DATATRAK International, Inc. Announces Plans to Deregister Its Common Shares
03 Août 2009 - 10:30PM
PR Newswire (US)
CLEVELAND, Aug. 3 /PRNewswire-FirstCall/ -- DATATRAK International,
Inc., a technology and services company focused on global eClinical
solutions for the clinical trials industry, today announced that it
intends to file a Certificate and Notice of Termination of
Registration on Form 15 with the Securities and Exchange Commission
("SEC") to voluntarily terminate the registration of its common
shares and related preferred share purchase rights and suspend its
reporting obligations under the Securities Exchange Act of 1934.
The Company is eligible to deregister its securities because it has
fewer than 300 shareholders of record. This announcement follows
the filing of a Form 25-NSE by the NASDAQ Stock Market, LLC
("NASDAQ") on July 28, 2009 to delist the Company's common shares
from The NASDAQ Capital Market. The Form 25-NSE will become
effective on August 7, 2009. The Company intends to file the Form
15 as soon as reasonably practicable, subject to its satisfaction
of certain regulatory requirements. Upon the filing of the Form 15,
the Company's obligations to file certain reports with the SEC,
including annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K will immediately be suspended.
In the future, DATATRAK intends to make public its quarterly and
annual financial results as well as any significant corporate
developments by posting such information on its website. The
Company expects the deregistration of its common shares and
preferred share purchase rights to become effective 90 days after
filing the Form 15. DATATRAK's common shares have been trading on
the Pink Sheets Electronic Markets since being suspended from
NASDAQ on June 4, 2009. The Company anticipates its common shares
will continue to be quoted on the Pink Sheets Electronic Markets
after deregistration. There can be no guarantee, however, that any
broker will continue to make a market in the Company's common
shares and that trading will continue. Commenting on the
announcement, Laurence Birch, DATATRAK's Interim Chief Executive
Officer, said, "The decision by the Board of Directors of the
Company to deregister was made after careful consideration of the
advantages and disadvantages of being a SEC reporting company
including the high costs and demands on management time arising
from compliance with the many SEC and Sarbanes-Oxley requirements.
The current economic climate has not only impacted the capital
markets, but the clinical trial industry as well. As such, we are
constantly looking for ways to reduce costs and increase
shareholder value as we continue to focus our efforts on growing
the core business." 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. We operate under the
concept of DATATRAK ONE(TM), which encompasses our unique, single
platform technology. The singular architecture of our DATATRAK
eClinical(TM) product suite has been embraced by clients around the
globe for its ability to effectively manage clinical trials through
an integrated multi-component, comprehensive solution. 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. 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 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. DATASOURCE: DATATRAK
International, Inc. CONTACT: Raymond J. Merk, Chief Financial
Officer and Chief Operating Officer, DATATRAK International, Inc.,
+1-440-443-0082 x181 Web Site: http://www.datatrak.net/
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