American Bio Medica Appoints New Chairman and CEO; Robert L. Aromando Jr. Previously Led Roche Diagnostics' On-Site Drug Testing to Dominant Market Share.Business Editors KINDERHOOK, N.Y.--(BUSINESS WIRE)--Jan. 16, 2001 American Bio Medica medica (māˑ·dē·k Corporation (Nasdaq:ABMC ABMC American Battle Monuments Commission ABMC Alexian Brothers Medical Center (Illinois) ABMC Aviation Battle Management Concept ABMC Arrowbear Music Camp (California) ) today announced an aggressive restructuring of its management team, beginning with the appointment of Robert L. Aromando Jr. as chairman of the board and chief executive officer. Aromando brings with him over 20 years of sales and global marketing experience, with specific expertise in the drugs of abuse testing arena. As director of global marketing for Roche Diagnostics Roche Diagnostics Division is a subsidiary of Hoffmann-La Roche which manufactures equipment and reagents for research and medical diagnostic applications. Internally, it is organized into six major business areas: Roche Applied Science, Roche Centralized Diagnostics, Roche from 1992 to 1999, Aromando oversaw that company's climb from late market entry to dominant player in the on-site drugs of abuse business, with some Roche products capturing as much as 50 percent market share. Since 1999, he has served as director of global marketing for clinical research organization Covance, Inc. Aromando began his relationship with ABMC in May 2000, when he joined its board of directors. Aromando replaces Stan Cipkowski, who founded ABMC in 1992. Cipkowski resigned as board chairman and chief executive officer at ABMC's January 10, 2001, board meeting. He will remain with ABMC as president, a director, and a member of an executive management team to be headed by Aromando. Also on the four-person executive management team will be ABMC CFO See Chief Financial Officer. Keith Palmer Keith Palmer is a name shared by these individuals:
"Bob Aromando brings to ABMC valuable insights and a proven record of success in the on-site drug testing market," said Cipkowski. "He is respected in this industry as a shrewd competitor, an innovative marketer, and an executive who values long-term distributor and end-user relationships." According to Aromando, the executive management team will focus on a series of immediate priorities including strengthening relationships with existing distribution channels, and aggressive acquisition of new distributors. The management team will also center ABMC sales efforts on specific high potential areas in the on-site drugs of abuse testing market, and pursue litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. of a patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. case against Phamatech. An injunction hearing has been scheduled for March 5 in the United States District Court for the Southern District of California The United States District Court for the Southern District of California is the federal district court whose jurisdiction comprises the following counties in California: Imperial and San Diego. . The executive management team will initiate an internal operations audit and identify means of reducing expenses at ABMC. "I am enthusiastic about the opportunities in front of American Bio Medica," said Aromando. "I truly believe the company has strong technology, good products, talented people, and an exceptional distribution network. I expect to reach our sales and profitability goals, and deliver value to our shareholders and customers." American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate on-site drugs-of-abuse diagnostic kits, sprays 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, physicians, corrections, clinical and educational markets. ABMC's Drug Detector(TM) identifies minute traces of illegal drugs on surfaces, while the company's Rapid Drug Screen tests individuals and 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 reports filed with the Securities and Exchange Commission. |
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