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Agreed, but when I used to spend so many hours doing DD on this company than I should admit, I heard several times that MW reneged on agreements or turned a blind eye to opportunities that would have moved this company forward.
So much opportunity just sitting here. It is frustrating.
This statement has been in every filing for many years.
A year ago I was hoping to see this comment drop off, and of course because of ineptness the situation has even become worse.
It's really a sad thing.
Your correct that if she does not receive the votes required she will term out.
I would vote for an entirely new BOD if it were possible. I am considering voting against any nominees if they are current insiders. They would have to have proven to vote for the benefit of current shareholders. Which none have done.
Having Melissa's name remain on BOD shows this board still is not serious to make the necessary changes to move this company forward.
John Moroney can easily petition shareholders to join his cause to have Melissa removed from one or several of her positions.
Vote now! AMERICAN BIO MEDICA CORPORATION Annual Meeting
Email received from my trading platform
Proposal(s)
For holders as of Tuesday, April 27, 2021. Votes can be changed until the voting deadline.
1. Vote Board of Directors:
Election of Director: Peter Jerome
Election of Director: Melissa Waterhouse
Board Recommendation: For
2. To ratify the selection by the Company's Audit Committee of UHY, LLP as the Company's independent registered public accounting firm for the year ending December 31, 2021.
Board Recommendation:For
3. To approve an amendment of Article Four of the Company's Certificate of Incorporation to increase the number of common shares which the Company shall have the authority to issue from 50,000,000 to 75,000,000 common shares.
Board Recommendation:For
To think that a year ago you would have had to pay so much in capital gains taxes for your profits if you had sold, but today you can take a loss to offset any other gains you make this year.
Well, its kinda a sad way to look at it, but true. ¯\_( ????? ??)_/¯
No one can disagree with you. The companies actions and lack of action is enough evidence.
Before the pandemic, the historical decline of sales of the foundation products should have forced them to diversify. Lateral movement into a dead market is still a dead market.
COVID-19 was a lifeline. Diversification into PPE products would have added millions in sales. Clients, warehousing, shipping was already available.
Lack of share price support is a red flag.
A board of directors that was excavated from the pyramids of Egypt is a red flag.
A CEO that holds every available title in a publicly traded company is a red flag.
Yet, the company seems to have a morality that is lacking in many companies, either publicly or privately held. But this does no one any good if it is never displayed. It's like being a dragon slayer, but watching all the villagers being pillaged. Is this a sign of fear, ineptitude or ignorance. I don't think a single shareholder here really knows.
No wonder we are all frustrated. So much potential gone to waste.
rain
Well, still seeing accumulation through all this selling.
EOD minute chart was interesting today. Action seems to show shares may be getting scarce.
Maybe I am seeing something that just isn't there? The ghost of $ABMC past.
Yes, you are correct and thanks for the clarification.
Filings for $ABMC discuss the availability of a saliva based test as a possibility and I jumped the gun.
This comes up every few months.
Melissa will outlive the entire BOD and hold every position legally available to her because of their ineptness.
Not a single shareholder attended the Annual meeting in December, of course it was top secret.
In saying all of that. I still held from .16 to 1.26 and back. So what do I know . Maybe a lot or maybe nothing at all.
$ABMC distributes the $CODX test which is the same test announced to be used by Walgreens for at home testing. It will be interesting to learn what clients $ABMC has picked up.
Clinical Reference Laboratory Makes First At-Home COVID-19 Saliva Test Available Through Walgreens Find Care®
About HealthConfirm® and the CRL Rapid Response COVID-19 Saliva Test Clinical Reference Laboratory received FDA Emergency Use Authorization (EUA) for its saliva-based COVID-19 RT-PCR test in July 2020 . In the FDA filing, the test demonstrated 100 percent sensitivity and specificity. The test incorporates technology from trusted partners DNA Genotek and Co-Diagnostics . Saliva samples are collected in a DNA Genotek OMNIgene® ORAL (OM-505) saliva collection device and tested via patented CoPrimer™ probes and primers developed by Co-Diagnostics (NASDAQ: CODX) to detect SARS-CoV-2 (the virus that causes COVID-19) viral RNA. Clinical Reference Laboratory has distributed and processed more than 500,000 tests to date across multiple industries including education (K-12 & universities), film & TV, financial institutions, manufacturers, governments (state & local) and professional sports, among many others.
Congrats to all on this great move in $MGON today.
Lot's of hard work on AdamS007 part.
Agree your post about $ABMC.
However,I have always taken offense when last years run from these price levels to $1.26 was done on "hype". Little has changed about this companies potential from a year ago to today. And a ton of work was put into previous years financials, source of funding, ownership and hours and hours into COVID products when nothing was known about them.
Millions of dollars were made and then given back by major investors on this board. If IR would have handled things correctly, they would still be holding the majority of OS shares and this company would have some semblance of respect.
In any case as I posted recently. Indicators are lining up stronger than last year at these price point. What will be lacking is shareholder confidence so I expect more volatility on the way up and much more profit taking.
I added double my shares in my $BRTX position on the volume you are seeing.
rain
The majority of indicators for $ABMC are lining up stronger than the run in May from the $.20's to $1.26.
Of all the charting I do, in this case, the primary indicator I am watching is volume. Average volume is positive and increasing at a nice rate.
The run in June and July 2020 was actually on declining volume, marking a clear top which I confessed to miss in a 2020 post. The lack of support from the company clearly killed investor excitement and is by far the largest complaint from shareholders to date.
I have been noting signals of increased investor interest since November 2020. Low third Q revenue numbers (which I still don't understand)were predicted by at least one of the posters here killed the moment temporarily, but it is clear that investor interest has returned in spite of lack of PR.
I believe the recent increase in interest in $ABMC is helped by the new political regime that is clearly increasing testing. $ABMC is in the perfect place and time to take full advantage of this opportunity, IF they are open to taking advantage of it.
A personal note; The only justification for spending nearly a year here, will be positive fourth quarter revenue numbers or a sharp increase in share price. A change in management and a few PR's would certainly help.
rain
My take on your comment from a long holder.
If you flip a few words, it would be more accurate.
The retail sellers are probably selling after they heard all the bashing of the investors by the CEO over the past year in filings, press releases and lack of PR thereof.
It's sad when share price could have been supported in the .60's then .30's and .20's. Now financing is done at pre 2019 price levels at $.07
If I sold now we'd be at .05. I'm stuck between a rock and a Melissa.
But it's all on us, isn't it, for bucking years of experience and knowledge for FOMO at $1.00
I read this company description in the 8K filed Dec 11, 2020 from one of the news outlets concerning Lincoln Park arrangement. It is strange because it is very different than other current company descriptions. I did see this same ABOUT US in a filing as far back as 2011.
Note that COVID testing is not mentioned. The news source may have pulled this from some archives. If it is older, there may be newer products I don't have an interest to look into it any further.
This should answer your question better than I can.
Agreed that $ABMC growth can only come by increasing and adding new products.
Just letting you know that the oral fluid drug testing platform has been available throughout 2020. The decline in the need for drug testing put the "introduction" and the "sales" of this product on the back burner. As companies have settled into a new work flow during the pandemic, drug test sales have been slowly increasing, but are not near pre-pandemic levels.
Most importantly the new oral drug platform was the test the company was relying on to increase sales from the previous years of poor performance. So getting the word out and introducing it to the world is definitely helpful.
As far as announcing new clients or contracts for in house manufacturing, we will never hear about them. It was only gleaned through an email that the contracts can take months to a year to come to fruition. So even if the deals negotiations began in 2019, they are not old news. It is possible manufacturing has just recently commenced.
Of course, new manufacturing contracts are always welcomed. These type of contracts are difficult to gain due to very, very, heavy overseas competition, so if a contract is signed, it should be valuable to bottom line sales.
Let's go for it. I'm on your side!
Note that the new $ABMC manufacturing deals have been in place since 2019 but the clients are not named.
Also, the fluid drug test program has been marketed throughout 2020. None of the drug tests will increase sales enough to affect the bottom line until companies bring back employees and begin drug testing again.
It will have to be new products and sales avenues that are necessary to make a significant difference in revenues.
Just have to wait and see.
Forward thinking; testing requirements, while vaccines are introduced and the heightened vigilance of the government as these new vaccines are monitored, should be high. So $ABMC should do better quarter over quarter into summer/fall 2021.
Being a test distributor vs strictly a manufacturer allows the company to represent the most current and demanded products. As an example,demand will increase for the saliva ABC rapid test which also diagnoses the flu virus as will as C-19. On the PCR side the CODX test is showing top of the line results. Management is also clear that several new opportunities are being worked on.
All types of tests are still in short supply and winter is just beginning. Pressure to test will increase.
After a period of time with the vaccine (which has a limited functional time in the body) in general use, I could see an at home based test, such a today's pregnancy test, being in demand.
The question is- (drum roll) will management work to increase share price to maximize value for funding, investment opportunities, and future cash, thus increasing shareholder value before these opportunities dry up?
A saliva test is being looked at/on the way, as stated in emails and mentioned in the 10Q.
Not sure if the Yale test in particular has to be the focus.
The best line in the Q was the mention of new TESTS soon to be announced.
I am stumped how Q2 revenues, being so incredible, could fall apart for Q3.
There were clues, and certain posters gave red flags, but the numbers did not line up to be a major reversal.
I am not an armchair quarterback. But, the opportunities threw themselves at the feet of this company.
The 10Q seems to show no sales personnel were hired.
I do not see that any PPE equipment was added to the line. This would have sold itself to existing clients and could have brought in potentially another mill in revenues.
The "legacy" business should be outsourced like the competition is doing.
So management, are you asking us to wait another month, year or...?
This is a great synopsis. Clear and to the point.
I'll repeat it
Yes that is promising. Long term I am in agreement with you.
Also, the company going into PCR testing is obviously a good move to be diversified.
New products are on the way:
I certainly blew it.
Well, I admitted a couple weeks ago that the numbers from $ABMC were wonkers and I lost track of sales figures and how to interpolate future growth from Q2 filings, when a few posters pointed out some inconsistencies to me.
I also said that I would be sitting on my hands until these Q3 numbers came out. I still have no clue what is going on and what to look forward too.
Obviously I was overly optimistic.
Time to reevaluate.
KINDERHOOK, NY / ACCESSWIRE / November 16, 2020 / American Bio Medica Corporation (OTC PINK:ABMC) today announced financial results for the three and nine months ended September 30, 2020 and announced they have applied to up-list its common stock to the OTCQB® Venture Marketplace.
Chief Executive Officer Melissa A. Waterhouse stated, "As Covid-19 infections started to rise in the third quarter, the market turned to diagnostic testing, and we saw a decrease in demand for antibody testing. While there can be no assurances, we believe that antibody testing will become increasingly necessary with the emergence of vaccines. In October, we signed a distribution agreement to sell the Co-Diagnostics, Inc. Logix™ Smart Covid-19 test. This is our first step in offering our customers a full suite of testing options for Covid-19; we do expect to announce more offerings in the near future. Drug test sales are still down from the same period a year ago due to the impact of Covid-19 in our core markets, however, we are encouraged by positive movement we are seeing in certain markets."
Waterhouse continued, "We have applied to up-list our common stock to the OTCQB Venture Market and we are confident that our application will be approved. This will increase visibility in our stock and provide greater market exposure. Going forward, ABMC 's plan involves securing new financing in the near future to support core growth initiatives involving our drugs of abuse products (including oral fluid tests), to refinance current high interest rate debt and to invest in sales and marketing. We hope to increase revenue from promising contract manufacturing business and sales of infectious disease products (including Covid-19 tests). We believe these initiatives position ABMC for long-term success."
Financial Highlights
Net sales in the third quarter of 2020 were $883,000 , compared to net sales of $895,000 in the third quarter of 2019; a decrease of $12,000 , or 1.3%. Net sales in the nine months ended September 30, 2020 were $3,370,000 , compared to $2,775,000 in the nine months ended September 30, 2019 ; an increase of $595,000 , or 21.4%.
Operating loss was $172,000 in the third quarter of 2020, compared to an operating loss of $81,000 in the third quarter of 2019. Operating loss was $428,000 in the nine months ended September 30, 2020 , compared to an operating loss of $410,000 in the nine months ended September 30, 2019 .
Net loss was $216,000 , or $(0.01) per share in the third quarter of 2020, compared to net loss of $144,000 , or $(0.00) per share, in the third quarter of 2019.
Net loss was $563,000 , or $(0.02) per share, in the nine months ended September 30, 2020 , compared to net loss of $440,000 , or $(0.02) per share, for the nine months ended September 30, 2019.
For more information on ABMC or its drug testing products, please visit www.abmc.com.
About American Bio Medica Corporation
American Bio Medica Corporation manufactures and markets accurate, cost-effective immunoassay test kits, primarily point of collection tests for drugs of abuse, and distributes a rapid test to detect Covid-19 antibodies and a RT-PCR test to detect Covid-19. The Company also currently manufactures (on a contract basis) tests to detect respiratory syncytial virus (RSV) and malaria and, with the ability to manufacture tests for many other medical conditions, viruses and diseases in its FDA registered and ISO certified facilities.
With new opportunities, $ABMC may even move from OTCQB to OTCQX in a year or so.
Share price of $5.00 is necessary for the highest tier.
To clarify what the recent $ABMC filing for up listing means:
OTCQB Certification - OTCQB Certification 11/12/2020
OTC Markets Group Inc. (OTCQX: OTCM) operates financial markets for 11,000 U.S. and global securities. We organize these securities into three markets based on the quality and timeliness of information a company provides to investors: the OTCQX® Best Market, the OTCQB® Venture Market, and the Pink® Open Market. We utilize the power of technology to make markets more efficient, empowering a broad range of companies to improve their investor experience - all without the cost, complexity and resource drain common with an exchange listing.
https://www.otcmarkets.com/corporate-services
I would have to think seriously that there was shorting going on from the .70-.80 range with short covering in the mid .20's to .18.
Much of the selling certainly was from some longs that gave up on management and swing traders protecting their principle. But the length and strength of the down trend from July was way to strong, and to high of volume not to be shorting.
I believe I read it is $12,000.00 to move up to OTCQB from pink sheets.
$ABMC already has the filings complete.
Revenues are already in hand.
Just fill in the form, sign the check and it is a done deal.
Since they have been pink for so long, I am curious to know the specific reasons management wants to get out of the pinks and list on the OTC.
Better funding?
Better contracts?
More exposure to investors?
You still have to let the world know you exist for any of this to be of value.
We will know within the next few days if the value is here.
Sales from Q2 projected into Q3 are very positive, but that is only one quarter.
The Q3 numbers will be the first quarter to give us accurate guidance.
I am currently taking a watch and see stance. Technical indicators look great. Financials seem to be OK. But,there is still little anticipation from the general public.
Great Q3 numbers and management becoming more publicly accessible can make our wait very worthwhile.
We will know very soon.
Good luck longs.
rain
The $CODX Logix Smart™ Coronavirus 2019 (COVID-19) Test Kit is still new, even to CODX.
And with this note on their website: **NOTE** THE TEST KIT IS ONLY SUITABLE FOR LABS CERTIFIED TO PERFORM HIGH COMPLEXITY TESTS), the test is only suitable for a certain subset of testing companies.
I still hold the belief that with the conservative nature of the management of $ABMC that there is a good reason to take on this particular PCR test.
So I did not expect a "surge" in orders as the Healgen test provided. But it does offer a broader selection of tests the company can offer.
Q3 filing is any day now. Us longs will know if the long wait and our patience is validated.
The $CODX Logix Smart™ Coronavirus 2019 (COVID-19) Test Kit is still new, even to CODX.
And with this note on their website: **NOTE** THE TEST KIT IS ONLY SUITABLE FOR LABS CERTIFIED TO PERFORM HIGH COMPLEXITY TESTS), the test is only suitable for a certain subset of testing companies.
I still hold the belief that with the conservative nature of the management of $ABMC that there is a good reason to take on this particular PCR test.
So I did not expect a "surge" in orders as the Healgen test provided. But it does offer a broader selection of tests the company can offer.
Q3 filing is any day now. Us longs will know if the long wait and our patience is validated.
Great breakdown #geocam. $ABMC had a nice day of accumulation today.
Earnings will be out any day. Expected to be very positive with the sales of the Healgen rapid test.
$ABMC Q3 earnings are expected by Monday. With Q2 showing a huge turn around for the company and June alone carrying the load with the first full month of Covid-19 test kit sales, July-Sept should be blowout numbers for this company.
Management is ultra conservative, uses GAAP accounting and no dilution.
I track 38 Covid-19 testing companies, $ABMC has by far the best opportunity for 50-100%+ gain potential.
For the last 30D chart, only 5 large cap and one OTC has a chart with a strong upward trend.
Healgen rapid test they distribute is still one of the most reliable worldwide.
Now with sales beginning for the $CODX - PCR Logix Smart Covid-19 tests they will have both the rapid test and lab based PCR market covered.
Good luck longs.
Of my list of 38 Covid-19 testing companies, $ABMC has by far the best opportunity for 50-100%+ gain potential.
For the last 30D chart, only 5 large cap and one OTC has a chart with a strong upward trend.
Of the 38 companies I am tracking $ABMC is often a top daily percent gainer.
Healgen rapid test they distribute is still one of the most reliable worldwide.
Now with sales beginning for the CODX PCR Logix Smart Covid-19 tests they will have both the rapid test and lab based PCR market covered.
Q3 earning due by Monday is possibly a record breaking quarter for revenues.