LAS VEGAS, March 3, 2011 /PRNewswire/ -- Cord Blood America, Inc. (http://www.cordblood-america.com) (OTC Bulletin Board:CBAI.ob - News), 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. |
