Issue of Equity

23 Jun 2005 15:12

Akers Biosciences, Inc.23 June 2005 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued 30,112shares 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 $24,000 of principal of their note, as well as $391 of accruedinterest. The transaction provides $24,391 of permanent equity through the issue of 30,112shares of common stock ("Common Shares"), at no par value, at $.81 (£0.45 pershare). Following these conversions, the outstanding principal amount of the notes hasbeen reduced to $1,419,991. For the purpose of this announcement, the exchange rate used is £1:$1.82. Application has been made to the London Stock Exchange for the 30,112 CommonShares to be admitted to trading, such admission expected to take place on 29June 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