Akers Biosciences, ChubeWorkx settle lengthy legal dispute

19th Aug 2016 12:18

(ShareCast News) - Akers Biosciences has reached a settlement agreement with former distributor ChubeWorkx Guernsey Ltd, allowing it to recover $1.25m in product and cash and end a lengthy legal dispute between the pair.ChubeWorkx would recover what it was owed from a promissory note by taking delivery of $0.75m of BreathScan alcohol detectors. It would re-sell these. ChubeWorkx would also receive $0.5m cash.Settlement of the legal dispute would allow Akers to sell its breath tests globally, having regained certain rights from ChubeWorkx, which would receive a 5% gross revenue royalty up to $5m.At 12:34 BST, shares in Akers were up 5.44% to 242.5p.