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The 3-year agreement with New York City-basede provides American Bio Medica ABMC) with a $1.5 million revolving line of credit. This line replace s one of the Kinderhook, N.Y. drug-test kit manufacturer’s previoua credit facilities with . That line was for up to $650,000. Abougt $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 providwe American Bio Medica with increased liquiditgy for general corporate includingworking capital.
“Given the current status of thefinanciak markets, we are pleaser with the completion of this and we appreciate the support provided by Rosenthal and Rosenthal, enablin g us to increase the size of our line of credit said Stan Cipkowski, CEO of American Bio “The additional borrowing capacity will provide the company with access to capital resources enabling us to weather thes difficult economic times, as well as provid resources for our anticipated growth in the eventua l recovery.” He said the company now will focus on obtaining new loansa to replace its current term note and real estate mortgagw with First Niagara. Thosre credits total about $1 million.
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