AKR.L Regulatory News (AKR)

5 Oct 2005 06:00

Embargoed: 05 October 2005, 07:00hrs Akers Biosciences Inc. ("Akers" or the "Company") Trading and Financing Update Akers Biosciences, Inc. (LSE: AKR) is pleased to announce that it has receivedan initial $2.1million order for its Tri-Cholesterol Check rapid homecholesterol test panel from its key US retail partner, Alco Industries("Alco"). The Company and Alco plan to introduce this product to US retailmarkets in the fourth quarter of 2005.In addition, the Company is pleased to announce that the positive growth trendin the placement of its PIFA Heparin/PF4 test has continued, with over 165hospitals now using the product.As a result of this activity, and the likelihood of increasing future ordersfor these and other products, the Company is putting into action plans toincrease its manufacturing capabilities and product inventories. The Company ispleased to announce that it has acquired a debt facility with a fund managed bySouthridge Capital Management LLC ("SCM"), of Ridgefield, Conn., USA, for theamount of $2.5million to accommodate this expansion. The Company may utilize anadditional $2.5million at its sole discretion.The debt facility has been structured as a convertible debenture, and bearssimple interest accruing at the annual rate of 9%. The debenture may be repaidby the Company or converted into the Company's common stock under certain termsand conditions. The debenture may be converted by SCM at a conversion price of1GBP per share.In addition, the Company has issued warrants to purchase additional shares ofthe Company's common stock to SCM with an exercise price of 80p.For the purpose of this announcement, the exchange rate used is ‚£1:$1.82.The Company is required to cause the total number of shares which could beissued (1,800,000), assuming conversion of the entire debenture and exercise ofthe warrants, to be admitted to trading. Application will be made to the LondonStock Exchange for 1,800,000 common shares (nil par value) to be admitted totrading, such admission expected to take place on 12 October, 2005. The shares,when issued, will rank pari passu with the Company's shares already in issue.Any shares not converted will be returned to the Company's treasury.Enquiries:Dr. Raymond Akers Chief Executive Officer, 020 7917 9476 Akers Biosciences, Inc. Paul Freedman Chief Financial Officer, 001 856 848 8698 Akers Biosciences, Inc. Bill Roberts CTC, Inc. 001 937 434 2700 Ben Simons Hansard Communications 020 7245 1100/07713090135 Akers Biosciences, Inc. develops, manufactures, and supplies rapid, point ofcare screening and testing products designed to bring healthcare informationboth rapidly and directly to the patient or healthcare provider. The Companyhas advanced the science of diagnostics while responding to major shifts inhealthcare through the development of several proprietary platformtechnologies. The Company's state-of-the-art rapid diagnostic assays can beperformed virtually anywhere in minutes when time is of the essence. Akers hasaligned with major healthcare companies and high volume medical productsdistributors to maximize product offerings, and to be a major worldwidecompetitor in diagnostics. Additional information on the Company and itsproducts can be found at www.akersbiosciences.com.ENDAKERS BIOSCIENCES INC