Cord Blood America, Inc., an umbilical cord blood stem cell preservation provider focused on bringing the life-saving potential of stem cells to families nationwide and internationally, recently announced that all preliminary due diligence is now complete for the acquisition of controlling interest in BioCells, Inc., the second largest stem cell storage company in Argentina.
BioCells is a profitable company with annual revenues of $1.2 million (USD) in 2009. With affiliates under development in Peru, Colombia, Bolivia, Panama and Puerto Rico and 12 locations throughout Argentina, the acquisition of BioCells aligns with the company’s goal of building Cord Blood America into the world’s premier stem cell storage company. The acquisition is expected to be closed no later than August 31, 2010.
Matthew Schissler, Cord Blood America co-founder and chief executive officer, stated, “We are very confident that this acquisition will close by the end of August. Having controlling interest in BioCells will significantly boost our bottom line by $1.0 million to $1.5 million annually. It’s a historic day when CBAI can add a profitable entity to its family of companies.” Mr. Schissler continued, “We also are announcing that we are exploring ways that we can reward our loyal shareholders once this transaction is complete.”
For additional information, please visit www.cordblood-america.com.