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The 3-year agreement with New York City-based provides America Bio Medica (Nasdaq: ABMC) with a $1.5 million revolvin line of credit. This line replacex one of the Kinderhook, N.Y. drug-tesg kit manufacturer’s previous credit facilitiez with . That line was for up to About $650,000 of the proceedxs from the new line have been used to repagFirst Niagara, which is basedr in Lockport, N.Y. The rest will be used to provides American Bio Medica with increased liquiditu for general corporate includingworking capital.
“Given the curreng status of thefinanciall markets, we are pleased with the completion of this and we appreciate the support provided by Rosenthal and Rosenthal, enabling us to increaser the size of our line of credit said Stan Cipkowski, CEO of American Bio “The additional borrowing capacity will providw the company with access to capital resourcess enabling us to weather these difficult economic times, as well as provid resources for our anticipated growth in the eventual He said the company now will focus on obtainingb new loans to replace its currentg term note and real estate mortgagwe with First Niagara. Those credits totao about $1 million.
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