THOROFARE, N.J., May 16, 2014 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (Nasdaq:AKER) (LSE:AKR), (the "Company" or "ABI"), a leading designer and manufacturer of rapid diagnostic screening and testing products, entered into an agreement (the "Agreement") with Jai Capital LLC ("Jai"), a Nevada company specializing in market development, distribution, and joint ventures of medical devices in India, to market the Company's PIFA Heparin/Platelet Factor-4 Rapid Assay, PIFA Dengue Assay, Battlefield Blood Transfusion Card and Tri-Cholesterol rapid tests.
Under the terms of the Agreement Jai, which has an extensive network of contacts throughout India, is expected to immediately begin marketing the Company's tests to the Indian military and to potential Indian diagnostic partners. The strategy is two-fold: since the Indian military is able to purchase products based on their own evaluations without further governmental approvals, initial marketing efforts by Jai are expected to focus on the sale of these products directly to the military, of which there are over two million active or reserve members of the Army section alone. Limited initial sales to the military are expected to enable the military to carry out evaluations of the products. The Directors believe that military approval, if obtained, is likely to occur in the second half of the current financial year.
Secondly, Jai will seek to forge one or more strategic partnerships with Indian medical diagnostic companies. It is the Directors' opinion that, if formed, these partnerships may help to facilitate a faster approval process for the Company's tests with the Indian Government and as such it is expected that the approval process will start in due course in the event that such strategic partnerships are formed. Unlike with the military, these approvals are necessary to sell the Company's products into the insurance and medical marketplaces in India.
"India is one of the fastest growing major economies in the world and an important market for ABI to penetrate," said Raymond F. Akers Jr., Ph.D, Executive Chairman. "Identifying the right partner to represent the Company's products in complex markets like India is of upmost importance," continued Dr. Akers. "We have been impressed with Jai's track record of partnering US firms with Indian medical distributors and military forces and look forward to working with them to bring healthcare improvements to the Indian market through the introduction of certain of ABI's rapid testing solutions."
ABOUT AKERS BIOSCIENCES, INC.
Akers Biosciences develops, manufactures, and supplies rapid, point of care screening and testing products designed to bring healthcare information both rapidly and directly to the consumer 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. The Company 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 on our website at www.akersbiosciences.com. Follow us on Twitter @AkersBio.
Cautionary Statement 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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Akers Biosciences, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
CONTACT: For more information: Raymond F. Akers, Jr. PhD Executive Chairman of the Board Akers Biosciences, Inc. Tel. +1 856 848 8698 Brendan Hopkins RedChip Companies, Inc. (US Investor Relations) Tel. +1 407 644 4256 x134 Antony Legge / Emma Earl Daniel Stewart (Nomad and Broker) Tel. +44 (0)20 7776 6550 Ben Simons / Alexandra Roper Vigo Communications (UK Investor Relations) Tel. +44 (0)20 7016 9570 firstname.lastname@example.org
Source:Akers Biosciences, Inc.