2013-09-24 07:05:02 -
Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the
international stem cell storage company and the largest family stem cell bank in
Europe, announces today that the Group reached agreement on the crucial terms
and conditions regarding the sale and purchase of 100% of the total issued and
paid share capital of its Indian subsidiary Cryo-Save (India) Private Limited.
Since its start in 2008, Cryo-Save India has not delivered the expected returns
despite a modest volume growth over the past years.
Following the announcement in the 2013 half year report, the Group now entered
into a binding term sheet with a consortium including representatives of the
current local management to transfer 100% of the shares of Cryo-Save (India)
The management buy-out is fully supported and agreed by the
Board of Cryo-Save.
Cryo-Save Group + 31 (0) 575 509 100
Evi Mattil, Chief Commercial Officer and Chief Executive Officer a/i
About Cryo-Save (www.cryo-save.com/group)
Cryo-Save, the leading international family stem cell bank, stores more than
250,000 samples from umbilical cord blood and cord tissue. There are already
many diseases treatable by the use of stem cells, and the number of treatments
will only increase. Cryo-Save has cryopreserved samples from over 70 countries
on six continents, with ultra-modern processing and storage facilities in
Belgium, Germany, Dubai, India and South Africa.
Click here for press release in PDF:
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cryo-Save Group N.V. via Thomson Reuters ONE