Yesterday, Cord Blood America announced that $1 million of long term debt has been eliminated between January 1, 2009 and February 12, 2009. The company previously expressed its desire to reduce debt and strengthen its balance sheet in press releases and CEO interviews. Cord Blood America plans to continue its effort to further reduce debt throughout 2009.
The company’s CEO Matthew Schissler stated, “It’s a start. De-levering our balance sheet coupled with strategic growth and acquisitions are the primary goals for 2009. I’m certain shareholders would agree that removing debts will help put the company in a strong position for long term growth in the stem cell industry.”
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