Cryo-Cell Plans To Explore Strategic Alternatives And Spin-off Of Celle Subsidiary
(RTTNews) - Private cord blood bank Cryo-Cell International, Inc. (CCEL) announced Monday that its Board of Directors has authorized the spin-off of its newly formed subsidiary, Celle Corp., to the Cryo-Cell shareholders.
Further, it has also authorized the exploration of all strategic alternatives for Cryo-Cell (post spin-off) to maximize shareholder value, including, but not limited to, equity and/or debt financings and/or the possible sale or merger of the company. Celle 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.
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