Successful Outcome Of Litigation

9 Sep 2005 06:00

9 September 2005 Akers Biosciences, Inc. Successful Outcome of Litigation Akers Biosciences, Inc. vs. Tundra Management LTD. and Alliance Investment Management LTD. Thorofare, NJ, USA - September 9, 2005 Akers Biosciences, Inc. (LSE: AKR) isdelighted to announce the final conclusion to the legal matter, which had beenpending in the United States District Court, Southern District of Florida sinceFebruary, 2004.On September 1, 2005, after a jury trial lasting six days, a final judgment wasentered in the matter of Akers vs. Alliance, wherein "Judgment is herebyentered on behalf of Counter-defendant, Akers Biosciences, Inc., and againstthe counter-claimant, Alliance Investment Management, LTD. on all ofcounter-claimant's claims, and counter-claimant shall take nothing from thisaction."As a result, Akers Biosciences will recognize, as income in the current year,the $713,046, which is the amount of previously due loan plus all relatedinterest and costs, now annulled under the terms of the Court Order. -Ends- 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.comEnquires:Dr. Ray AkersChief Executive Officer,Akers Biosciences, Inc020 7917 9476Paul FreedmanChief Financial Officer,Akers Biosciences, Inc.001 856 848 698Ben SimonsHansard Communications020 7245 1100Xavier DeMolRobert W. Baird, Ltd.020 7667 8246ENDAKERS BIOSCIENCES INC