FOR IMMEDIATE RELEASE: Moore Tells Shareholders ABMC is on Track With 2002 Performance Goals KINDERHOOK, N.Y. -- June 24, 2024 -- Speaking at his company's annual meeting of shareholders that was held on June 20, 2002, American Bio Medica Corporation (NASDAQ: ABMC) chairman and chief executive officer Gerald Moore outlined a plan to diversify the on-site drug test manufacturer into broader diagnostic markets, including infectious diseases, food testing, environmental testing, and veterinary sciences. Moore confirmed that ABMC's core drug testing business is strong and growing (the company reported record sales and profitability in the first quarter of 2002), but insisted that his vision for the company's future included an expansion of technology applications, strategic partnerships, and contract manufacturing, in addition to growing sales of drug testing products. "To grow ABMC to a $20 million company and well beyond that, we will position ourselves as an on-site diagnostics company, and not simply a drug test manufacturer," said Moore. "We are already engaged in partnerships and product development efforts toward that end, and see an enormous upside potential." Moore told shareholders there are five key elements of his strategy to grow ABMC: new product development; increased direct sales in the United States; increased international sales; strategic alliances; and contract manufacturing. He cited recent accomplishments in each regard: FDA clearances of ABMC's OXY and Ecstasy drug tests; new national accounts with corporate and criminal justice clients, including $550,000 in new United States Probation business contracted within the past nine months; strategic partnerships with Quest Diagnostics, Edwards Medical, and Risk Control Services; new product supply contracts in Latin America; and contract manufacturing agreements for a recently FDA-cleared drug testing device, as well as an on-site tuberculosis test to be used worldwide. While the company reported a loss of $1.6 million for an eight-month transition period December 31, 2001, Moore focused much of his presentation on the company's performance since he became CEO in December 2001. He confirmed that ABMC is on its sales and profitability forecasts for the current fiscal year ($12.6 million in sales, and $1.24 million in profit). "The present and the future for this company are both very positive," he said. "We have excellent technology and production resources, and most importantly, talented, dedicated employees. This business can grow as far as our outlook, and my goal is to expand that vision." ABMC also announced the results of issues brought to a vote at the meeting. The Company said that shareholders overwhelmingly re-elected all of the six nominees for director, with all nominees receiving 90% or more of the votes. About American Bio Medica Corporation American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate, onsite drugs-of-abuse diagnostic kits and support services worldwide. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen®, Rapid One and Rapid Tec test for the presence or absence of drugs of abuse in urine, while its OralStat6 tests for the presence or absence of drugs of abuse in saliva. ABMC was recently listed among the top ten biotechnology companies on the Deloitte & Touche 2001 Technology Fast 500, a ranking of the fastest growing companies in North America. This release may contain forward-looking statements. These
forward-looking statements involve risks and uncertainties that could
cause actual results to differ, and such differences could be
material. Such risks and uncertainties include, but are not limited
to, the following: continued acceptance of the Company's products,
increased levels of competition in our industry, the acceptance of new
products, inherent risks associated with product development and
intellectual property rights, the Company's dependence on key
personnel, third party sales and suppliers. There can be no assurance
that the Company will be successful in addressing such risks and
uncertainties. Investors are strongly encouraged to review the section
entitled "Risk Factors" in the Company's annual report on Form 10-KSB
for the transition period ended December 31, 2001, and quarterly
reports on Form 10-QSB on file with the Securities and Exchange
Commission for a discussion of risks and uncertainties that could
affect operating results and the market price of the Company's common
shares.
Contact: American Bio Medica Corporation Gerald A. Moore, (800) 227-1243, Fax: 518/758-8171 gerald@americanbiomedica.com www.americanbiomedica.com |