CBA Florida Inc. (fka CBAI)

[Myth]

Like I said, it's on Edgar....

no updates on selling us the last 3 years

and CBAI wasn't for sale for 3 years, so that is false....


Commentary and Update on Strategic Review Process

Chairman David Sandberg stated, “While 2016 saw significant reduction in revenue from the unforeseen loss of tissue procurement orders and the ending of a third-party storage and processing agreement, the Company was able to significantly reduce costs which mitigated the impact on EBITDA and cash flow. Given the cost base entering 2017 and the assumption that the Company will continue to add new samples which has occurred year-to-date, we see the opportunity to increase EBITDA to the range of $175,000 to $200,000 per quarter, excluding any one-time charges, for fiscal 2017. Q1’17 results should reflect some or much of this progress.”

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.”

https://www.sec.gov/Archives/edgar/data/1289496/000165495417002583/cbai_ex991.htm