6 Jul 2007 12:35
For immediate release: 6 July 2007
Akers Biosciences, Inc. ("Akers" or the "Company") Conversion of Loan Stock
Akers Biosciences, Inc. today announces that it has issued 557,000 shares of common stock at no par value ("Common Shares") to Brittany Capital Management Limited ("Brittany"), a fund advised by Southridge Capital Management LLC ("SCM"). The transaction results from an agreement entered into by the Company, SCM and Brittany at the end of May 2007 under which SCM refinanced existing convertible debt to the Company, and provided a new facility for up to an additional $1,000,000 in the second half of 2007 at an annual interest rate of 10 per cent (the "Agreement"). Under the terms of the Agreement, SCM is entitled to convert tranches of the debt into Common Shares up until 31 December 2008. The funds raised as a result of the Agreement are being used by the company to exploit their current commercial opportunities.
The transaction represents the conversion by Brittany of $30,000 of principal of the debenture, along with accrued interest and fees of $81,400. The transaction provides $111,400 of permanent equity through the issue of 557,000 Common Shares, at $0.20 (‚£0.10 per share).
There remains approximately $3.5 million of principal of this debenture outstanding to Brittany.
For the purpose of this announcement, the exchange rate used is ‚£1: $2.0167.
Application has been made to the London Stock Exchange for the 557,000 Common Shares to be admitted to trading, such admission expected to take place on July 11, 2007.
Enquiries:Thomas A. Nicolette
President, Akers Biosciences, Inc.
Tel. 001 856 848 2116Ben SimonsHansard GroupTel. 020 7245 1100Bertie ClaytonBridgewellTel. 020 7003 3000
AKERS BIOSCIENCES INC