Redemption reduces annual cash dividend payment by $106,000
BOTHELL, Wash., May 17, 2018 /PRNewswire/ -- BioLife Solutions, Inc. (BLFS), the leading developer, manufacturer and marketer of proprietary clinical-grade biopreservation media, ("BioLife" or the "Company"), today announced it has redeemed 25% of the 4,250 shares of Series A Redeemable Preferred stock outstanding for $1,063,000. There are 3,187 Series A shares remaining for future redemption, with a value of $1,000 per share.
The Series A shares were issued to WAVI Holdings AG, the Company's largest shareholder, in June 2017 in exchange for a previously issued promissory note.
Roderick de Greef, BioLife Solutions' CFO commented, "With cash proceeds of $5.7 million from the exercise of common stock warrants since April 1st, combined with $7 million in cash at March 31st, we believe it is prudent management of our capital structure to redeem a portion of the Series A shares earlier than planned. This redemption will save the Company $106,000 per year in cash dividend payments. We intend to make future redemptions as our cash flow and cash balance warrant."
About BioLife Solutions
BioLife Solutions is the leading developer, manufacturer and supplier of proprietary, clinical-grade biopreservation media for cells and tissues. Our HypoThermosol® hypothermic storage and CryoStor® cryopreservation freeze media are highly valued in the regenerative medicine, biobanking and drug discovery markets. These novel biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death; offering commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function. For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter.
Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the company's anticipated business and operations, guidance for financial results in 2018, including achieving GAAP operating profit, EBITDA, adjusted EBITDA and cash flow from operations, the potential utility of and market for its products and services, potential revenue growth and market expansion, regulatory approvals and/or commercial manufacturing of our customers' products, and potential customer revenue, and future redemptions of Series A Redeemable Preferred stock. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things, uncertainty regarding market adoption of products; uncertainty regarding third-party market projections; market volatility; competition; litigation; and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.
Media & Investor Relations
Roderick de Greef
Chief Financial Officer
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