CLEVELAND, Dec. 8 DATATRAK International, Inc.(Nasdaq: DATA), a technology and services company focused on global eClinicalsolutions for the clinical trials industry, today announced that it received anotice from the Listing Qualifications Staff (the "Staff") of The NASDAQ StockMarket ("NASDAQ"), dated December 2, 2008, indicating that the Company had notdemonstrated compliance with the minimum $2.5 million stockholders' equityrequirement for continued listing set forth in NASDAQ Marketplace Rule4310(c)(3) (the "Rule"). As a result, the Company's securities are subject todelisting from The NASDAQ Capital Market. This notice follows the Company'sprevious announcement on August 22, 2008 that it had received notificationfrom the Staff stating that the Company did not comply with the Rule andrequesting that the Company, in accordance with NASDAQ rules, provide a planto regain compliance.
The Company intends to request a hearing before a NASDAQ ListingQualifications Panel (the "Panel") to present its plan to regain compliance.The hearing request will stay the delisting of the Company's common sharespending the Panel's decision following the hearing. There can be no assurancethat the Panel will grant the Company's request for continued listing on TheNASDAQ Capital Market.
About DATATRAK International, Inc.
DATATRAK International, Inc. is a worldwide technology company focused onthe provision of multi-component eClinical solutions and related services forthe clinical trials industry. The Company delivers a complete portfolio ofsoftware products that were created in order to accelerate clinical researchdata from investigative sites to clinical trial sponsors and ultimately theFDA, faster and more efficiently than manual methods or loosely integratedtechnologies. DATATRAK's eClinical software suite can be deployed worldwidethrough an ASP offering or in a licensed Enterprise Transfer model that fullyempowers its clients. The DATATRAK software suite and its earlier versionshave successfully supported hundreds of international clinical trialsinvolving thousands of clinical research sites and encompassing tens ofthousands of patients in 59 countries. DATATRAK International, Inc.'s productsuite has been utilized in some aspect of the clinical development of 16 drugsand one medical device that have received regulatory approval from either theUnited States Food and Drug Administration or counterpart European bodies.DATATRAK International, Inc. has offices located in Cleveland, Ohio, andBryan, Texas. Its common stock is listed on the NASDAQ stock Market under theticker symbol "DATA". Visit the DATATRAK International, Inc. web site atwww.datatrak.net.
Except for the historical information contained in this press release, thestatements 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 andprospects of the Company and are subject to uncertainties and factors(including those specified below) which are difficult to predict and, in manyinstances, are beyond the control of the Company. Factors that may causeactual results to differ materially from those in the forward-lookingstatements include the limited operating history on which the Company'sperformance can be evaluated; the ability of the Company to continue toenhance its software products to meet customer and market needs; fluctuationsin the Company's quarterly results; the viability of the Company's businessstrategy and its early stage of development; the timing of clinical trialsponsor decisions to conduct new clinical trials or cancel or delay ongoingtrials; the Company's dependence on major customers; government regulationassociated with clinical trials and the approval of new drugs; the ability ofthe Company to compete in the emerging EDC market; losses that potentiallycould be incurred from breaches of contracts or loss of customer data; theinability to protect intellectual property rights or the infringement uponother's intellectual property rights; the Company's success in integrating itsacquisition's operations into its own operations and the costs associated withmaintaining and/or developing two product suites; delisting of the Company'scommon shares from the Nasdaq Capital Market; and general economic conditionssuch as the rate of employment, inflation, interest rates and the condition ofcapital markets. This list of factors is not all-inclusive. In addition, theCompany's success depends on the outcome of various strategic initiatives ithas undertaken, all of which are based on assumptions made by the Companyconcerning trends in the clinical research market and the health careindustry. The Company undertakes no obligation to update publicly or reviseany forward-looking statement whether as a result of new information, futureevents or otherwise.
SOURCE DATATRAK International, Inc.