient safety.
Mr. Vicente continued, "We have always been confident in our operational capabilities, however, as is the nature of our industry and its competing members, our previous lack of a third party validation that our operations meet and exceed the gold standard in the industry was a competitive advantage used against us. Today, we have achieved that validation, and simultaneously, further advanced our industry competitiveness. We also readily acknowledge that this accreditation process improved us in multiple ways and we will leverage this experience as a springboard for further advancements in our company."
"In closing, I would like to thank all of our dedicated employees who were paramount to this achievement," said Mr. Vicente. "We are a small group; but our talent, work ethic and industry experience continues to increase both our recognition and revenue opportunity within the industry. I am proud to be associated with each member of our organization and know that we will continue to push ourselves and our commitment to increasing the value proposition to our shareholders and customers."