OLDSMAR, Fla., Dec. 13, 2010 (GLOBE NEWSWIRE) -- Cryo-Cell International, Inc. (OTCBB:CCEL) (the "Company"), one of the world's largest and most established family cord blood banks and global stem cell innovators, today responded to a recent announcement of intent by a prospective acquirer to purchase one of the Company's global license affiliates (the "Licensee"), an independent company, for a purported maximum purchase price of $17.84 million. Details of the proposed acquisition were outlined in a binding letter of intent submitted by the proposed acquirer, a relative newcomer to the private family cord bank industry, with its Form 8-K filing to the Securities and Exchange Commission (SEC) on December 8, 2010.
Under terms of Cryo-Cell's binding license agreement, the Company believes that the proposed acquisition would give Cryo-Cell the right to terminate its exclusive license which, in turn, would prohibit continued operations by the licensee under the Cryo-Cell trademarks. The licensee's market leadership, built exclusively on the Cryo-Cell brand, has emerged over time since the agreement was first formalized in June, 2001. The Company intends to attempt to maintain its exclusive U-Cord license with the licensee.
"Cryo-Cell's global network is solid and strong; demonstrating unprecedented expansion," stated Mercedes A. Walton, Chairman & CEO. "In fiscal year 2010 alone, the Company increased our global footprint by ten new markets for a corporate global network of twenty-six licensed markets. Cryo-Cell expects that global operations will continue to contribute positively to the Company's performance in fiscal year 2011."
Cryo-Cell reported net income of $3.0 million year to date through third quarter of fiscal 2010, or $0.26 per basic common share and profitability in seven of the last eight quarters. As of August 31, 2010, the Company had $9.0 million in cash, cash equivalents, marketable securities and other investments. The Company had no long-term debt at the end of the quarter. On December 10, 2010, Cryo-Cell shares closed at $2.40 per share.
About Cryo-Cell International, Inc.
Based in Oldsmar, Florida, with nearly 215,000 clients worldwide, Cryo-Cell is one of the largest and most established family cord blood banks. ISO 9001:2008 certified and accredited by the AABB, Cryo-Cell operates in a state-of-the-art Good Manufacturing Practice and Good Tissue Practice (cGMP/cGTP)-compliant facility. In November 2007, the Company launched e (pronounced "C-L"), the world's first-ever commercial service allowing women to cryopreserve their own menstrual stem cells. Cryo-Cell is a publicly traded company. OTCBB:CCEL. Expectant parents or healthcare professionals may call 1-800-STOR-CELL (1-800-786-7235) or visit www.cryo-cell.com.
The CelleSM service was introduced in November 2007 as the first and only service that empowers women to collect and cryopreserve menstrual flow containing undifferentiated adult stem cells for future utilization by the donor or possibly their first-degree relatives in a manner similar to umbilical cord blood stem cells. For more information, visit .
Statements wherein the terms "believes", "intends", "projects", "anticipates", "expects", and similar expressions as used are intended to reflect "forward-looking statements" of the Company. The information contained herein is subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements or paragraphs, many of which are outside the control of the Company. These uncertainties and other factors include the ability of the Company to enforce certain rights it believes it has in it's current license agreements, the future success of the Company's global expansion and licensing initiatives and agreements and those risks and uncertainties contained in risk factors described in documents the Company files from time to time with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K filed by the Company. The Company disclaims any obligations to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.
CONTACT: Stern Investor Relations Investors Julia Avery 212-362-1200 firstname.lastname@example.org Cryo-Cell International, Inc. Media Inquiries Irene Smith 813-749-2102 email@example.com