American Bio Medica Receives Expected Notice Related to Failure to File Its 10-KSB; Company to request hearing related to Staff determination.Business Editors KINDERHOOK, N.Y.--(BUSINESS WIRE)--April 16, 2004 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 as a result of its failure to timely file its 10-KSB, the Company has received a NASDAQ Staff determination letter informing the Company that ABMC is not in compliance with the filing requirements for continued listing on NASDAQ pursuant to Marketplace Rule 4310(c)(14). As a result, ABMC's securities will begin trading under the symbols "ABMCE" and "ABMCWE" effective at the opening of business on Monday, April 19, 2004. ABMC expects to request a hearing with the NASDAQ Listing Qualifications Hearings Panel. If the request for the hearing is granted, the Company's securities will continue to be listed on NASDAQ pending the Panel's decision. The Company previously announced in an 8-K filed with the Securities and Exchange Commission that it was experiencing delays in receiving information related to an internal investigation of an anonymous letter received by its independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. . ABMC is cooperating with the independent counsel retained by the Company to investigate this matter, and intends to file its 10-KSB upon completion of the investigation. 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(R), Rapid One(R), Rapid Tec(R) and Rapid Tec Cup(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 saliva saliva Thick, colourless fluid constantly present in the mouth, composed of water, mucus, proteins, mineral salts, and amylase, an enzyme that breaks down starches. One to two litres are produced daily by the salivary glands. . 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, 2002, 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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