American Bio Medica Completes Conversion of $2.5 Million Convertible Preferred Stock.Business Editors KINDERHOOK, N.Y.--(BUSINESS WIRE)--Feb. 3, 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) ) today reported that conversion of all of the remaining outstanding shares of its $2.5 million Series D 8% Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". issue is complete. &uot;We are pleased to announce the completion of this conversion process,&uot; stated American Bio Medica 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. Stan Cipkowski. &uot;By eliminating the threat of dilution associated with the Convertible Preferred Stock, we are now confident that the market price of our common shares will represent the value of our stock.&uot; 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(TM) 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 &uot;safe harbor&uot; 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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