CRYO-CELL Completes Financing Programs In Excess Of $1,800,000
CLEARWATER, Fla., Dec. 2 /PRNewswire/ -- Gerald F. Maass, Executive Vice President and General Manager of CRYO-CELL International, Inc. (Nasdaq: CCEL) announced today that the Company has concluded several financing transactions valued in excess of $1,800,000.
Through a private placement offering, the Company has concluded the sale of 250,000 shares of its restricted common stock resulting in gross proceeds of $1,100,000 in cash.
In separate transactions, the Company received $264,000 from the exercise of stock options and the private sale of its restricted common stock. The Company anticipates that, with its stock recently trading at an all-time high, other stock option contracts will be exercised providing additional cash.
CRYO-CELL also received $50,000 in deposits for the purchase of a partial State Revenue Sharing Agreement. The agreement has a $500,000 value to the Company; the balance of $450,000 will be paid no later than the end of fiscal second quarter, 2000. The above amounts do not include the $1,300,000 expected during the next year from the sale of CRYO-CELL's European expansion partnership rights.
Daniel D. Richard, Chairman and Chief Executive Officer, commented, "We are delighted to conclude our fiscal year with such a strong cash position on our balance sheet. This is especially significant because we are debt-free and expect to achieve profitability next year."
CRYO-CELL recently celebrated its 10-year anniversary and is the pioneer of commercial storage of separated umbilical cord blood stem cells.
"1999 has been a year of significant growth in the sale of the Company's U-Cord(TM) preservation program," commented Mr. Maass. "The Company is well positioned for the next millennium due to the ramp up of sales, our cash position and our recently announced European expansion program."
CRYO-CELL is a publicly traded company. Its common stock trades on The Nasdaq Stock Market(R) under the symbol...C C E L
Forward-Looking Statement
Statements wherein the terms "believes," "intends," or "expects" 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. Readers should carefully review the risk factors described in other 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.
SOURCE CRYO-CELL International, Inc.
/CONTACT: Sharon Will of Saggi Capital Corp., 212-572-0762, or fax,
212-572-0764, for CRYO-CELL International, Inc./
/Web site: cryo-cell.com |
