FOR IMMEDIATE RELEASE:
KINDERHOOK, NY -- April 13, 2024 -- American Bio Medica Corp. (NASDAQ: ABMC) reported today that it has filed an amended lawsuit in the United States District Court for the Southern District of California and requested that it be permitted to add as defendants Phamatech Inc. President Tuan Pham, Wolfe & Associates, Inc., Wolfe & Associates Principal James K. Wolfe, Elite Health Services, LLC and Elite Health Services Principal John Polanco.
The amendment relates to ABMC's original suit filed in April 1999, which alleged infringement of its U.S. design patent, trademark dilution of its Rapid Drug Screen trademark and unfair competition.
"We are increasing the pressure against all companies and individuals interfering with our business, and intend to continue to aggressively pursue all parties that we identify as infringing upon our intellectual property rights and diluting our trademarks," stated Company Chairman and CEO Stan Cipkowski.
ABMC claims that the defendants in the amended lawsuit are contributing to consumer confusion and deception by selling drug screen tests that are knock-offs of the Company's Rapid Drug Screen.
"The copycat products and unfair competitive practices addressed in this lawsuit have disrupted our sales capabilities and slowed our previous growth momentum," Cipkowski added. "We hope in the immediate future to halt Phamatech's unfair competition by requesting an injunction against Phamatech, and believe that we will win the suit and thereafter achieve a quick increase in sales levels within a normal competitive environment."
American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate, on-site drugs of abuse diagnostic kits, sprays and support services worldwide. The Company's global distributors target the workplace, clinical, physicians, corrections and educational markets. ABMC's Drug Detector identifies minute traces of illegal drugs on surfaces, while the Company's Rapid Drug Screen tests individuals and is proven to correlate 100% with the standard laboratory screening test.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, intellectual property rights and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
American Bio Medica Corporation, Kinderhook Melissa A. Decker, 1-800-227-1243 Manager Investor Relations and Corporate Communications Melissa@americanbiomedica.com www.americanbiomedica.com or Porter, LeVay & Rose, Inc., New York L. B. Stauffer, Sr. VP Nicholas Patruno, Investor Relations (212) 564-4700
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