American Bio Medica Completes $2 Million Private Placement.Business Editors KINDERHOOK, N.Y.--(BUSINESS WIRE)--May 1, 2000 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) ), which develops, manufactures and markets 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 , announced today that it has completed a $2 million private placement of its common shares with Seaside Partners, L.P. Proceeds from the financing will be used by American Bio Medica to develop new products, introduce its products in the over-the-counter market, increase market penetration of its existing product lines and for general corporate purposes. Seaside Partners, L.P., based in Sea Girt girt 1 v. girt·ed, girt·ing, girts v.tr. 1. To gird. 2. To secure with a girth. 3. To measure the girth of. v.intr. To measure in girth. , NJ, is a private investment partnership that provides equity funding to small-cap companies. Stan Cipkowski, chairman and 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. of American Bio Medica, commented, "This funding represents a welcome vote of confidence in the potential of our products, strategies and goals as we pursue new markets and new distribution channels." American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate, on-site drugs of abuse diagnostic kits, sprays and support services worldwide. The Company's global distributors target the workplace, clinical, physicians, corrections 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" 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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