American Bio Medica Completes Move Into Larger Facility to Meet
Growing Demand as No. 3 in On- Site Drug Testing
Annual Shareholders' Meeting to be Held in the New Office on Sept. 22
KINDERHOOK, N.Y.--(BUSINESS WIRE)--Sept. 14, 1999-- American Bio Medica Corp. (Nasdaq:ABMC - news) today announced that it has completed the scheduled move into a 30,000 sq. ft. facility in Kinderhook, New York.
ABMC said that the new headquarters greatly enhance the Company's ability to manage anticipated production growth and facilitate future expansion needs.
American Bio Medica signed a lease agreement and option to buy the state-of-the-art facility from Avoba, Inc., a U.S. subsidiary of the Swiss-based firm Bioforce, AG. The agreement includes a 25,000 sq. ft. building, which will house corporate and administrative offices, manufacturing, order fulfillment, and inventory storage, as well as a 5,000 sq. ft. partially complete mezzanine and roughly 100 acres of land.
''As we continue to capture market share in the global drug testing industry, our newly expanded production capacity afforded by this move will be necessary to meet growing demand and maintain our reputation for rapid order fulfillment,'' commented tan Cipkowski, chairman and chief executiveofficer of ABMC.
Cipkowski explained that the corporate relocation increased ABMC's manufacturing capability to levels that should enable the Company to fulfill the estimated orders projected for fiscal 2000 by its
major distributors around the world.
ABMC also announced that its annual shareholders' meeting will be held at the new headquarters at 10:00 a.m. EST on Sept. 22, 1999. The Company's new offices are located at 122 Smith Road in Kinderhook, New York 12106. ABMC's toll-free phone number remains 800/227-1243 while the local phone number has changed to 518/758-8158 and the fax number is now 518/758-8171.
American Bio Medica Corporation develops, manufactures, and markets inexpensive, accurate, on-site drugs of abuse diagnostic kits and support services worldwide. The Company's global distributors target the workplace, clinical, rehabilitation, physicians, corrections, and educational markets. ABMC's Rapid Drug Screen(TM) is proven to correlate 100% with the standard laboratory screening test.
Stock still low...news good.
chris |
