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Continued Progress Toward Positioning the Company for Strategic Alternatives
THOROFARE, N.J., May 20, 2019 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (NASDAQ: AKER) (“Akers Bio” or the “Company”), a developer of rapid health information technologies, reported its financial results for the three months ended March 31, 2019.
At March 31, 2019, Akers Bio had cash, restricted cash and marketable securities of $5.23 million.
During the fourth quarter of 2018, the Board of Directors initiated a process to evaluate strategic alternatives to maximize shareholder value. The process is ongoing and 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:
“During the three months ended March 31, 2019, our operating loss was $0.9 million, an improvement of just under $1.0 million, or 50%, as compared to the prior year quarter. This improvement was principally a result of efforts to streamline the Company’s operations, right size human resources and focusing on the most profitable products. Our recurring expenses are anticipated to be materially lower throughout the remainder of 2019, than the same period in 2018, as a result of these efforts.”
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 upon strategic alternatives that we believe will enhance shareholder value. This process began in November 2018 and the Board has been and is considering a range of potential strategic alternatives. 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.
Howard R. Yeaton, Chief Executive Officer and Interim Chief Financial Officer
Tel. +1 856 848 8698