Akers Biosciences, Inc. To Increase Production Facilities More Than Eightfold To Meet Growing Demand
THOROFARE, N.J., Jan. 9 /PRNewswire/ -- Akers Biosciences, Inc. , developer, manufacturer, and supplier of rapid, point of care screening and testing products, announced plans to expand its manufacturing and production facilities from 5,000 sq. feet to 43,000 sq. feet. The Company will retain its New Jersey facility as a prototype manufacturing facility.
The Company accepted a letter of intent with the Puerto Rico Industrial Development Company ('PRIDCO') to locate 43,429.76 sq. feet of manufacturing and production facilities in Luquillo, Puerto Rico. The company intends to transfer its entire production capabilities, currently based in New Jersey, to the Luquillo facility, which should become operational during the second half of 2006. The move enables Akers Biosciences to meet the increased demand for its products, after the signing of a number of major distribution agreements and a strong influx of new orders, which would eventually outstrip the Company's current manufacturing facility.
In addition to enabling the Company to meet the rapidly growing demand for its products, the new facility will reduce overhead costs. Management also says the new facility will allow them to bring production now sub-contract in- house, assuring quality, while providing significant cost savings to the Company. Akers Biosciences expects to initially employ 35 at new facility with personnel additions to be made as the order flow grows.
The decision to move to the Luquillo facility was in great measure predicated on significant incentives from PRIDCO, which will provide assistance with workforce, facility, and taxes. The Company does not expect any significant changes to its cash flow as a result of the start-up of the facility.
Akers Biosciences Chief Executive Officer and President, Dr. Ray Akers, commented, "The move to a much larger facility is in response to both current and anticipated levels of demand for Akers Biosciences' products, in particular, the PIFA(R) Heparin/ Platelet Factor-4 Rapid Assay which is now being used in over 200 hospitals in the United States alone. We will also start placing the Tri-Cholesterol Check Assay in US retail stores in the first quarter of 2006. This move marks an exciting and significant milestone for Akers Biosciences, the transition towards high volume manufacturing."
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.
Contacts: Dr. Raymond Akers Chief Executive Officer, (856) 848 8698 Paul Freedman Chief Financial Officer, (856) 848 8698 Bill Roberts CTC, Inc. (937) 434 2700Akers Biosciences, Inc.
CONTACT: Dr. Raymond Akers, Chief Executive Officer, or Paul Freedman,Chief Financial Officer, of Akers Biosciences, Inc., +1-856-848 8698; orBill Roberts of CTC, Inc., +1-937-434 2700, for Akers Biosciences, Inc.
Web site: http://www.akersbiosciences.com//