Cord Blood America, Inc. (http://www.cordblood-america.com) (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells, a biological insurance policy, to families nationwide and internationally, today announced that it has purchased controlling interest, 50.1 percent, of Biocordcell Argentina S.A. (BioCells, Inc.).
BioCells is headquartered in Argentina, with affiliates under development in Peru, Colombia, Bolivia, Panama and Puerto Rico, and recent expansion into Uruguay and Paraguay. Purchase price for the profitable stem cell storage company, the second largest in Argentina, depends on achieving earn out targets for net profit over the next two years.
"We expect revenues from BioCells to be approximately $1.7 million in 2010, with a profit of $150,000 (U.S.) before taxes," said Matthew Schissler, Cord Blood America co-founder and CEO. "With this acquisition in South America, we now own a state-of-the-art large laboratory in Las Vegas, Nevada, a stem cell company in Germany with expansion plans throughout Europe, and we are partners in what could be the world's largest stem cell storage facility in China. We are quite proud of the accomplishments of Cord Blood America and we have no intention of slowing our aggressive growth strategy," Mr. Schissler said.
"BioCells will retain its own laboratory and storage operations in Buenos Aires and Diego Rissola, a very capable businessman and leader, will remain as General Manager of the Company," Cord Blood America's co-founder said.
BioCells is profitable, with annual revenues in 2009 of $1.2 million (U.S.), and 12 locations throughout that nation of 40 million people that saves umbilical cord blood stem cells at a rate even higher than in the U.S. "This is an historic day for Cord Blood America, our loyal investors and stakeholders. We will not rest until we meet our goal of becoming the world's premier stem cell storage company," Mr. Schissler said.
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