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Notice of AGM & Directorate Changes

Fri, 14th Jul 2017 07:00

RNS Number : 0430L
Akers Biosciences, Inc.
14 July 2017

July 14, 2017

This announcement contains inside information

Akers Biosciences, Inc.

Notice of Annual General Meeting

&

Proposed Directorate Changes

Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), (the "Company" or "Akers Bio"), a developer of rapid health information technologies, announces that a notice convening an Annual General Meeting ("AGM") of the Company (the "Notice") will shortly be sent to all shareholders and will be available in the US SEC Filings section on the Company's website at www.akersbio.com.

The AGM will be held on August 7, 2017, at 4:00 P.M. EST at 50 South 16th Street, Suite 2710, Philadelphia, PA 19106, USA.

Among the proposals contained in the Notice are the nominations for election to the board of directors of three new non-executive directors, Bill J. White, Richard C. Tarbox III and Christopher C. Schreiber; together with the nomination for election to the board of directors of John J. Gormally, Chief Executive Officer. Currently, Mr. Gormally is not a director of the Company. The Notice also proposes that Raymond F. Akers Jr., a current executive director of the Company and its Vice Chairman, be re-elected as a director of the Company; and it is anticipated that Dr. Akers will become Executive Chairman upon his re-election as a director.

Thomas J. Knox., the current Non-executive Chairman of the Company; and Robert E. Andrews, Brandon Knox and Raza Bokhari, all non-executive directors of the Company, are not standing for re-election at the AGM and will retire from the board upon the election of the new directors. The board would like to place on record its thanks to the outgoing directors for their significant contributions to the development of the Company.

Biographies of the nominated new directors

John J. Gormally

Mr. Gormally has served as the Company's Chief Executive Officer since appointed to the position on November 16, 2015. Mr. Gormally has over 30 years of experience as a member of senior management in the healthcare industry. He joined Becton, Dickinson and Company ("Becton"), a medical technology company that manufactures and sells a range of medical supplies and diagnostic equipment, in 1978 as a senior sales representative. Mr. Gormally served in a wide range of positions with Becton through 2013, focusing primarily on commercialization of Becton's products and fostering sales growth. From 1999 to 2001, Mr. Gormally served as the Vice President of U.S. Sales and Operations for ConvaTec, a former division of Bristol-Myers Squibb Company. From 2001 to 2002, he served as the Vice President of Global Sales and Marketing for BEI Medical Systems Company, Inc., prior to rejoining Becton from 2002 to 2013. In 2013, Mr. Gormally founded Gormally Elite Medical LLC, a healthcare consulting firm that specializes in human resources and developing go-to-market commercialization strategies.

Mr. Gormally earned an undergraduate degree from DeSales University in 1978 and is currently an MBA candidate at Northeastern University.

Mr. Gormally was selected to serve on the board in part because of his significant experience of running companies operating in the medical device area.

Bill J. White

Mr. White has more than 30 years of experience in financial management, operations and business development. He currently serves as Chief Financial Officer, Treasurer and Secretary of Intellicheck Mobilisa, Inc., a technology company listed on the NYSE MKT. Prior to working at Intellicheck Mobilisa, Inc., he served 11 years as the Chief Financial Officer, Secretary and Treasurer of FocusMicro, Inc. ("FM"). As co-founder of FM, Mr. White played an integral role in growing the business from the company's inception to over $36 million in annual revenue in a five-year period. Mr. White has broad domestic and international experience including managing rapid and significant growth, import/export, implementing tough cost management initiatives, exploiting new growth opportunities, merger and acquisitions, strategic planning, resource allocation, tax compliance and organization development. Prior to co-founding FM, he served 15 years in various financial leadership positions in the government sector. Mr. White started his career in Public Accounting.

Mr. White holds a Bachelor of Arts in Business Administration from Washington State University and is a Certified Fraud Examiner.

Mr. White was selected to serve on the board in part because of his significant financial and accounting experience with public companies.

Richard C. Tarbox III

Mr. Tarbox III combines over 40 years of management experience in the medical device and diagnostics sector of the healthcare industry. Mr. Tarbox presently serves as a registered investment banker at Aquilo Partners, L.P., focusing his practice on the needs of clients in the life science tools and diagnostics sectors. Previously, he held executive roles, primarily in business development and operations management, with Becton Dickinson, Thermo Fisher Scientific, Cardinal Health, Baxter International Inc. and American Hospital Supply Corporation. He has also served a number of companies in the industry as an officer and member of the board of directors including: Alverix, Inc., as Chief Executive Officer and board member from 2010 to 2014, Quidel Corporation, as Chief Development Officer from 2007 to 2009, ClearData Networks, as Chief Operating Officer and a board member from 1999 to 2001, Bioseparations Inc., as Chief Executive Officer and a board member from 1995 to 1998, Metrika Laboratories, as a board member from 1994 to 1995, DenOptix, Inc., as a board member from 1995 to 1998 and Ostex International Inc., as Chief Operating Officer from 1992 to 1995. Mr. Tarbox currently serves as a member of the advisory boards of Qorvo Inc. and Safeguard Scientifics, Inc.

Mr. Tarbox is a graduate of the University of Washington, where he received his Bachelor's Degree in Clinical Psychology and the Kellogg School of Management at Northwestern University where he earned a Master's degree in Business Management.

Mr. Tarbox was selected to serve on the board in part because of his significant experience in the medical device and diagnostics industry, as well as his management experience.

Christopher C. Schreiber

Mr. Schreiber combines over 30 years of experience in the securities industry. As the Managing Director of Capital Markets at Taglich Brothers, Inc., Mr. Schreiber builds upon his extensive background in capital markets, deal structures, and syndications. Prior to his time at Taglich Brothers, he was a member of the board of directors of Paulson Investment Company, a 40-year-old full service Investment Banking firm. In addition, Mr. Schreiber serves has a director and partner of Long Island Express North, an elite lacrosse training organization for teams and individuals. He also volunteers on the board of directors for Fox Lane Youth Lacrosse, a community youth program.

Mr. Schreiber is a graduate of John Hopkins University, where he received his Bachelor's Degree in Political Science.

Mr. Schreiber was selected to serve on the board in part because of his significant experience in capital markets and knowledge of the Company.

AIM Rules disclosures

The following disclosures are required to be made in accordance with Rule 17, Schedule Two (g) of the AIM Rules for Companies in respect of the proposed appointments of John J. Gormally (aged 61), Billy Joe White (aged 56), Richard Carlyle Tarbox III (aged 65) and Christopher Charles Schreiber (aged 52).

Director

Current directorships

Directorships held in the last 5 years

John J. Gormally

Velano Vascular Inc

Board of Directors for Franciscan Sisters of the Poor

Gormally Elite Medical LLC

-

Bill J. White

-

MicroPhase Corp

Richard C. Tarbox III

-

Alverix Inc.

Aquilo Partners LP

Christopher C. Schreiber

-

Paulson Investment Company

Richard C. Tarbox III was a director of ClearDATA.net in 2000 when the company entered into the voluntary filing of Chapter 11. The company was subsequently reorganized and is presently trading as ClearDATA Networks, Inc.

John J. Gormally holds 30,000 shares in the Company representing approximately 0.34% of the Company's issued share capital.

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

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.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For more information:

Akers Biosciences, Inc.

John J. Gormally, Chief Executive Officer

Raymond F. Akers, Jr. PhD, Vice Chairman

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 7830 9704

Email: akers@vigocomms.com

This information is provided by RNS
The company news service from the London Stock Exchange
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