OLDSMAR, Fla., Oct. 18, 2010 (GLOBE NEWSWIRE) -- Cryo-Cell International, Inc. (OTCBB:CCEL) (the "Company"), one of the world's largest and most established family cord blood banks and global stem cell innovator, today confirmed that it has recently received additional inquiries from third parties interested in acquiring the Company.
The Cryo-Cell Board of Directors reviewed the unsolicited indications of interest and determined them to be substantially inadequate and not in the shareholders best interest. The Board reached the unanimous decision to reject the inquiries and reaffirmed that it is not interested in selling the Company at this time.
"The Board believes that the indications of interest dramatically undervalue the Company and its growth prospects," stated Mercedes A. Walton, Chairman and CEO of Cryo-Cell International. "Strategically and operationally, Cryo-Cell is perhaps at one of the strongest positions in our corporate history. The Board further believes the Company has vast significant future upside through its proprietary Celle technology, and potential opportunities through future product diversification, global expansion and possible strategic acquisitions that could positively impact both short and longer-term shareholder value."
"In view of the Company's current valuation, the Cryo-Cell Board, which includes some of the largest shareholders, understands the persistent interest expressed by the private equity group and other companies in the prospective acquisition of Cryo-Cell. Without exception, however, we affirmatively reiterate our position that this is not the right time to sell the Company," Walton concluded.
Cryo-Cell reported net income of $3.0 million year to date through third quarter of fiscal 2010, or $0.26 per basic common share and profitability in seven of the last eight quarters. As of August 31, 2010, the Company had $9.0 million in cash, cash equivalents, marketable securities and other investments. The Company had no long-term debt at the end of the quarter. On October 15, 2010, Cryo-Cell shares closed at $1.60 per share.
About Cryo-Cell International, Inc.
Based in Oldsmar, Florida, with nearly 215,000 clients worldwide, Cryo-Cell is one of the largest and most established family cord blood banks. ISO 9001:2008 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 Celle (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 (OTCBB:CCEL). Expectant parents or healthcare professionals may call 1-800-STOR-CELL (1-800-786-7235) or visit www.cryo-cell.com.
About Celle
The CelleSM service was introduced in November 2007 as the first and only service that empowers women to collect and cryopreserve menstrual flow containing undifferentiated adult stem cells for future utilization by the donor or possibly their first-degree relatives in a manner similar to umbilical cord blood stem cells. For more information, visit 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 actual future shareholder and enterprise value, the success of the Company's global expansion initiatives and product diversification, the Company's future ownership stake in future therapies emerging from its collaborative research partnerships, the success related to its IP portfolio, the Company's future competitive position in stem cell innovation, future success of its core business, the future costs to the Company related to R&D initiatives, the success of any future acquisition 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.