LAS VEGAS, Jan. 6, 2014 /PRNewswire/ -- Cord Blood America, Inc. (www.cordblood-america.com) (OTC Bulletin Board : CBAI ) ("CBAI" or the "Company") today announced it has achieved AABB accreditation for cell therapy activity associated with cord blood processing, storage and distribution.
"As we embark on the new year of 2014, I cannot think of a better way to validate our operations and jump start our efforts this year than to state publicly that we have earned our AABB accreditation," said Joseph Vicente, President of Cord Blood America, Inc. "This accreditation follows an intensive on-site assessment by specially trained AABB assessors and establishes that the level of technical and administrative performance with our facility meets or exceeds the industry standards set by AABB."
"We have publicized for the past six consecutive quarters our ability to achieve positive cash flows while significantly reducing expenses," added Joseph Vicente. "Sometimes this creates a perception that we were cutting our way to profitability. However, we can emphasize in the conversation today that we were able to accomplish this financial turnaround while concurrently making additional investment in our core operations via people, technology, capital goods and equipment."
The accreditation process consisted of a rigorous 12 month internal process that required the company to examine not only laboratory operations, but all functional units of its operations, as well as how to combine all elements into a cohesive total quality management system. The AABB accreditation program assisted Cord Blood America in achieving operational excellence by promoting a level of professional and technical expertise that contributes to quality performance and patient safety.
Mr. Vicente continued, "We have always been confident in our operational capabilities, however, as is the nature of our industry and its competing members, our previous lack of a third party validation that our operations meet and exceed the gold standard in the industry was a competitive advantage used against us. Today, we have achieved that validation, and simultaneously, further advanced our industry competitiveness. We also readily acknowledge that this accreditation process improved us in multiple ways and we will leverage this experience as a springboard for further advancements in our company."
"In closing, I would like to thank all of our dedicated employees who were paramount to this achievement," said Mr. Vicente. "We are a small group; but our talent, work ethic and industry experience continues to increase both our recognition and revenue opportunity within the industry. I am proud to be associated with each member of our organization and know that we will continue to push ourselves and our commitment to increasing the value proposition to our shareholders and customers."
Established in 1947, AABB is an international, not-for-profit association dedicated the advancement of science and the practice of blood centers, transfusion medicine and related biological therapies. The association is committed to improving health by developing and delivering standards, accreditation and educational programs that focus on optimizing patient and donor care and safety. AABB membership consists of nearly 2,000 institutions and 8,000 individuals, including physicians, nurses, scientists, researchers, administrators, medical technologists and other health care providers. Members are located in more than 80 countries. For more information, please visit www.aabb.org.
About Cord Blood America
Cord Blood America, Inc. is the parent company of CorCell Companies, Inc. which, along with Cord Blood America, Inc., facilitates umbilical cord blood and cord tissue stem cell processing and storage 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 more 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 Inc.'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.
Web Site: http://www.cordblood-america.com
SOURCE Cord Blood America, Inc.