Cryo-Cell announces planned spin off, review of strategic alternatives

Cryo-Cell announced that its board of directors has authorized the spin-off of its newly formed subsidiary, Celle Corp., to the Cryo-Cell shareholders and to explore all strategic alternatives for Cryo-Cell, including, but not limited to, equity and/or debt financings and/or the possible sale or merger of the company. There is no assurance that such a transaction will take place. Celle Corp. was created to hold certain assets of Cryo-Cell not directly associated with the recurring revenue stream from privately banked, umbilical cord blood specimens. The patent and technology license agreement with Duke University has been transferred to Celle Corp. and other assets and liabilities are expected to be transferred in the near future. The spin-off is currently anticipated to be in the form of a stock dividend to the Cryo-Cell shareholders and to occur in Cryo-Cell’s second or third fiscal quarters.