Cryo-Cell negotiating sale

OLDSMAR — Cryo-Cell International Inc. (symbol: CCEL), a blood bank management company with operations throughout the Americas, is negotiating with a number of potential buyers over the prospect of selling the company.

A year ago, Cryo-Cell sought potential buying opportunities, but failed to identify a deal that suited the company's board of directors. Subsequently, the firm instructed its financial advisory partner, Morgan Joseph TriArtisan LLC, to gauge interest in the acquisition of Cryo-Cell itself.

Since that search began, the company has received “multiple offers,” a release explains, and now Morgan Joseph is negotiating with several potential buyers. In the meantime, however, the board cautions that a deal is not imminent, and says it will not issue another official statement on the matter until a specific transaction is approved.

Cryo-Cell generated slightly more than $17 million in revenues in each of its last four fiscal years. During that same time frame, operating expenses have decreased, from $22 million in 2007 to $14 million in 2010. The result has been $6.2 million in operating profits over the past two years, along with $3.4 million in net income in 2010.

Mercedes Walton is Cryo-Cell's CEO, and the chairwoman of its board of directors.