Cryo-Cell Evaluates Strategic Alternatives Including Potential Sale
OLDSMAR, Fla., Aug. 8, 2011 (GLOBE NEWSWIRE) -- Cryo-Cell International, Inc.
(OTCQX:CCEL) ("the Company") today announced that the Executive Committee of its
Board of Directors has authorized the Company's management and financial
advisors to explore strategic alternatives to enhance shareholder value,
including a possible sale of the Company.
In the summer of 2010, Cryo-Cell engaged Morgan Joseph TriArtisan LLC as its
investment banker and financial advisor to explore possible acquisitions for the
Company. The process, however, did not result in any transaction acceptable to
the Board. The Executive Committee of the Board of Directors expanded Morgan
Joseph's engagement to include assisting Cryo-Cell in exploring strategic
alternatives to enhance or maximize shareholder value including a possible sale
of the Company. Over the past several months, Morgan Joseph contacted a large
number of potential strategic and financial buyers about their interest in
acquiring or investing in the Company. The Company has received multiple offers,
and on August 4, 2011, the Executive Committee authorized management and Morgan
Joseph to pursue negotiations with one or more of these parties.
"In continuation of our efforts to thoroughly evaluate all opportunities to
potentially enhance or maximize shareholder value, the Company engaged a highly
reputable investment bank with expertise in our industry to explore strategic
alternatives available to Cryo-Cell," said Mercedes A. Walton, Chairman and
Chief Executive Officer. "The Board believes that the exploration of a potential
transaction represents a logical alternative to accelerate the Company's global
industry leadership. Even without a transaction, however, we continue to believe
that Cryo-Cell's diversified and highly differentiated products; proprietary
technology and expansive global operations have demonstrated potential to
sustain profitable growth."
The Company cautions that there can be no assurance that the exploration of
alternatives will result in a transaction, and the Company intends to disclose
developments regarding the process only if and when the Board of Directors has
approved a specific transaction or course of action.
About Cryo-Cell International, Inc.
Based in Oldsmar, Florida, with over 235,000 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(SM) (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:QX Markets
Group Symbol: CCEL. Expectant parents or healthcare professionals may call
1-800-STOR-CELL (1-800-786-7235 begin_of_the_skype_highlighting 1-800-786-7235 end_of_the_skype_highlighting) or visit www.cryo-cell.com.
The Celle(SM) 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.
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 success of the
Company's global expansion initiatives and product diversification, the
Company's actual 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 and the competitive impact of public cord blood
banking on the Company's business, the Company's ability to minimize future
costs to the Company related to R&D initiatives and collaborations and the
success of such initiatives and collaborations, the success and enforceability
of the Company's Celle technology license agreements and U-Cord license
agreements and their ability to provide the Company with royalty fees, the
ability of Cryology RTS to generate new revenues for the Company, the risks and
uncertainties associated with exploring and implementing a sale of the Company
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.