Cryo-Cell investor backs CEO

OLDSMAR — Cryo-Cell CEO Mercedes Walton has the support of the firm's largest shareholder in an ongoing battle over company control with investor David Portnoy.

Ki Yong Choi, owner of 18% of Cryo-Cell's outstanding stock, voted to support the slate of directors nominated by Walton, a release says.

“After full consideration this vote represents confidence in the current management and board over the Portnoy slate, board, and plan,” Choi wrote in a signed letter.

Choi's support essentially cancels the dissenting votes that will be cast by Portnoy, who owns 16% of Cryo-Cell's stock.

The upcoming showdown between Portnoy and Walton has been well publicized, beginning with Cryo-Cell's announcement Aug. 8 that it would pursue negotiations with a number of potential outside buyers.

Cryo-Cell is a stem-cell blood bank management company with operations throughout the Americas. The firm has generated roughly $17 million in revenues in each of its last four fiscal years.