SANTA MONICA, Calif., Feb. 12 Cord Blood America, Inc. (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company (http://www.cordblood-america.com) focused on bringing the life saving potential of stem cells to families nationwide and internationally, is pleased to announce that between January 1, 2009, and today, it has reduced its long term debt by approximately $1 million.
The Company previously said in press releases and CEO interviews that a major focus is to reduce debt and strengthen the Cord Blood America balance sheet. The mentioned debt was either converted into equity of reduced by principal cash payment. Cord Blood America said the effort to further reduce debt will continue throughout 2009.
CEO Matthew Schissler commented: "It's a start. De-levering our balance sheet coupled with strategic growth and acquisitions are the primary goals for 2009. I'm certain shareholders would agree that removing debts will help put the company in a strong position for long term growth in the stem cell industry."
About Cord Blood America
Cord Blood America (OTC Bulletin Board: CBAI) is the parent company of CorCell, which facilitates umbilical cord blood stem cell preservation for expectant parents and their children. Its mission is to be the most respected stem cell preservation company in the industry. Collected through a safe and non-invasive process, cord blood stem cells offer a powerful and potentially life-saving resource for treating a growing number of ailments, including cancer, leukemia, blood, and immune disorders. To find out more about Cord Blood America, Inc. (OTC Bulletin Board: CBAI), visit our website at www.corcell.com. For investor information, visit www.cordblood-america.com.
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SOURCE Cord Blood America, Inc.