LOS ANGELES, Sept. 13, 2005 (PRIMEZONE) -- Cord Blood America, Inc. (OTCBB:CBAI), an umbilical cord blood stem cell preservation company, is pleased to announce that it has closed a financing arrangement with Cornell Capital Partners, LP ("Cornell") providing the company an additional $5,000,000 in funding.
With this latest agreement, Cornell will purchase $5,000,000 in secured convertible debentures. The company received $3,500,000 on September 9, 2005. The remaining $1,500,000 will be provided upon filing of the registration statement. For complete details, please see the company's 8-K filing dated September 13, 2005.
This is the second major financing agreement for Cord Blood America with Cornell Capital. In March of 2005, the company announced receipt of a $5,000,000 line of credit from Cornell.
Matthew L. Schissler, chairman and CEO of Cord Blood America, stated, "The financing with Cornell is an important step for our company and our shareholders. We evaluated multiple financing partners and felt strongly that Cornell provided the best terms."
David Kopp, senior vice president of Cornell Capital, said, "We're pleased to further our relationship with Cord Blood America. We look forward to working with Matt Schissler and his talented management team well into the future."
This press release is available on the Cord Blood America IR HUB for investor commentary, feedback, and questions. Investors are asked to visit http://www.agoracom.com/IR/CordBloodAmerica. Alternatively, investors are asked to e-mail all questions and correspondence to CBAI@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.
About Cord Blood America
Cord Blood America (OTCBB:CBAI) is the parent company of Cord Partners, 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. For more information on how this precious lifeline can benefit your family, visit www.cordpartners.com.
About Cornell
Established in January 2001, Cornell Capital Partners, LP has funded numerous companies listed on the OTCBB. Building on that solid foundation, Cornell has consummated transactions with AMEX and Nasdaq listed companies and continues its success in international markets.
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 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.