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, a biological insurance policy, to families nationwide and internationally, today announced that all preliminary due diligence is now complete for the acquisition of controlling interest in BioCells, Inc. BioCells is headquartered in Argentina, with affiliates under development in Peru, Colombia, Bolivia, Panama and Puerto Rico. The acquisition is expected to be closed no later than August 31, 2010.
BioCells, the second largest stem cell storage company in Argentina, is profitable, with annual revenues in 2009 of $1.2 million (USD), and 12 locations throughout that nation of 40 million people, plus recent expansion into Uruguay and Paraguay. On April 19, 2010, Cord Blood America announced that a letter of intent had been signed by both companies for Cord Blood America to purchase controlling interest in BioCells.
"We are very confident that this acquisition will close by the end of August," said Matthew Schissler, Cord Blood America co-founder and CEO. "Having controlling interest in BioCells will significantly boost our bottom line by one to one and a half million dollars annually. It's a historic day when CBAI can add a profitable entity to its family of companies. It is our goal to build Cord Blood America into the world's premier stem cell storage company, with current transactions being completed in Germany, as a foundation for all of Europe, and in China."
"We also are announcing that we are exploring ways that we can reward our loyal shareholders once this transaction is complete," Mr. Schissler said.