CLEVELAND, July 21 OH-DATATRAK-retains
CLEVELAND, July 21 /PRNewswire-FirstCall/ -- DATATRAK International, Inc.
(Nasdaq: DATA), a technology and services company focused on global eClinical
solutions for the clinical trials industry, today announced it has retained
Healthcare Growth Partners, LLC (HGP) as a strategic and financial advisor to
assist the Board of Directors in evaluating a variety of potential
opportunities directed at maximizing shareholder value. These potential
opportunities may include, but are not limited to, a sale, merger or other
business combination of the Company; strategic partnerships or alliances; or
the raising of additional capital, should the Company determine it is in the
best interest of its shareholders to continue as a stand alone entity. HGP
focuses exclusively on healthcare technology and related service-based
organizations, providing strategic, operational and transaction advisory
services to small and mid-sized healthcare companies. Additional information
on HGP can be found on their web site at www.healthcaregrowth.com .
"Over the past year we have focused on stabilizing our business through
the optimization of our expense levels and staffing, while simultaneously
continuing to advance our technology platform as we position our Company to
capitalize on the advantages of our unique single user interface and database
architecture," stated Dr. Jeffrey A. Green, Chief Executive Officer of
DATATRAK International, Inc. "We believe the maturation of this industry
towards a single platform approach will eventually be realized because this
creates optimum efficiencies for clinical trial sponsors and contract research
organizations."
Green continued, "While efforts are ongoing to maximize operational
efficiencies, we believe it is appropriate to take additional steps at this
time to evaluate a variety of possible strategic options with the primary
objective of enhancing shareholder value. In particular, HGP will help us
investigate and determine the value large healthcare technology or other
clinical trials-related companies might see in DATATRAK to leverage our
presence, experience, and products in this market. We will make every effort
to complete this review as timely as possible and will focus on executing our
current business plan while simultaneously working closely with HGP. DATATRAK
intends to disclose developments regarding the exploration of strategic
options only if and when the Board of Directors has approved a specific course
of action. There is no assurance that this process will result in any
specific transaction or in any changes to the Company's current direction."
About DATATRAK International
DATATRAK International, Inc. is a worldwide technology company focused on
the provision of multi-component eClinical solutions and related services for
the clinical trials industry. The Company delivers a complete portfolio of
software products that were created in order to accelerate clinical research
data from investigative sites to clinical trial sponsors and ultimately the
FDA, faster and more efficiently than manual methods or loosely integrated
technologies. The DATATRAK eClinical(TM) software suite can be deployed
worldwide through an ASP offering or in a licensed Enterprise Transfer ASP
model that fully empowers clients to design, set up and manage their clinical
trials independently. The DATATRAK software suite and its earlier versions
have successfully supported hundreds of international clinical trials
involving thousands of clinical research sites and encompassing tens of
thousands of patients in 59 countries. DATATRAK International, Inc.'s product
suite has been utilized in some aspect of the clinical development of 16
separate drugs and one medical device that have received regulatory approval
from either the United States Food and Drug Administration or counterpart
European bodies. DATATRAK International, Inc. has offices located in
Cleveland, Ohio and Bryan, Texas. Its common stock is listed on the NASDAQ
Stock Market under the ticker symbol "DATA". Visit the DATATRAK
International, Inc. web site at www.datatrak.net .
Except for the historical information contained in this press release, the
statements made in this release are forward-looking statements. These forward-
looking statements are made based on management's expectations, assumptions,
estimates and current beliefs concerning the operations, future results and
prospects of the Company and are subject to uncertainties and factors
(including those specified below) which are difficult to predict and, in many
instances, are beyond the control of the Company. Factors that may cause
actual results to differ materially from those in the forward-looking
statements include the limited operating history on which the Company's
performance can be evaluated; the ability of the Company to continue to
enhance its software products to meet customer and market needs; fluctuations
in the Company's quarterly results; the viability of the Company's business
strategy and its early stage of development; the timing of clinical trial
sponsor decisions to conduct new clinical trials or cancel or delay ongoing
trials; the Company's dependence on major customers; government regulation
associated with clinical trials and the approval of new drugs; the ability of
the Company to compete in the emerging EDC market; losses that potentially
could be incurred from breaches of contracts or loss of customer data; the
inability to protect intellectual property rights or the infringement upon
other's intellectual property rights; the Company's success in integrating its
acquisition's operations into its own operations and the costs associated with
maintaining and/or developing two product suites; and general economic
conditions such as the rate of employment, inflation, interest rates and the
condition of capital markets. This list of factors is not all-inclusive. In
addition, the Company's success depends on the outcome of various strategic
initiatives it has undertaken, all of which are based on assumptions made by
the Company concerning trends in the clinical research market and the health
care industry. The Company undertakes no obligation to update publicly or
revise any forward-looking statement whether as a result of new information,
future events or otherwise.
SOURCE DATATRAK International, Inc.
