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8-K - CURRENT REPORT - CBA Florida, Inc. | cbai_8k.htm |
Exhibit 99.1
CBA Florida, Inc. Provides 2018 Second Quarter Update
LAS VEGAS, NV / ACCESSWIRE / August 14, 2018 / CBA Florida, Inc. (www.cbafloridainc.com)
(OTC PINK: CBAI) ("CBAI" or the "Company") today announced an
update for the second quarter ended June 30,
2018.
Highlights Include:
●
The
Company completed its previously announced sale of assets to
California Cryobank Stem Cell Services LLC on May 17,
2018.
●
The
Company is discontinuing the issuance of earnings releases given it
has no continuing business operations, but the Company will
continue to make required filings with the Securities and Exchange
Commission including its Form 10-Q for the quarter ended June 30,
2018 which will be filed today.
Commentary
Chairman David Sandberg stated, "After consultation with external
accounting and legal advisors, the Board has determined to wait
until 2019 to make an initial cash distribution to shareholders.
Doing so may allow CBAI to issue distributions in the form of
tax-efficient returns of capital as opposed to a taxable dividend
if issued in 2018."
The initial distribution amount will be determined by CBAI's board
of directors and will be subject to such factors as taxes payable,
operating expenses and estimates of other known and unknown
contingencies and uses of cash. Additional monies may be
distributed over time based on cash available and the release of
known and unknown liabilities. Given cash needed for the
aforementioned expenses and contingencies, total proceeds paid out
to shareholders are expected to be significantly less than the
gross purchase price. The U.S. federal income tax treatment to any
particular stockholder will depend on the stockholder's particular
tax circumstances. Accordingly, in connection with any
distribution, Company stockholders are urged to consult their tax
advisor regarding the U.S. federal, state, local and foreign income
and other tax consequences to them, in light of their particular
investment or tax circumstances.
About CBA Florida, Inc.
CBA Florida, Inc., formerly Cord Blood America, Inc., does not have
any active business operations and consists of the cash,
receivables, and liabilities remaining post closing of the sale of
the Company's assets.
Forward-Looking Statements
Some statements made in this press release are forward-looking
statements. We use words such as "anticipate," "believe," "expect,"
"future," "intend," "plan," and similar expressions to identify
forward-looking statements. These statements including those
related to the growth of the industry, new stem cell treatments,
and Cord Blood America's performance, are only predictions and are
subject to certain risks, uncertainties and assumptions. Additional
risks are identified and described in the Company's public filings
with the Securities and Exchange Commission. Statements made herein
are as of the date of this press release and should not be relied
upon as of any subsequent date. The Company's past performance is
not necessarily indicative of its future performance. The Company
does not undertake, and the Company specifically disclaims any
obligation to update any forward-looking statements to reflect
occurrences, developments, events, or circumstances after the date
of such statement.
Investor Contact:
Anthony Snow
asnow@cbafloridainc.com
SOURCE: CBA Florida,
Inc.