Montag, 25.06.2012 21:45 von PR Newswire | Aufrufe: 401

BioCells (Argentina) and Cord Blood America, Inc. Reach Agreement on Payments

Ein Arzt berät einen Patienten (Symbolbild). © TommL / Vetta / Getty Images

PR Newswire

LAS VEGAS, June 25, 2012 /PRNewswire/ -- Cord Blood America, Inc. (OTC BB: CBAI) is pleased to announce it has finalized an Agreement with the individuals from whom CBAI acquired its majority interest in BioCordcell (BioCells) Argentina, S.A. regarding the 2011 earn-out, previously in dispute as disclosed in the Company's most recent 10Q and 10K filings. 

The terms of the Agreement limit the cash payout to the sellers during 2012 to $60,000.  Additionally, the Agreement provides for future cash amounts, not to exceed $440,000, to be paid through CBAI's percentage portion of dividends earned solely based on BioCells' operating performance in 2012 and 2013.  This structure should also reverse a portion of the previous accrual related to the 2011 earn-out amount on the balance sheet booked for year ending 2011, and negates any further balance sheet liability which could have been recorded upwards of $455,000 if no such agreement was reached. 

"I am most pleased that the sellers of BioCells, through Diego Rissola, President of BioCells, and Cord Blood America management were not only able to reach an agreement on the final year of the earn-out, but also use the extensive dialogue to strengthen several components of the relationship that will leverage the two entities in the years ahead," said Chairman and President Joseph Vicente.



Forward-Looking Statements

Some statements made in this press release are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect,'' "future," "intend," "plan," and similar expressions to identify forward-looking statements. These statements including those related to the growth of the industry, new stem cell treatments, and the Cord Blood America's performance, are only predictions and are subject to certain risks, uncertainties and assumptions. Additional risks are identified and described in the Company's public filings with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.

CONTACT: Paul Knopick
E & E Communications

SOURCE Cord Blood America, Inc.

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