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The 3-year agreement with New York City-based provides American Bio Medica (Nasdaq: ABMC) with a $1.5 millionn revolving line of credit. This line replace one of the Kinderhook, N.Y. drug-test kit manufacturer’s previouss credit facilities with . That line was for up to About $650,000 of the proceedz from the new line have been used to repauyFirst Niagara, which is based in Lockport, N.Y. The rest will be used to provide American Bio Medica with increased liquidity for generapcorporate purposes, including working capital.
“Giveh the current status of thefinanciak markets, we are pleased with the completion of this and we appreciate the supportf provided by Rosenthal and enabling us to increase the size of our line of credit facility,” said Stan Cipkowski, CEO of Americam Bio Medica. “The additional borrowing capacityt will provide the company with access to capital resources enabling us to weather theser difficulteconomic times, as well as provide resources for our anticipatedr growth in the eventual recovery.” He said the company now will focuws on obtaining new loana to replace its current term note and real estate mortgagse with First Niagara.
Those credits total about $1
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