11 May 2015 07:00
Embargoed: 0700hrs 11 May 2015
Akers Biosciences, Inc.
Claim Against ChubeWorkx Guernsey Limited
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers Bio" or the "Company"), a medical device company focused on reducing the cost of healthcare through faster, easier diagnostics, announced on March 23, 2015 that, on December 31, 2014, a promissory note in the principal aggregate amount of $1.48 million (the "Note") was issued to Akers Bio in exchange for the Company's open trade receivables from ChubeWorkx Guernsey Limited ("ChubeWorkx"), a significant shareholder of the Company. The Note is payable in sixty equal installments commencing January 1, 2015 and has an interest rate of 5 per cent per annum.
Although Akers Bio ultimately received the March 1, and April 1, 2015 installments, the Company has served a notice of default on ChubeWorkx for failure to pay either installment within the time period required by the Note. The Company alleges that ChubeWorkx, now being in default of the Note, is required to immediately satisfy all monies owed and outstanding on the Note (which now stands at $1.37 million).
Pursuant to the terms of the Note, in the event of default, the Company, at its sole discretion, has the right to require ChubeWorkx to transfer the legal and beneficial title to any and all common shares of Akers Bio ("Common Shares") owned by ChubeWorkx to satisfy the monies owed to the Company under the Note. To protect against ChubeWorkx's disposition of its Common Shares, the Company has filed a suit in the District Court of New Jersey, USA to enforce this remedy against ChubeWorkx as well as to prevent ChubeWorkx from selling its Common Shares to any third parties. The suit is pending and service of process has been undertaken against ChubeWorkx in Guernsey, Channel Islands.
Insofar as the Company is aware, ChubeWorkx, through Huntress (CI) Nominees Limited, currently holds 512,820 Common Shares in the Company, representing approximately 9.97 per cent of the issued common share capital.
Further updates will be provided when appropriate.
ABOUT AKERS BIOSCIENCES, INC.
Akers Biosciences develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be found at www.akersbiosciences.com. Follow us on Twitter @AkersBio.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Akers Biosciences, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
For more information:
Akers Biosciences, Inc.
Raymond F. Akers, Jr. PhD
Executive Chairman of the Board
Tel. +1 856 848 8698
finnCap (UK Nominated Adviser and Broker)
Geoff Nash / Scott Mathieson (Corporate Finance)
Steve Norcross (Broking)
Tel. +44 (0)20 7220 0500
Taglich Brothers, Inc. (US Investor Relations)
Chris Schreiber
Tel. +1 917 445 6207
Vigo Communications (UK Investor Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7016 9570
Email: akers@vigocomms.com