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
http://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
http://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.
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Related links:
http://www.datatrak.net
http://www.healthcaregrowth.com
CONTACT:
Jeffrey A. Green, Pharm.D., FCP, Chief
Executive Officer, +1-440-443-0082 x112, or Ray Merk, Chief
Financial Officer, +1-440-443-0082 x181, both of DATATRAK
International, Inc.; or Neal Feagans, Investor Relations of
Feagans Consulting, Inc, +1-303-449-1184, for DATATRAK; or
Jonathan Phillips, Managing Director, +1-312-276-5180, or Jason
Baker, Managing Director, +1-312-276-5180, both of Healthcare
Growth Partners, LLC
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