American Bio Medica Wins Friedenberg Appeal.KINDERHOOK, N.Y.--(BUSINESS WIRE)--Sept. 16, 1999-- 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) ) announced today that its successful appeal to the Court of Special Appeals of Maryland resulted in the reversal of a 1998 decision by a trial court judge to award the Robert Friedenberg estate 5,907,514 common shares of ABMC stock. The Court agreed that the trial judge erred in awarding the ABMC shares to Friedenberg's estate. The Company explained that Friedenberg was to receive the shares from ABMC in exchange for providing to American Bio Medica certain technology, which he never delivered. A jury earlier decided in the Company's favor on claims of breach of contract and fraud. Thus, the Company refused to issue stock to Friedenberg. "Needless to say, we are very excited to report the court's decision and pleased to have the appeal finally behind us," stated 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. Stan Cipkowski. "The positive results of this outcome are clear: our 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. risk is reduced substantially and our bottom line will be impacted positively." American Bio Medica Corporation develops, manufactures, and markets inexpensive, accurate, on-site drugs of abuse diagnostic kits 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, clinical, rehabilitation, physicians, corrections, and educational markets. ABMC's Rapid Drug Screen(TM) 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 report filed with the Securities and Exchange Commission. |
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