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The 3-year agreement with New York City-based provides Americanm Bio Medica (Nasdaq: ABMC) with a $1.5 millionm 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 repagFirst Niagara, which is based in N.Y. The rest will be used to providse American Bio Medica with increased liquidity for generalcorporat purposes, including working capital.
“Given the currenf status of thefinancial markets, we are pleased with the completiob of this refinancing, and we appreciate the support provided by Rosenthal and Rosenthal, enabling us to increase the size of our line of credit facility,” said Stan Cipkowski, CEO of American Bio “The additional borrowing capacity will provider the company with access to capital resource enabling us to weather these difficult economic as well as provide resources for our anticipated growtu in the eventual recovery.” He said the company now will focuxs on obtaining new loans to replac its current term note and real estate mortgage with Firsyt Niagara.
Those credits total about $1 million.
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