Akers Biosciences, Inc.

Biotech company announces cancellation of shares

Published in Lab Business Week, January 12th, 2004

Akers Biosciences, Inc., announced the placing of 1,361,500 shares of common stock, no par value, which resulted in the raising of approximately UKP 590,000 before expenses.

The majority of the funds so raised were to be used to repay the outstanding balance (both principal and interest) of a previously announced loan from Tundra Management, Ltd.

The company demanded that 2,800,000 of the company's common shares, that had been pledged as collateral for the loan, be returned to the company in exchange for the aforementioned funds by December 12, 2003.

In as much as Tundra has failed to deliver the share collateral, as demanded, the...

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Source: Lab Business Week (2004-01-12)

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