9 Jan 2015 07:00
Embargoed: 0700hrs 9 January 2015
Akers Biosciences, Inc.
Incentive Stock and Award Plan
& Directors' Shareholdings
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), (the "Company"), a leading designer and manufacturer of rapid diagnostic screening and testing products, announces that on January 9, 2015, the board of directors approved an amended and restated 2013 Incentive Stock and Award Plan (the "Plan"), whereby the number of shares available for issuance pursuant to the Plan increased by 400,000 shares of the Company's common stock.
The Plan is intended to attract and retain certain directors, officers, consultants or other persons whose services are considered valuable to the Company. It is intended that, pursuant to the Plan, Stock Options or Restricted Stock (as defined in the Plan) may in the future be awarded to qualifying individuals with the conditions set by the Company's Compensation Committee.
Full details of the Plan are set out in the Form 8-K which is available on the Company's website www.akersbiosciences.com or at www.sec.gov.
Pursuant to the Plan, on January 9, 2015, the Company allocated for issuance an aggregate of 190,000 shares of the Company's restricted common stock, of no par value per share ("Restricted Stock"), to be issued to certain officers and directors (the "Grantees") for services rendered and to be rendered to the Company. Following issuance of the Restricted Stock the Grantees shall have the rights of a stockholder subject to the non-transferability and forfeiture restrictions of those certain lock up agreements (the "Lock Up Agreements") detailed in the Form 8-K available on the Company's website. Among other restrictions, the Grantees' Restricted Stock may not be transferred until January 1, 2017 and are subject to recoupment by the Company in full should the Grantee be terminated for cause or no longer be in service to the Company on January 1, 2017.
As a result of the allocation of Restricted Stock, the Company sets out below the changes in the directors' interests in the Company:
Director | Number of Common Shares held prior to the allocation of Restricted Stock | Number of shares held after the allocation of Restricted Stock | Number of Stock Options held | Percentage of total outstanding shares (excluding unexercised Stock Options) |
Thomas J. Knox | 358,150 | 408,150 | 20,000 | 8.14 % |
Brandon Knox | 48,076 | 83,076 | 20,000 | 1.66 % |
Raymond F. Akers Jr.* | - | 70,000 | 40,000 | 1.40 % |
Gavin Moran | - | 35,000 | 20,000 | 0.70 % |
*On January 9, 2015, Raymond F. Akers Jr. gifted his 70,000 shares (the "Trust Shares") of Restricted Stock to the Akers Family Trust. Following this gift, Raymond F. Akers, Jr. does not directly own any shares of the Company, but has a beneficial interest under the AIM Rules of the 70,000 shares disclosed above by virtue of his wife being a trustee of the Akers Family Trust. The Trust Shares are subject to a lock up agreement whereby such shares cannot be sold prior to January 1, 2020.
Following the allocation of Restricted Stock, there will be 5,203,352 Common Shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
ABOUT AKERS BIOSCIENCES, INC.
Akers Biosciences develops, manufactures, and supplies rapid, point of care screening and testing products designed to bring healthcare information both rapidly and directly to the consumer or healthcare provider. 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 products 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 on our website 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
RedChip Companies, Inc. (US Investor Relations)
Jon Cunningham
Tel. +1 407 644 4256 x107
finnCap (UK Nominated Adviser and Broker)
Geoff Nash / Scott Mathieson (Corporate Finance)
Steve Norcross (Broking)
Tel: +44 (0)20 7220 0500
Vigo Communications (UK Investor Relations)
Ben Simons / Alexandra Roper
Tel. +44 (0)20 7016 9570
Email. akers@vigocomms.com