27 Oct 2008 07:00
Embargoed: 0700hrs, 27 October 2008
Akers Biosciences Inc.
("ABI" or the "Company")
Directorate Change
Akers Biosciences, Inc (AIM: AKR), a leading designer and manufacturer of rapid diagnostic screening and testing products, is pleased to announce the appointment of Charles Bunker to its Board as a non-executive Director with immediate effect.
Charles Spencer Bunker (57) is a Chartered Accountant with over 25 years of experience as a corporate financier. As a founding member of Kerburn Rose, an independent corporate finance house, he has made a significant contribution to the value enhancement of a number of businesses across a range of sectors. He is a former Chairman of the Board of Governors of the European Business School and of Regent's College, the UK based American college. He has a personal interest in the healthcare sector in which ABI is involved, having served as a non-executive Director of both a leading NHS Trust and Health Authority.
Current directorships/partnerships:
Burnash LLP (Dormant)
Ashgreen Hotels Limited
Ellax plc (Dormant)
Kerburn Rose Capital Limited
Kerburn Rose LLP
Xella Limited (not trading)
JS Lister Limited -Eire
Beemount Properties Limited -Eire
Welding Products Limited -Eire
Zuvrida Company Limited -Eire
Simpatico Limited -Eire
Previous directorships/partnerships:
Lion Capital Partners Limited
Charles Bunker was appointed a director of Lion Capital Partners Limited on 20 June 2005. At an extraordinary general meeting of shareholders, the board of directors resolved on 27 July 2005, that Bank of Scotland should appoint a receiver. The Statement of Affairs detailed an estimated shortfall to creditors of £139,000.
Charles Bunker was appointed a director of Drings of Bath plc ("Drings") on 28 June 1996 and resigned as a director on 11 June 1998. An administrative receiver was appointed on 20 October 1998 and Drings was put into creditors' voluntary liquidation at which time there was an estimated shortfall to creditors of £840,000.
On 22 May 2002 ABI granted Kerburn Rose Capital Limited warrants to subscribe for 378,750 shares of common stock in the capital of ABI at £1.36 pence per share at any time through to 22 May 2009. Charles Bunker is a majority shareholder and director of Kerburn Rose Capital Limited.
On the 1 February 2008 Charles Bunker was granted warrants to subscribe for 50,000 shares of common stock in the capital of ABI at 12.25 pence per share at any time through to 31 January 2013.
There are no further disclosures to be made in accordance with Schedule 2(g) of the AIM Rules.
In addition, ABI also announces that David Wilbraham, non-executive Chairman of the Company, will be retiring from the Board of ABI with effect from today. David has been a non-executive Director of ABI since its flotation in 2002, and non-executive Chairman since 2003.
Edward Mulhare, currently a non-executive Director of the Company, will immediately become non-executive Chairman. Edward has vast experience of company directorship in the USA, where ABI predominantly operates, having served on the Boards of fifteen companies including Aldila, Inc., Truck Components, Inc., PanAmerican Diamond Co., McGraw Industries, Inc., and American Silver Co. He served as the Chairman of the Board and Chief Executive Officer of Merrill Lynch Interfunding, Inc. which managed a $1.6 billion leveraged acquisition portfolio. In addition, he has served as Executive Vice President of Republic National Bank of New York and Vice President of Prudential Insurance Co.
Thomas A. Nicolette, President and Chief Executive Officer of ABI, said,
"We are delighted to welcome Charles Bunker to the Board. We look forward to benefitting from his extensive financial experience in the UK where the Company is seeking to increase its product penetration over the coming months and years.
I would also like to take this opportunity, on behalf of the entire Board, to thank David Wilbraham for his tremendous contribution to the development of the Company and wish him well in retirement."
For further information please contact:
Thomas A. Nicolette
President & CEO
Tel. +1 856 848 8698
Alasdair Younie
Arbuthnot Securities Limited
Tel. +44 (0)20 7012 2139
Ben Simons or Eleanor Williamson
M: Communications
Tel. +44 (0) 20 7153 1540