LAS VEGAS, March 3, 2011 /PRNewswire/ -- Cord Blood America, Inc. (http://www.cordblood-america.com) (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells, a biological insurance policy, to families nationwide and internationally, today announced that the Company's management team and board of directors has modified the proposed one share for each 500 outstanding shares reverse stock split to one share for each 100 outstanding shares. In addition, CBAI has adjusted down the authorized shares from a pro-rata 500 million to 250 million.
"We have spent a lot of time over the last three weeks listening to our shareholders," said Matt Schissler, CEO and co-founder of Cord Blood America. "To that end our board met Tuesday and decided to reduce the reverse split ratio from 500 to 1 down to 100 to 1. In addition, we have changed our proposed amendment to our Articles of Incorporation so as to reduce the resulting ratio of our authorized shares to our outstanding shares to approximately half of what was originally proposed. Shareholders are being asked to adopt both of management's proposals at the Company's Special Shareholders Meeting on April 21, 2010," Mr. Schissler said.
"There has been no change in our business plan: we will continue to grow this Company. We are steadfast in our approach of organic growth, acquisition and diversification of revenue streams. It is our intent to maximize the valuation of our Company for our shareholders," Cord Blood America's co-founder said.
About Cord Blood America
Cord Blood America is the parent company of CorCell, 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. To find out more about Cord Blood America, Inc., visit our website at http://www.corcell.com/. For investor information, visit http://www.cordblood-america.com/.
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Safe Harbor: This press release contains forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned that such forward looking statements should not be construed as a guarantee or assurance of future performance or results. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained herein will in fact occur. These forward-looking statements are based on current expectations, and the Company assumes no obligation to update this information. Readers are urged to carefully review and consider the various disclosures made by the Company in its Form 10-K and in the Company's other reports filed with the Securities and Exchange Commission that discuss certain of the risks and factors that may affect the Company and its business.
SOURCE Cord Blood America, Inc.