Akers Biosciences Reports Fiscal Year 2018 Earnings
02 April 2019 - 8:31AM
Ongoing Measures to Streamline
Operations, Reduce Costs
Akers Biosciences, Inc. (NASDAQ: 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.”
A Form 10-K containing the full financial
statements is available for viewing on the Company’s website at
www.akersbio.com or www.sec.gov.
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.
Inquiries:
Akers Biosciences, Inc.Howard R. Yeaton, Chief
Executive Officer and Interim Chief Financial OfficerTel. +1 856
848 8698
Vigo Communications (Global Public Relations)Ben
Simons / Fiona HensonTel. +44 (0)20 7390 0234Email:
akers@vigocomms.com
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