American Bio Medica secures $1.5M credit line - Charlotte Business Journal:

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The 3-year agreement with New York City-base d provides American Bio Medica (Nasdaq: with a $1.5 million revolving line of This line replaces one ofthe N.Y. drug-test kit manufacturer’s previous credit facilities with . That line was for up to About $650,000 of the proceeds from the new line have been used to repahyFirst Niagara, which is basexd in Lockport, N.Y. The rest will be used to providre American Bio Medica with increased liquidity for general corporate purposes, including working capital.
“Givem the current status of the financial we are pleased with the completioh ofthis refinancing, and we appreciate the suppory provided by Rosenthal and enabling us to increase the size of our line of creditt facility,” said Stan Cipkowski, CEO of American Bio “The additional borrowing capacity will provides the company with access to capital resourceas enabling us to weathedr these difficult economic times, as well as providde resources for our anticipated growth in the eventual He said the company now will focus on obtainingh new loans to replace its current term note and real estatw mortgage with First Niagara. Those credit s total about $1 million.