Ongoing Measures to Streamline Operations, Reduce Costs
and Position the Company for Strategic Alternatives
THOROFARE, N.J., April 01, 2019 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (AKER) (“Akers Bio” or the “Company”), a developer of rapid health information technologies, reported its financial results for the fiscal year ended December 31, 2018.
At December 31, 2018, Akers Bio had cash, restricted cash and marketable securities of $5.96 million, which the Company reports is sufficient to fund its obligations into 2020.
During the year, the Board of Directors initiated a process to evaluate strategic alternatives to maximize shareholder value. The process is ongoing and will consider a range of potential strategic alternatives including, but not limited to, business combinations in alternative sectors including cannabis related industries.
Howard R. Yeaton, Chief Executive Officer and Interim Chief Financial Officer, commented:
“Our focus throughout the latter part of 2018 and into 2019 has been on streamlining the Company’s operations, rightsizing human resources with a concentration on products which currently generate sales, cutting unnecessary corporate expense and resolving legacy issues. Significant professional costs, including audit, accounting and legal services, have been incurred in 2018 to support the execution of these initiatives; however, our recurring expenses are anticipated to be materially lower in 2019 as a result.”
Christopher C. Schreiber, Co-Lead Independent Director, said:
“All of these initiatives we have been undertaking are designed to put the Company in the strongest position possible from which to deliver a strategic alternative to enhance shareholder value. This process began in November and is considering a range of potential strategic alternatives including, but not limited to, business combinations in alternative sectors. The Board of Directors and Executives are working diligently towards delivering on this goal.”
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid, point-of-care screening and testing products designed to bring health-related information directly to the patient or clinician in a timely and cost-efficient manner.
Additional information on the Company and its products can be found at www.akersbio.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, compliance with the requirements of various regulatory agencies and certain NASDAQ Stock Market listing rules, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions, as they relate to the Company, its subsidiaries, or its management. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Akers Biosciences, Inc.
Howard R. Yeaton, Chief Executive Officer and Interim Chief Financial Officer
Tel. +1 856 848 8698
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7390 0234