Monday June 4, 9:41 am Eastern Time
Press Release
SOURCE: CRYO-CELL International, Inc.
CRYO-CELL Achieves Sixth Consecutive Monthly U-Cord(TM) Stem Cell Preservation Sales Record
CLEARWATER, Fla., June 4 /PRNewswire/ -- Wanda D. Dearth, President and Chief Operating Officer of CRYO-CELL International, Inc. (Nasdaq: CCEL - news), announced today that the sales revenues of its umbilical cord blood preservation program were the highest in the Company's history.
(Photo: newscom.com )
Highlights for May 2001 include:
Sales from the U-Cord(TM) program were $403,202, representing a 9% increase over April 2001.
U-Cord(TM) specimens processed and preserved in May 2001 were 6% higher than the previous record month in April 2001.
Year to date sales were $1,882,214 compared to $945,641 for the same time period during 2000, representing a 99% year-to-year increase.
The Company is scheduled to release its second quarter earnings by July 13, 2001 which will include $750,000 from the sale of a Revenue Sharing Agreement which the Company will recognize as revenue. As a result of its activities, the Company will be profitable for the second quarter and year-to-date.
According to Daniel Richard, Chairman and Chief Executive Officer of CRYO-CELL, the above figures do not include any of the Company's entitlements from the CRYO-CELL Europe license it sold. ``Our 18% entitlement on all storage fees and 10 1/2% on processing will be received and reported during the third quarter 2001. We fully anticipate that the Company can have positive cash flow during the remainder of the year.''
The Company has been notified by our European licensee that two new insurance companies have agreed to cover the entire cost of U-Cord preservation and storage for all of their policyholders who give birth to a baby in Germany and Italy. ``This can be of tremendous importance,'' Mr. Richard stated, ``because previous insurance coverage paid only for the collection, testing and processing, but not for the annual storage fees. Insurance coverage previously motivated CRYO-CELL to invest $1,000,000 to purchase a 6% interest in CRYO-CELL Europe. The Company hopes that the continuing agreements with insurance companies will lead U.S. companies to consider the potential for insurance coverage for their policyholders. The Company believes that they should factor in the increased utilization of umbilical cord blood for developing therapies for diseases that currently are incurable.''
CRYO-CELL is America's fastest-growing and largest exclusive private umbilical cord blood stem cell preservation firm. The Company pioneered affordable cord blood stem cell storage. Its initial fees are 1/4 to 1/5 the cost of many of its major competitors, and its $50 annual fee is fixed for specimens already in storage. This is why approximately 14,500 OB/GYNs and medical caregivers support their patients' decisions to preserve their newborns' U-Cord(TM) Stem Cells at CRYO-CELL's state-of-the-art lab in Clearwater, Florida.
CRYO-CELL is a publicly traded company (NASDAQ symbol...CCEL).
CRYO-CELL Web site: www.cryo-cell.com.
CRYO-CELL Europe Web site: www.cryoc.com.
Forward-Looking Statement
Statements wherein the terms ``believes,'' ``intends,'' ``projects'' 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. |
