Imagemap


FOR IMMEDIATE RELEASE:

AMERICAN BIO MEDICA COMPLETES SALE OF ITS INTEREST IN BIOSYS INC.

KINDERHOOK, NY -- January 31, 2024 -- American Bio Medica Corp. (NASDAQ: ABMC) announced today that it has completed the sale of its 19% interest in BioSys Inc., a development stage company focused on the development, manufacture and marketing of new products for the industrial microbiology market.

The Company sold its interest for $380,000 to Hollenshead Capital Management, LLC.

The Company previously reported their intention to sell their interest in BioSys in an "open" letter to shareholders on January 9, 2001 in which Stan Cipkowski, former ABMC Chairman and CEO and current President, stated "We continue to have confidence in the BioSys team and their plan, but the opportunity to sell our $380,000 investment to a third party for the same amount is timely and will strengthen our cash reserves and the overall liquidity of the Company."

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, physicians, corrections, clinical 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 greater than 99% 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.


Contact:
     American Bio Medica Corporation
     Melissa A. Decker, Tel: (800) 227-1243
     Email: melissa@americanbiomedica.com
     Manager Investor Relations & Corporate Communications
     Fax: (518) 758-8171
     Web: www.americanbiomedica.com




American Bio Medica Corp. (NASDAQ: ABMC)
122 Smith Rd. | Kinderhook, NY 12106
1-800-227-1243  |  518-758-8158  |  email: info@americanbiomedica.com


Designed by American Bio Medica Corp., copyright 2001, all rights reserved

Privacy Policy