AKR.L Regulatory News (AKR)

16 Feb 2005 17:22

Akers Biosciences, Inc.16 February 2005 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued shares toBrittany Capital Management Limited ("Brittany"), a fund advised by SouthridgeCapital Management LLC ("SCM"). The current transaction results from anagreement the Company entered into with Brittany on 30 November 2004. The fundsreferred to below represent the conversion of $300,000 of principle of the note,along with accrued interest of $4,702 (at 8%, annually). The funds raised as aresult of this transaction are being used by the Company to exploit theircurrent commercial opportunities. The transaction provides $304,702 of permanent equity through the issue of280,729 shares of common stock ("Common Shares"), at no par value, at $1.08(£0.58 per share). For the purpose of this announcement, the exchange rate used is £1:$1.87. Application has been made to the London Stock Exchange for the 280,729 CommonShares to be admitted to trading, such admission expected to take place on 21February 2005. Contact Paul B. Freedman - 001 856 848 2116. END This information is provided by RNS The company news service from the London Stock Exchange