BERKELEY HEIGHTS, N.J., April 6, 2011 (GLOBE NEWSWIRE) -- Authentidate Holding Corp. (Nasdaq:ADAT), a worldwide provider of secure health information exchange, workflow management services and telehealth solutions, today announced it has completed the sale of its wholly-owned subsidiary, Authentidate International AG, to Exceet Group, AG, a Swiss corporation. Exceet purchased all of the outstanding shares of Authentidate International and certain claims of Authentidate regarding its interest in Authentidate International for approximately $1.5 million. Exceet also agreed to assume the net liabilities of Authentidate International. The transaction closed on April 1, 2011 and net cash proceeds after transaction costs are expected to be approximately $1.3 million.
Ben Benjamin, President of Authentidate, stated, "We are pleased to complete the sale of Authentidate International, especially in such a challenging environment for these types of transactions. The net proceeds from the sale will improve our cash position and the sale will enable us to focus our efforts on the growth opportunities that our Inscrybe® Healthcare, hospital discharge and ExpressMD products and services represent. We have made significant progress with customers for our healthcare products and we expect to assertively implement our growth plans."
About Authentidate Holding Corp.
Authentidate Holding Corp. is a worldwide provider of secure health information exchange, workflow management services and telehealth solutions. The company's software and web-based services enable healthcare organizations and other enterprises to increase revenues, reduce costs and enhance patient care by eliminating paper and manual work steps from clinical and administrative processes. The web-based services are delivered as Software as a Service (SaaS), and only require that customers have an Internet connection and web browser. The company's healthcare customers and users include leading homecare companies, health systems and physician groups. These organizations utilize the company's products and services to coordinate care for patients outside of acute-care.
For more information, visit the company's website at .
This press release contains forward-looking statements within the meaningof section 27A of the Securities Act of 1933 and section 21E of theSecurities Act of 1934. When used in this release, the words "believe,""anticipate," "think," "intend," "plan," "will be," "expect," and similarexpressions identify such forward-looking statements. Such statementsregarding future events and/or the future financial performance of thecompany are subject to certain risks and uncertainties, which could causeactual events or the actual future results of the company to differmaterially from any forward-looking statement. Such risks anduncertainties include, among other things, the availability of any neededfinancing, the company's ability to implement its business plan forvarious applications of its technologies, the impact of competition, themanagement of growth, and the other risks and uncertainties that may bedetailed from time to time in the company's reports filed with theSecurities and Exchange Commission. In light of the significant risks anduncertainties inherent in the forward-looking statements included herein,the inclusion of such statements should not be regarded as arepresentation by the company or any other person that the objectives andplans of the company will be achieved.
Authentidate and Inscrybe are registered trademarks of Authentidate Holding Corp. All other trade names are the property of their respective owners.
CONTACT: Investor Contacts: Robert Schatz Wolfe Axelrod Weinberger Assoc. LLC (212) 370-4500; (212) 370-4505 fax