Cryo-Save Group N.V.: Announcement of management buy-out Cryo-Save India
September 24, 2013 - London
Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the leading 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) Private Limited.
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.
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Source: Cryo-Save Group N.V. via Thomson Reuters ONE