American Bio Medica Announces Overwhelming Approval At Annual Shareholders' Meeting.KINDERHOOK, NY--(BUSINESS WIRE)--Sept. 24, 1999-- American Bio Medica medica (māˑ·dē·k Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABMC ABMC American Battle Monuments Commission ABMC Alexian Brothers Medical Center (Illinois) ABMC Aviation Battle Management Concept ABMC Arrowbear Music Camp (California) ) today announced that its shareholders ratified all three issues brought to a vote at the Company's annual meeting held earlier this week at new company headquarters in Kinderhook, NY. The Company said that shareholders overwhelmingly approved all three issues at Wednesday's meeting. The issues brought for a shareholder vote were: -0- 1. The re-appointment of American Bio Medica's directors 2. The adoption of the Company's Fiscal 2000 Non-qualified Stock Option Plan 3. The agreement to issue ABMC common shares in connection with the conversion and exercise of outstanding preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and warrants issued in a private financing transaction ABMC representatives commented that they were very pleased with the results of the shareholder meeting as well as the discussion that followed the voting process. The Company noted that it addressed questions regarding top and bottom line results, stating that sales are expected to continue to rapidly increase and that management hopes to continue moving in a straight-line fashion towards profitability. American Bio Medica also said that shareholders were pleased the Company won the Friedenberg trial and were also happy about the resulting effect anticipated for shareholder value. American Bio Medica Corporation develops, manufactures, and markets inexpensive, accurate, on-site drugs of abuse diagnostic kits and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services worldwide. The Company's global distributors target the workplace, clinical, rehabilitation, physicians, corrections, and educational markets. ABMC's Rapid Drug Screen(TM) is proven to correlate 100% with the standard laboratory screening test. Forward-looking statements in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic report filed with the Securities and Exchange Commission. |
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