CLEVELAND, Aug. 22 /PRNewswire-FirstCall/ -- DATATRAK International,
Inc. (Nasdaq: DATA), a technology and services company focused on global
eClinical solutions for the clinical trials industry, today announced that
it received a letter from The Nasdaq Stock Market ("Nasdaq"), dated August
18, 2008, notifying the Company that it does not currently comply with
Nasdaq Marketplace Rule 4310(c)(3), which requires the Company to have, for
continued listing on The Nasdaq Capital Market, a minimum of $2,500,000 in
stockholders' equity or market value of $35,000,000 of listed securities or
$500,000 of net income from continuing operations for the most recently
completed fiscal year or two of the three most recently completed fiscal
years. Accordingly, the Nasdaq staff is reviewing the Company's eligibility
for continued listing on the Nasdaq Capital Market.
In order to facilitate its review, Nasdaq has requested that the
Company provide, on or before September 3, 2008, a specific plan on how it
will achieve and sustain compliance with all Nasdaq Capital Market listing
requirements. The Company intends to timely file this plan with the Nasdaq
staff. If, after the conclusion of its review process, the Nasdaq staff
determines that the Company has not presented a plan that adequately
addresses the issues noted in its letter dated August 18, 2008, then the
Nasdaq staff will provide the Company with written notification that its
common shares will be delisted from the Nasdaq Capital Market. At that
time, the Company may appeal the decision to delist its common shares to a
Nasdaq Listing Qualifications Panel.
About DATATRAK International, Inc.
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. DATATRAK's eClinical software suite can be
deployed worldwide through an ASP offering or in a licensed Enterprise
Transfer model that fully empowers its clients. 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 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; delisting of the
Company's common shares from the Nasdaq Capital Market; 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/
CONTACT:
Jeffrey A. Green, Pharm.D., FCP, Chief
Executive Officer, x112, or Ray Merk, Chief Financial Officer,
x181, both of DATATRAK International, Inc., +1-440-443-0082; or
Neal Feagans, Investor Relations of Feagans Consulting, Inc.,
+1-303-449-1184
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