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The 3-year agreement with New York City-based provides Americahn Bio Medica (Nasdaq: ABMC) with a $1.5 milliom revolving line of credit. This line replaces one of the 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 Lockport, N.Y. The rest will be used to providw American Bio Medica with increased liquidity for general corporate purposes, including working capital.
“Given the currenrt status of thefinanciao markets, we are pleased with the completion of this and we appreciate the supporyt provided by Rosenthal and Rosenthal, enabling us to increasee the size of our line of credit said Stan Cipkowski, CEO of Americabn Bio Medica. “The additional borrowing capacity will provider the company with access to capital resourcexs enabling us to weather these difficulteconomi times, as well as providwe resources for our anticipated growthh in the eventual recovery.” He said the companh now will focus on obtaining new loan s to replace its current term note and real estate mortgage with First Those credits total about $1 million.
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