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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 2012 FOURTH QUARTER
AND YEAR END RESULTS
- Management to conduct conference call on October 10, 2012 at 4:30 pm ET -
BERKELEY HEIGHTS, NJ - September 28, 2012 - 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 2012 fourth quarter and year ended June 30, 2012.
Selected highlights for fiscal year 2012 include:
Increased revenues for the quarter and fiscal year periods compared to the same periods in the prior year and announced a number of new projects for our Inscrybe® referral management solution and our telehealth products and services.
Deployed the supporting infrastructure for our U.S. Department of Veterans Affairs (VA) telehealth project at the designated VA location and completed the test-in phase for our Electronic House Call (EHC) telehealth solution. We started shipping EHC units and delivering services to the VA during fiscal 2012 and the VA exercised its first option to extend the term of our contract for home telehealth devices and services. The base contract with the VA also includes three additional one-year options to extend the contract.
Improved our ability to respond to emerging market needs in the telehealth space by completing a transaction whereby ExpressMD Solutions, our former joint venture, became a wholly-owned subsidiary and entered into a royalty-free license for the related intellectual property to continue to commercialize and develop the EHC device and related software.
Expanded the sales channels for our products and services through our national reseller agreement with SHI International Corp. and our group purchasing program agreement with the Premier healthcare alliance.
Strengthened our management and sales teams with the addition of Mr. Sunil Hazaray as Chief Commercial Officer and the addition of sales, customer support and product development resources to better position the company to take advantage of near-term opportunities for our products and services.
Completed a $4.0 million secured loan financing in March 2012 with certain accredited investors, including several board members and the companys executive management team, and a registered direct offering of the companys securities in October 2011 for net proceeds of approximately $3.64 million.
Following the end of the fiscal year, we announced that the VA had completed the test-in phase for our EHC vital signs monitoring solution and web service and had given its approval for VA facilities throughout the country to order and use these products and services to remotely monitor patients and enhance patient care for veterans in their national Care Coordination Home Telehealth program. We also announced a customer agreement for our Inscrybe hospital discharge solution and the completion of a $3.3 million secured loan financing with certain accredited investors, including certain board and executive team members. In connection with the new secured loan financing, we extended the maturity date of our existing secured notes so they mature at the end of October 2013 with the new notes.
Ben Benjamin, Chief Executive Officer of Authentidate, stated, During the past year we have achieved a number of important milestones and have made strategic investments that we believe have positioned the company for significant future growth and profitability. In the telehealth area we have been focused primarily on our VA project and have worked closely with the VA to complete the implementation and required test-in phases of the project. As we move to the growth stage of the project, we are excited about the opportunity we have to grow our revenues while we help the VA provide the best possible patient care for our veterans. We also completed a transaction to consolidate our telehealth business
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The following information was filed by Authentidate Holding Corp (ADAT) on Friday, September 28, 2012 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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