Continued Progress Toward Positioning the Company for Strategic Alternatives
THOROFARE, N.J., Aug. 15, 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 three and six months ended June 30, 2019.
At June 30, 2019, Akers Bio had cash, restricted cash and marketable securities of $4.39 million.
The Board of Directors’ process remains underway to evaluate strategic alternatives to maximize shareholder value. The Board has been and will continue to consider a range of potential strategic alternatives including, but not limited to, business combinations in alternative sectors including cannabis and hemp related industries that comply with NASDAQ’s listing requirements.
Howard R. Yeaton, Chief Executive Officer and Interim Chief Financial Officer, commented:
“I am pleased that we have significantly reduced our operating expenses and as of June 30, 2019, we have over $4.3 million in cash, restricted cash and marketable securities.”
Christopher C. Schreiber, Co-Lead Independent Director, said:
“The initiatives we have been undertaking are designed to put the Company in the strongest position possible from which to execute on strategic alternatives that we believe will enhance shareholder value. This process began in November 2018 and the Board has been and is continuing to evaluate a range of potential strategic alternatives and the regulatory environment therein. 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 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.