AKR.L Regulatory News (AKR)

27 May 2005 07:00

Akers Biosciences, Inc.27 May 2005 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued 129,765shares to Platinum Partners Value Arbitrage Fund, L.P. ("Platinum"). Thecurrent transaction results from an agreement the Company entered into with twoinvestors on 11 March 2005. The funds referred to represent the conversion byPlatinum of $100,000 of principal of their note, as well as accrued interest of$1,217 of accrued interest. The Company also announces that as a result of the same agreement referred to inthe preceding paragraph, it has issued 127,570 Common Shares, at no par value,to DKR SoundShore Oasis Holding Fund Ltd. ("DKR"), Platinum's co-investor, inconsideration for the conversion of $100,000 of the principal of their note. The transactions provide $210,217 of permanent equity through the issue of257,335 shares of common stock ("Common Shares"), at no par value, at $.78(£0.43 per share). Following these conversions, the outstanding principal amount of the notes hasbeen reduced to $1,443,991. For the purpose of this announcement, the exchange rate used is £1:$1.83. Application has been made to the London Stock Exchange for the 257,335 CommonShares to be admitted to trading, such admission expected to take place on 2June 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