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FOR IMMEDIATE RELEASE
For: Authentidate Holding Corp.
Wolfe Axelrod Weinberger Assoc. LLC
(212) 370-4500; (212) 370-4505 fax
AUTHENTIDATE HOLDING CORP. REPORTS FISCAL 2011 FOURTH QUARTER
AND YEAR END RESULTS
BERKELEY HEIGHTS, NJ - October 13, 2011 Authentidate Holding Corp. (Nasdaq: ADAT), a provider of secure web-based software applications and telehealth products and services for healthcare organizations, today announced financial results for the fiscal 2011 fourth quarter and year ended June 30, 2011.
Selected highlights for fiscal year 2011 include:
Selected by the U.S. Department of Veterans Affairs (VA) as one of six approved suppliers for its Telehealth Program, already one of the largest in the world. As an approved VA supplier, VA facilities throughout the country will be able to utilize our Electronic House CallTM (EHC) and Interactive Voice Response (IVR) products and services to remotely monitor patients and enhance patient care.
Added several new projects for our Inscrybe® Healthcare referral and order management solution and our ExpressMD Electronic House Call telehealth solution, including University of Utah, Medical Plus Supplies, Ameri-Quipt of NC, Superior Oxygen & Medical Equipment, Kennedy Health System, Ritecare Medical Products, Visiting Nursing Association of Western New York, Chicago VNA, Inc., Lehigh Valley Respiratory Care, Primary Wound Care and a telehealth distribution agreement with Rotech Healthcare Inc. that have been announced.
Increased revenues for the quarter and fiscal year periods compared to the same periods last year and reduced the loss from continuing operations for the current year periods.
Appointed OConnell (Ben) Benjamin as Chief Executive Officer.
Settled the shareholder class action suit.
Completed the sale of certain non-core assets for net proceeds of approximately $2.35 million, a private placement of the companys securities for net proceeds of approximately $4.46 million and the sale of our German subsidiary for net proceeds of approximately $1.30 million.
Ben Benjamin, Chief Executive Officer of Authentidate, stated, Fiscal 2011 was a year of significant accomplishments for Authentidate, including our selection as a provider of telehealth solutions for the U.S. Department of Veterans Affairs (VA), the addition of a number of new customers for our healthcare solutions and the sale of our German subsidiary which will enable us to focus all of our resources on opportunities for growth in the healthcare marketplace. We believe that the contract award from the VA has positioned us well for growth in the telehealth space and has provided additional market awareness for our telehealth products and services as well as our hospital discharge and referral and order management solutions. Although we are disappointed by the pace of our revenue growth during fiscal 2011, we believe we have continued to make progress with each of our core service offerings as demonstrated by these new contract awards and the increasing market awareness of what we offer to the healthcare marketplace. We are in the process of building out the infrastructure to support the VA and continue to experience increased customer interest in our solutions as healthcare providers search for ways to manage administrative and patient care costs. In addition, we are seeing an increase in customer inquiries about combining our solutions to help meet the emerging need for hospitals and other healthcare providers to coordinate care for their patients. All of our solutions are well suited for these tasks and offer the necessary tools to help reduce healthcare costs and enhance patient care. We are monitoring a number of opportunities in our marketplace and will update shareholders as they develop.
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The following information was filed by Authentidate Holding Corp (ADAT) on Thursday, October 13, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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