Akers Biosciences, Inc. Acquires Assets Of WNCK, Inc.
THOROFARE, N.J., Feb. 28 /PRNewswire-FirstCall/ -- Akers Biosciences, Inc. is pleased to announce that it has successfully completed the acquisition of the assets of WNCK, Inc. of The Woodlands, Texas. The company will pay $410,000 in cash and provide 125,000 shares in addition to other considerations for the assets of WNCK. The total value of the acquisition is approximately $563,000. Akers expects the acquisition costs to be recouped within 18 months through increased margins and greater unit sales.
WNCK is the leading distributor of disposable alcohol breathalyzers in the U.S. Its Breath Scan product line has been one of the industry standards for the past 15 years. WNCK's customer base includes law enforcement agencies, retail chains, and the U.S. military. Akers has been the sole manufacturer of WNCK's products for the past 5 years.
Akers will benefit from the acquisition by immediately gaining a significant increase in the margins for its Breath Scan product line and through additional direct distribution channels for its alcohol breathalyzers. In addition to enhancing profits from the day of acquisition, the transaction makes Akers Biosciences the leader in portable alcohol breathalyzers in the U.S., as well as offering significant cost savings from the integration of WNCK's operation into Akers.
The acquisition will give The Company access to a broader client base. This is especially important in view of the rapidly expanding market resulting from new Coast Guard regulations and military programs that calls for the use of breathalyzers.
Dr. Ray Akers, CEO of Akers Biosciences, Inc. said, "We are very pleased to add the highly established Breath Scan product line of WNCK to our Breath Alcohol Check line of alcohol breathalyzers. Together, Akers and WNCK will command a strong presence in the market place. We have been very successful at organically growing our own business, and welcome the opportunity to enhance this complementary product line. We are confident that the Breath Scan products will make a positive financial contribution to our Company in the current year."
Akers Biosciences, Inc. develops, manufactures, and supplies rapid, point of care screening and testing products designed to bring healthcare information both rapidly and directly to the patient or healthcare provider. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. Akers has aligned with major healthcare companies and high volume medical products distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics. Additional information on the Company and its products can be found at www.akersbiosciences.com.
Contact: Bill Roberts CTC, Inc. 937-434-2700Akers Biosciences, Inc.
CONTACT: Dr. Raymond Akers, Chief Executive Officer, or Paul Freedman,Chief Financial Officer, both of Akers Biosciences, Inc., +1-856-848-8698;or Bill Roberts of CTC, Inc., +1-937-434-2700, for Akers Biosciences, Inc.;or Ben Simons of Hansard Communications, +020-7245-1100, for AkersBiosciences, Inc.
Web site: http://www.akersbiosciences.com/