20 Jun 2018 07:22
June 20, 2018
Akers Biosciences, Inc.
Form 8-K Filing
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers Bio" or the "Company"), a developer of rapid health information technologies, announces that the Company has filed a Form 8-K with the US Securities and Exchange Commission stating that on June 18, 2018 the Audit Committee of the Board of Directors (the " Audit Committee ") was advised by the Company's independent registered public accounting firm, Morison Cogen LLP (" Morison "), that the following previously filed financial statements of the Company should not be relied upon:
(i) The Company's audited consolidated financial statements for the fiscal year ended December 31, 2017, contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, originally filed with the Securities and Exchange Commission (" SEC ") on April 3, 2018 (the " Annual Report "),
(ii) The Company's unaudited financial statement for the quarterly period ended September 30, 2017, contained in the Company's Quarterly Report on Form 10-Q, originally filed with the SEC on November 14, 2017 (the " Q3 Report "); and
(iii) The Company's unaudited financial statement for the quarterly period ended June 30, 2017, contained in the Company's Quarterly Report on Form 10-Q, originally filed with the SEC on August 14, 2017 (the " Q2 Report ", which along with the Q3 Report and the Annual Report are referred to herein as the " Reports ").
Subsequent to the filing of the Annual Report certain information came to the attention of the Audit Committee that certain 2017 revenue transactions did not qualify for revenue recognition under generally accepted accounting principles. The Audit Committee is overseeing an investigation of these matters with assistance of Morison, outside counsel and forensic accountants.
The Company will, as soon as is practicable, make the appropriate adjustments to the above referenced Reports by filing with the SEC and AIM amendments to the Reports which, in each case, will include restated consolidated financial statements and notes thereto and any other appropriate revisions.
The Company is currently unable to quantify the level of recognisable revenues for the periods covered in these Reports, however it is expected that revenues will be lower than previously reported and losses for these periods will be greater. The Company will announce an update when appropriate. The Company's cash position and future prospects remain unaffected by the revenue recognition work currently being undertaken.
The Company expects to publish a revised set of audited financials and is seeking to do so and to post these accounts to shareholders as soon as possible. It is possible that the Company may not be able to do this by June 30, 2018, in which case the Company's shares would be suspended from trading on AIM, pursuant to Rule 19 of the AIM Rules for Companies until such time that the revised audited financials are made available to shareholders.
A copy of the Form 8-K is available to view on Akers Bio's website at www.akersbio.com or on www.sec.gov.
For more information:
Akers Biosciences, Inc.
John J. Gormally, Chief Executive Officer
Tel. +1 856 848 8698
finnCap (UK Nominated Adviser and Broker)
Adrian Hargrave / Scott Mathieson (Corporate Finance)
Steve Norcross (Broking)
Tel. +44 (0)20 7220 0500
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7390 0231
Email: akers@vigocomms.com
About Akers Biosciences, Inc.
Akers Bio 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.akersbio.com. Follow us on Twitter @AkersBio.
Cautionary Statement Regarding Forward Looking Statements
This Current Report on Form 8-K, the press release included herein, and any statements of representatives and partners of the Company related thereto contain, or may contain, among other things, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results (including, without limitation the timing for and results of the Company's pending restatement, including the actual amounts deferred and recognized once such amounts are subject to audit) may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.