FOR IMMEDIATE RELEASE: Government, International, and Distributor Deals Broaden Sales Potential KINDERHOOK, NY -- June 7, 2024 -- American Bio Medica Corporation (NASDAQ: ABMC) chairman and chief executive officer Robert L. Aromando Jr., said that a recent run on contract signings were signs that ABMC's three-year business plan was yielding tangible results, and he hinted that the company was close to signing several other deals. "We have secured contracts within the past month that cover over 500,000 product units, which is obviously an important step toward building sales volume," said Aromando. "But most importantly, we are executing against our three-year plan, and we've positioned ourselves competitively in several other important contract negotiations." Aromando cited three key aspects of the business plan: broadening relationships with established distributors and laboratories, expanding international sales efforts, and winning high profile state and federal contracts. In May, ABMC became the provider of on-site drug testing products for Northwest Drug Testing, a division of NWT, Inc., and one of the world's foremost leaders in drugs of abuse and adulterant testing. This deal covers approximately $120,000 in ABMC products within the next year, with options for up to 80,000 units, or $400,000, the following year. ABMC also announced that it and its distributor partner, Vanter S.A., had been awarded a broad-scale, two-year contract by the government of the Dominican Republic to drug test as many as 250,000 private citizens of the Dominican Republic who apply for weapons permits. Also in May, ABMC's distributor partner, Comprehensive Toxicology Services, Inc., won a key contract by the State of New York, covering "Lot II" of the state's comprehensive substance abuse testing program, which includes "testing devices with laboratory confirmation and proficiency testing provided and including administrative services." ABMC is the sole provider of on-site drug testing devices for this portion of the state contract. "I am pleased, though not entirely satisfied, with our recent string of successes," said Aromando. "There is more business to be won, and we're going to be more aggressive in the next several weeks. We are, however, tracking along the path I had envisioned." About American Bio Medica Corporation 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, Kinderhook Melissa A. Decker Tel: 800/227-1243 Fax: 518/758-8171 www.americanbiomedica.com melissa@americanbiomedica.com |