Issue of Shares

12 May 2005 12:13

Akers Biosciences, Inc.12 May 2005 Akers Biosciences, Inc. Issue of Shares Akers Biosciences, Inc. ("the Company") today announces it has issued shares toPlatinum Partners Value Arbitrage Fund, L.P. ("Platinum"). The currenttransaction results from an agreement the Company entered into with twoinvestors on 11 March 2005. The funds referred to below represent theconversion by Platinum of $600,000 of principal of their note, as well as $5,836of accrued interest. The Company also announces that as a result of the same agreement referred inthe preceding paragraph, it has issued 212,008 Common Shares, at no par value,to DKR SoundShore Oasis Holding Fund Ltd. ("DKR"), Platinum's co-investor, inconsideration for the conversion of $150,000 of the principal of their note. The transactions provide $755,836 of permanent equity through the issue of1,081,212 shares of common stock ("Common Shares"), at no par value, at $.70(£0.37 per share). Following these conversions, the outstanding principal amount of the notes havebeen reduced to $1,643,991. In addition, the Company announces that as a result of an adjustment to theconversion price of the shares previously issued to Brittany Capital ManagementLLC ("Brittany"), in return for their conversion of principal and interest, ashad been announced on 16 February 2005, an additional 51,884 Common Shares havebeen issued to Brittany. The adjusted per share price for that transaction is$.92 (£0.49) per share. For the purpose of this announcement, the exchange rate used is £1:$1.88. Application has been made to the London Stock Exchange for the 1,133,096 CommonShares to be admitted to trading, such admission expected to take place on 16May 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