Cord Blood America, Inc. Stockholders Approve Amendment to Increase Number of Authorized Shares of Common Stock
Published: Sep 27, 2012
LAS VEGAS, Sept. 26, 2012 /PRNewswire/ -- Cord Blood America, Inc. (www.cordblood-america.com) (OTC Bulletin Board: CBAI) ("CBAI" or the "Company"), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells to families nationwide and internationally, today announced that stockholders have approved an amendment to the Company's Amended and Restated Articles of Incorporation, to increase the number of authorized shares of common stock to 890,000,000. The Company currently has 250,000,000 authorized shares of common stock and approximately 249,999,364 shares of common stock were outstanding as of August 9, 2012.
"The Board believes that the increase in authorized common shares creates the ability for the Company to be able to extinguish the legacy debt instruments and their covenants. This, in conjunction with the significant operating improvements we have shown to date, will allow our team to vastly broaden our investor audience that can focus on tangible financial results to track our progress. As a result of this, we have also brought in the investor relations team of Hayden IR with the initial goal of communicating the significant improvements we have made to date, management's expectations over the next twelve months and articulating how this correlates to improved shareholder value," commented Joseph Vicente, President of Cord Blood America. "We are now cash flow positive so the announced approval to increase our authorized shares is primarily to fix legacy issues. Operating activities have already shown marked sequential and year over year improvement while reducing corporate costs creating an advantageous time to improve the capital structure and bring the Company to the next level while broadening its appeal to a wider audience of potential investors."
About Cord Blood America
Cord Blood America is the parent company of CorCell Companies, Inc. which facilitates umbilical cord blood stem cell preservation for expectant parents and their children. 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 about Cord Blood America, Inc. and CorCell Companies, Inc., visit our websites: http://www.cordblood-america.com/ for investor information and http://www.corcell.com/ for customer information.
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 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.
SOURCE Cord Blood America, Inc.