29 Dec 2010 07:00
0700hrs 29 December 2010
Akers Biosciences, Inc.
("ABI" or the "Company")
Product order for Tri-Cholesterol Tests for Middle East
Akers Biosciences, Inc (AIM:AKR), a leading designer and manufacturer of rapid diagnostic screening and testing products, announces a $1.65m order with Al Tadawi Medical Equip TR LLC ("Al Tadawi"), for ABI's Tri-Cholesterol "Check" tests.
This is the first significant order under the new distribution agreement with Al Tadawi, which spans the GCC Countries (Kuwait, Bahrain, Saudi Arabia, Qatar, United Arab Emirates and Oman) along with Iraq, Egypt and India, where Al Tadawi has identified a growing opportunity to supply ABI's Tri-Cholesterol "Check" tests, which the Directors believe to be the only rapid test to measure HDL, LDL and Total cholesterol levels. Under the distribution agreement Al Tadawi is also marketing ABI's flagship product, the PIFA Heparin/PF4 Rapid Assay, as well as the new PIFA Chlamydia Rapid Assay.
The deal is spread over three years in line with Al Tadawi's planned penetration into the GCC Countries. Recognition of revenues by ABI occurs up front on shipment of the product. It is intended that shipping will commence immediately and complete early in the new year.
Thomas A. Nicolette, Chief Executive of ABI, commented,
"This initial order for Tri-Cholesterol "Check" tests represents ABI's first substantial product sales to the Middle East, where there has shown to be demand for a rapid one-test solution for determining HDL, LDL and Total cholesterol levels that does not require a venipuncture blood-draw. We look forward to building on the relationship with Al Tadawi in the future."
Enquiries:
Thomas A. Nicolette
President and CEO
Tel. +1 856 848 8698
Ben Simons
M: Communications
Tel. +44 (0)20 7920 2340
Emma Earl
Daniel Stewart
Tel. +44 (0)20 7776 6550
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. ABI 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 at www.akersbiosciences.com