CBA Florida Inc. (fka CBAI)

[Starlost]

You are MISTAKEN ONCE AGAIN. Let me clear this up ONCE AGAIN. But first, unless you were personally in the court room, this bit about CBAI making offers to CCEL is just third-hand hearsay. I don't believe it. Let's see something in writing about this. Where's the link?

Yes sfraven....it was CCEL's attorney that stood up in court and said that CBAI had already made to offers to buy CCEL and they were both turned down, and now they are trying to do an end around to purchase CCEL de Mexico out from under us. Boohoo...please feel sorry for us...

Following the proceedings, Matt was asked by one of the shareholders in attendance if it was really CBAI that made those two offers, and Matt said YES.

But let's give ol' Matt the benefit of the doubt here and say that when he made those offers to CCEL he had the money, or he had the financing in place. So, where is the money now I ask??

So, there ya go....Matt had the financial arrangements all sewed up. IMO the money is still there...just waiting to get this nuisance behind us.

Look, Matt is just going after the CCEL affiliate, not the whole company now. So, this would mean he should have MORE THAN ENOUGH MONEY to close the deal and the only thing necessary is due diligence. There is no need to add into the letter of intent anything about needing to raise money to close the deal, right?? So once again, I ask...what happened to the money if in fact CBAI had previously made offers to CCEL to buy the whole company and not just the affiliate??

The Letter of Intent clearly states:
"One such material condition is the requirement that Cord Blood immediately raise privately, additional capital estimated by management to approximate $14 Million, in order to fund the cash payments required to close the transaction. There is no assurance that Cord Blood will be successful in raising such additional capital, or raising it in a timely fashion or under commercially reasonable terms."

It is clear from the LOI that Matt DOES NOT HAVE THE MONEY.So that raises the question, did CBAI really make any offers to CCEL knowing that they don't have the money now, and that it would have been a much larger transaction?? I say, no, they NEVER HAD THE MONEY, so the probability that they even made the offers in the first place is extremely low.

The LOI goes on to read:
"A second material condition is that Cord Blood immediately amend its Articles of Incorporation so as to create sufficient authorized but unissued shares sufficient to provide the ability to issue new shares for the new capital required by it to complete the transaction."

It is once again VERY CLEAR. If the Mexico deal has any chance of closing,CBAI needs to DILUTE in order to raise the capital required to COMPLETE THE TRANSACTION. Once again I say CBAI NEVER HAD MONEY TO MAKE OFFERS TO CCEL. And if they did, WHERE THE HECK IS THAT MONEY NOW??

Remember CBAI's subsequent disclosure:
"However, the Company has not completed its due diligence investigation of Cry-Cell de Mexico, nor has it identified a source for the substantial amount of equity capital which the Company would be required to raised in order to move forward with any such acquisition. As a result, a possible acquisition of Cryo-Cell de Mexico is most uncertain at this date..."

So what is my point? My point is that this CEO can not be trusted. Be very careful about investing in a company that HAS NEVER MADE A SINGLE DIME IN PROFITS. Only investors coming in after the next wave of DILUTION may stand to make any money here. And that is a big MAYBE!