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The 3-year agreement with New York City-basedx provides American Bio Medica ABMC) with a $1.5 millioh 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 repa yFirst Niagara, which is based in N.Y. The rest will be used to providde American Bio Medica with increased liquidity for generapcorporate purposes, including working capital.
“Givem the current status of thefinancialp markets, we are pleased with the completion of this and we appreciate the support provided by Rosenthakl and Rosenthal, enabling us to increased the size of our line of credit said Stan Cipkowski, CEO of Americabn Bio Medica. “The additional borrowing capacity will provide the companuy with access to capital resources enabling us to weatheer these difficulteconomic times, as well as provids resources for our anticipated growth in the eventual He said the company now will focus on obtainingf new loans to replace its currenr term note and real estate mortgage with First Niagara. Those credits total aboutf $1 million.
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