CBA Florida Inc. (fka CBAI)

[MoneyMan]

Officially no sale.

Chairman, David Sandberg further stated, "After a lengthy strategic review process, the Board was unable to execute a sale of the business. While the Board received letters of intent to acquire the Company or assets of the Company, we believe larger bidders did not focus on and execute a reasonable timeline to close given the relatively small size of the Company, and smaller bidders encountered difficulty securing financing which delayed the process. The Board, in consultation with the Company's financial advisor, Boxwood Partners, LLC, made the decision to discontinue sale talks with both after having been engaged in negotiations for a lengthy period of time. We continue to have high level discussions regarding mergers and acquiring other related businesses that may have high cash synergies without increased complexity. I'd personally like to thank our employees and Board for what has been a busy 2016 - we cut significant costs in tandem with revenue declines, but samples continue to grow, debt is nearly fully repaid, and the Company is in a net cash position which we expect to grow. The Company may consider a share repurchase so as to offer liquidity to those shareholders seeking it, but a rights offering or some form of equity raise also remains an option if or when opportunities arise which we believe would increase shareholder value and require additional funding to close. The current business is small but otherwise healthy and sound."