CLEVELAND, July 7 /PRNewswire-FirstCall/ -- DATATRAK International, Inc. (OTCQX: DATA), a technology and services company focused on global eClinical solutions for the clinical trials industry, today announced that it privately placed 357,857 common shares at a price of approximately $0.53 per share with certain members of its Board of Directors and management team. The common shares sold pursuant to the private placement are restricted securities and are subject to the restrictions on transferability set forth in Rule 144 of the Securities Act of 1933, as amended. Any certificates for such common shares will contain a legend to that effect.
In addition, DATATRAK announced that prior to the private placement, Laurence P. Birch, its Chairman of the Board, purchased 185,824 common shares of DATATRAK for his own account in open market transactions.
“The purchase of these common shares demonstrates the continuing commitment of our Board and management team to DATATRAK,” stated Mr. Birch. “The company’s recent successes have indeed energized and inspired the individuals charged with overseeing the future of DATATRAK.”
DATATRAK also announced that it had entered into an employment agreement with Mr. Birch, effective July 1, 2010. This agreement memorializes the arrangement under which Mr. Birch has been acting as DATATRAK’s Chief Executive Officer and President and contains additional provisions relating to payment, under certain circumstances, of potential severance and other compensation. A copy of Mr. Birch’s employment agreement shall be included as an Exhibit to DATATRAK’s quarterly report for the quarter ended June 30, 2010.
About DATATRAK International, Inc.
DATATRAK International is a worldwide technology and services company delivering eClinical solutions and related services for the clinical trials industry. DATATRAK built its multi-component, comprehensive solution on a single, unified platform and expanded this concept to include services delivery in DATATRAK ONE, the seamless delivery of product and services. The Company delivers a complete portfolio of software products designed to accelerate the reporting of clinical research data from sites to sponsors and ultimately regulatory authorities, faster and more efficiently than loosely integrated technologies. The DATATRAK eClinical software solution, deployed worldwide through an ASP or Enterprise Transfer offering, has successfully supported hundreds of international clinical trials involving thousands of clinical research sites and encompassing tens of thousands of patients in 59 countries. DATATRAK has offices located in Cleveland, Ohio, and Bryan, Texas. For more information, visit 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 which are difficult to predict and, in many instances, are beyond the control of the Company, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. For a list of certain of the factors that may cause actual results to differ materially from those contemplated in these forward looking statements, please see the Company’s quarterly report filed with the Pink OTC Markets on May 12, 2010 announcing its results for the three month period ending March 31, 2010. 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.
