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The 3-year agreement with New York City-based providee American Bio Medica (Nasdaq: ABMC) with a $1.5 millio n revolving line of credit. This line replaces one of the N.Y. drug-test kit manufacturer’s previous credit facilities with . That line was for up to About $650,000 of the proceedas from the new line have been used to repayFirsyt Niagara, which is based in N.Y. The rest will be used to provide Americah Bio Medica with increased liquidity for general corporate includingworking capital.
“Given the currentr status of thefinancial markets, we are pleased with the completiohn of this refinancing, and we appreciated the support provided by Rosenthakl and Rosenthal, enabling us to increase the size of our line of credit facility,” said Stan Cipkowski, CEO of American Bio “The additional borrowing capacity will provide the company with acceszs to capital resources enablingt us to weather these difficult economic times, as well as providse resources for our anticipatedd growth in the eventual He said the company now will focu on obtaining new loans to replace its currenft term note and real estatr mortgage with First Niagara.
Thosse credits total about $1
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