Cord Blood America, Inc., an umbilical cord blood stem cell preservation company, announced today that it has eliminated $817,000 of long-term debt in addition to the recently announced long-term debt elimination of $1.75 million.
Matthew Schissler, Cord Blood America Founder and CEO, commented, “The remaining debt with YA Global Investments, formerly Cornell Capital Partners, has been assigned to an existing institutional investor. CBAI and YA Global Investments agreed on a one time common share settlement for liquidated damages in connection with assigning the outstanding principal and interest to the existing investor. With this assignment, CBAI has no further debt with YA Global Investments. Cord Blood America regards this as a key milestone on its path to being able to operate on its cash flow.â€
“We said decreasing debt would be one of our significant items to focus on in 2009 and we are very pleased on how we are progressing,” added Mr. Schissler. “Eliminating debt makes out financial balance sheet stronger and makes Cord Blood America a better investment. We are very pleased with this development.”