CBAI announced today that they have signed a letter of intent to process and store cord blood specimens for BioCells, Inc., headquartered in Argentina, and its affiliates in Peru, Colombia, Bolivia, Panama and Puerto Rico.
"This is an excellent example of how our new laboratory and storage facility in Las Vegas allows us to significantly diversify our business model," said Matthew Schissler, co-founder and CEO. "BioCells is already the second largest stem cell storage company in Argentina with annual revenues of 1.5M (USD). The company has 12 locations throughout the country and has recently expanded internationally to both Uruguay and Paraguay. We are confident this will be an excellent working relationship, beneficial to both companies. We will be processing and storing for BioCells' affiliates in Peru, Colombia, Bolivia, Panama and Puerto Rico."
This deal between Cord Blood America and BioCells is pending due diligence, and if successfully completed the contract closing is anticipated to close in the first quarter of 2010
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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.
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