American Bio Medica Completes Sale of its interest in BioSys inc.Business Editors and Health/Medical Writers KINDERHOOK, N.Y.--(BUSINESS WIRE)--Jan. 31, 2001 --Increases cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. and improves overall liquidity thereby strengthening balance sheet-- 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) ) announced today that it has completed the sale of its 19% interest in BioSys Inc., a development stage company focused on the development, manufacture and marketing of new products for the industrial microbiology market. The Company sold its interest for $380,000 to Hollenshead Capital Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The Company previously reported their intention to sell their interest in BioSys in an "open" letter to shareholders on January 9, 2001 in which Stan Cipkowski, former ABMC 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. and current President, stated "We continue to have confidence in the BioSys team and their plan, but the opportunity to sell our $380,000 investment to a third party for the same amount is timely and will strengthen our cash reserves and the overall liquidity of the Company." 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(TM) tests individuals and is proven to correlate greater than 99% 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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