OLDSMAR, Fla., July 16, 2009 (GLOBE NEWSWIRE) -- Cryo-Cell International, Inc. (OTCBB:CCEL) reported today on the results of the Annual Shareholders' Meeting held on July 14, 2009 in Oldsmar, FL. The slate of Directors nominated for election to the Company's Board of Directors was ratified by shareholder vote. Re-elected to serve on the Cryo-Cell Board of Directors were Messrs. Ki Yong Choi, Scott Christian, Andrew ("Flip") Filipowski, Anthony Finch, Gaby Goubran, John Mathews and Ms. Mercedes Walton. Grant Thornton, LLP, was ratified as the Company's independent auditors.
The Company distributed a press release on July 9, 2009 highlighting fiscal second quarter and YTD 2009 results which include net income for the six-month period ended May 31, 2009 of approximately $1.3 million, or $0.11 per basic common share, compared to a net loss of approximately ($603,000), or ($0.05) per basic common share, for the six months ended May 31, 2008. The full 10-QSB filing was filed on July 10, 2009. Mercedes Walton, Cryo-Cell's Chairman & CEO, commented on the Company's encouraging performance through Q209.
"Despite continuing global economic challenges, Cryo-Cell has delivered three quarters of consecutive profitability from Q408 through Q209 with year-to-date earnings in fiscal 2009 of $1.3 million," Walton stated. "The Company continues to make significant progress in advancing collaborative research partnerships to potentially develop a broad range of regenerative therapeutic applications utilizing Cryo-Cell's patent-pending stromal menstrual stem cell technology for possible future treatment of stroke, diabetes, vascular regeneration and breast cancer, to name a few," Walton continued. "Under the terms of our C'elle scientific collaboration agreements that are independently-funded by the Company's respective research partners, Cryo-Cell expects to own 50% of the intellectual property associated with potential breakthrough therapies that may emerge from a diverse spectrum of R&D initiatives. In addition, there are major developments underway with Cryo-Cell's global expansion initiatives that are anticipated to fuel revenues associated with technology license and royalty fees."
Walton described several factors contributing to strong year-to-date performance in 2009 such as: 1) 26% decrease in marketing, general and administrative expenses and 27% decrease in cost of sales; 2) an increase in license revenue including non-refundable up-front license fees from the licensee of the Company's C'elle technology in India and U-Cord technology in Venezuela; in addition to processing and storage royalty in geographical areas where the Company has license agreements; 3) a strong balance sheet as of May 31, 2009 in which the Company had approximately $6.3 million in available cash, cash equivalents, marketable securities and other investments and no long-term debt.
"Cryo-Cell continues to make outstanding progress both strategically and operationally. The Company's balance sheet also serves to position Cryo-Cell to consider strategic investment opportunities that may potentially provide long-term benefit of improved earnings in the future. Our momentum is strong and building, and we anticipate that shareholder value will increasingly mirror the Company's solid performance and growing enterprise value," Walton concluded.
The meeting concluded with Walton describing the five strategic priorities for the Company:
1. Grow the business organically through product diversification and
global expansion.
2. Reinforce synergies of Cryo-Cell's signature U-Cord(r) service,
combined with the Company's proprietary menstrual stem cell
technology C'elle(r) in the exclusive "Protect Baby, Protect Mom"
bundled offer.
3. Explore potential M&A industry opportunities for long-term
strategic growth.
4. Accelerate continual improvements in productivity and enhanced
industry quality standards to achieve increased earnings.
5. Transform the Company's abundant pipeline of collaborative C'elle
research partnerships into potential commercialization
opportunities.
In summary, Walton reported that Cryo-Cell's strategic and operational plan to achieve transformational success is well on track at a pivotal time of progressively emerging public policy and increasing awareness of regenerative stem cell therapies and their associated potential healthcare benefits.
Walton acknowledged the outstanding efforts and contributions of Cryo-Cell associates as well as the collaborative leadership and support of Cryo-Cell's Board of Directors in staying the course during a challenging transitional era. Walton concluded by expressing appreciation to the Company's loyal and committed shareholders and indicated that Cryo-Cell anticipates a continuing trend of solid performance that may potentially yield enhanced shareholder value in the coming periods.
About Cryo-Cell International, Inc.
Based in Oldsmar, Florida, with nearly 185,000 clients worldwide, Cryo-Cell is one of the largest and most established family cord blood banks. ISO 9001:2000 certified and accredited by the AABB, Cryo-Cell operates in a state-of-the-art Good Manufacturing Practice and Good Tissue Practice (cGMP/cGTP)-compliant facility. In November 2007, the Company launched C'elle (pronounced "C-L"), the world's first-ever commercial service allowing women to cryopreserve their own menstrual stem cells. Cryo-Cell is a publicly traded company. OTC Bulletin Board Symbol: CCEL. Expectant parents or healthcare professionals may call 1-800-STOR-CELL (1-800-786-7235) or visit www.cryo-cell.com. For more information about C'elle visit http://www.celle.com.
Forward-Looking Statement
Statements wherein the terms "believes", "intends", "projects", "anticipates", "expects", and similar expressions as used are intended to reflect "forward-looking statements" of the Company. The information contained herein is subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements or paragraphs, many of which are outside the control of the Company. These uncertainties and other factors include the ultimate success of the Company's five strategic priorities, the actual future financial results of the Company, the ultimate success of the Company's pipeline of research collaborations, the actual strength of its momentum, actual future shareholder value, the loyalty and future growth of its clients, the success related to its IP portfolio, the Company's future competitive position in stem cell innovation and those risks and uncertainties contained in risk factors described in documents the Company files from time to time with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K filed by the Company. The Company disclaims any obligations to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.