American Bio Medica Appoints Company Founder as CEO; Names President and Director as Board Chairman.KINDERHOOK, N.Y. -- American Bio Medica medica (māˑ·dē·k Corporation (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) ) announced today that its Board of Directors has appointed founder and Director Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Cipkowski as Chief Executive Officer of the Company. Mr. Cipkowski previously served as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. from the Company's inception in 1992 until 2001. The Executive Committee of the Board of Directors had been overseeing management of the Company since the departure of Donal V. Carroll in January 2004. The Company also announced today that its Board has appointed Edmund Jaskiewicz, President and Director, as Chairman of the Board. Mr. Jaskiewicz, 81, had served as Chairman from 1992 until 1999. The six-member Board currently has four independent directors. Mr. Cipkowski, 56, founded the Company in 1992 and is the inventor INVENTOR. One who invents or finds out something. 2. The patent laws of the United States authorize a patent to be issued to the original inventor; if the invention is suggested by another, he is not the inventor within the meaning of those laws; but in that of the Company's primary product line, the Rapid Drug Screen(R) that was released in 1996. From 1996 until 2001, he grew the organization to sales of $7.5 million with approximately 75 employees offering 20 configurations of its Rapid Drug Screen product and was instrumental in creating the required infrastructure to support the Company's future growth. Since his resignation from the CEO position in 2001, he has remained actively involved with the Company as an employee, Board member and as one of the Company's largest individual shareholders. Daniel W. Kollin, an independent Board Director and a member of the Board's CEO Search Committee, commented, "We conducted an extensive search of potential candidates for the CEO position, but ultimately, the Board determined that appointing Stan to his former role was in the best interests of the Company and its shareholders. Stan was already involved in the day-to-day running of the Company as a member of the Executive Committee and will provide continuity and a stable source of leadership. His effective management and vision, combined with his unmatched understanding of the Company as its founder, make him the logical choice to lead the Company." Mr. Cipkowski said, "I welcome the opportunity to work with the Board and management team as CEO to realize the Company's full potential as a leading, growing, and profitable provider of drug testing kits. There is a tremendous opportunity to leverage our research and development expertise and existing base of business into exciting new directions as we are currently demonstrating with our recent product releases and our contract manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . We are also exploring opportunities to penetrate the clinical market through the establishment of the right strategic alliance. As CEO, I look forward to leading the effort to develop these and other promising opportunities." Commenting on Mr. Jaskiewicz's appointment, Cipkowski added, "We are fortunate to have Ed serve as Chairman once again. Together, Ed and I have worked diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d over the past few years to assemble an independent Board and a top management team with new hires in the areas of finance, sales, and R&D. With the Board and management team transition complete, we look forward to focusing exclusively on driving increased value for our customers and shareholders." For more information on ABMC or its drug testing products, please visit www.abmc.com About American Bio Medica Corporation American Bio Medica Corporation is a biotechnology company that develops manufactures and markets accurate, cost-effective immunoassay Immunoassay An assay that quantifies antigen or antibody by immunochemical means. The antigen can be a relatively simple substance such as a drug, or a complex one such as a protein or a virus. diagnostic test kits, including some of the world's most effective point of collection tests for drugs of abuse. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen, Rapid One(R), Rapid TEC(R) and RDS (1) (Remote Data Services) A set of programming interfaces from Microsoft that enables users to update data on the Internet or intranets from their ActiveX-enabled browser. (R) InCup(TM) products test for the presence or absence of drugs of abuse in urine, while OralStat(R) tests for the presence or absence of drugs of abuse in oral fluids. ABMC has been named among the 2002 Deloitte & Touche Technology Fast 500, a listing of the fastest-growing technology companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . This release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These forward-looking statements involve risks and uncertainties that could cause actual results to differ, and such differences could be material. Such risks and uncertainties include, but are not limited to, the following: continued acceptance of the Company's products, increased levels of competition in our industry, the acceptance of new products, inherent risks associated with product development and intellectual property rights, the Company's dependence on key personnel, third party sales and suppliers. There can be no assurance that the Company will be successful in addressing such risks and uncertainties and the Company assumes no duty to update any forward-looking statements based upon actual results. Investors are strongly encouraged to review the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Risk Factors" in the Company's annual report on Form 10-KSB for the fiscal year ended December 31, 2003, and quarterly reports on Form 10-QSB on file with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the Company's common shares. |
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