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OLDSMAR — A minority investor is fighting to take control of a Gulf Coast company with $17 million in revenues, while the firm's CEO asks for renewed confidence in the current leadership.
The business in the middle is Cryo-Cell International Inc., an Oldsmar-based blood bank management firm. Last week, the firm's board announced that it had begun negotiating a sale to an outside buyer, but the news did little to quiet complaints over the company's current leadership.
David Portnoy, who owns 16% of Cryo-Cell's outstanding stock (symbol: CCEL.OB), sent a letter to shareholders this week asking for support in electing him to Cryo-Cell's board. In the letter, Portnoy points to statements issued by two proxy advisory firms supporting his election to the board — even though the same two firms declined to support the election of the other directors nominated by Portnoy.
Mercedes Walton, Cryo-Cell's CEO, countered with her own letter outlining the firm's achievements, asking for continued support of four incumbent directors and two new nominees.
“The cornerstone of value creation in our highly competitive stem cell industry,” Walton writes, “is the ability to bring new products to market successfully while expanding strategic distribution channels.” To that end, Cryo-Cell has expanded its portfolio from one product to six since 2007, Walton says.
Cryo-Cell's annual meeting will take place later this month.
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