EX-99.1 3 l99848aexv99w1.htm EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Press Release
 

EXHIBIT 99.1

FOR IMMEDIATE RELEASE:

DATATRAK INTERNATIONAL TO TRANSFER TO NASDAQSMALLCAP MARKET

Nasdaq SmallCap Market Application Approved; Transfer Scheduled for Opening of
Business on Wednesday, March 26, 2003

     CLEVELAND, Ohio, March 24, 2003—DATATRAK International, Inc. (Nasdaq: DATA), today announced that it will transfer the listing of its common shares to the Nasdaq SmallCap Market from the Nasdaq National Market. The Company’s common shares will be transferred to the Nasdaq SmallCap Market at the opening of business on Wednesday, March 26, 2003, and will continue to trade under the symbol DATA.

     The Nasdaq SmallCap Market is fully automated, and provides real-time trade reporting and a marketplace for more than 800 companies. The Company elected to seek a transfer to the Nasdaq SmallCap Market as it had not met Nasdaq’s $10 million minimum stockholders’ equity requirement for continued listing on the National Market.

     About DATATRAK International

     DATATRAK International, Inc. is a worldwide ASP for the EDC industry. The Company provides a suite of software products supporting the use of DATATRAK EDC™ and related services to the pharmaceutical, biotechnology, and medical device industries. DATATRAK EDC™ was developed in order to deliver clinical research data from investigative sites to clinical trial sponsors faster and more efficiently than conventional, manual methods. DATATRAK EDC™ can be deployed worldwide in either a distributed platform using laptop computers or in a centralized environment using the Internet. DATATRAK EDC™ software and its earlier versions have successfully supported many international clinical studies involving thousands of clinical research sites and encompassing tens of thousands of patients in 40 countries. DATATRAK International, Inc.’s product suite has been utilized in some aspect of the clinical development of 13 separate drugs that have received regulatory approval from either the United States Food and Drug Administration or counterpart European bodies. DATATRAK International, Inc. has offices located in Cleveland, Ohio and Bonn, Germany. Its common stock is listed on the Nasdaq Stock Market under the symbol “DATA.” Visit the DATATRAK International, Inc. web site at www.datatraknet.com or www.datatraknet.de.

     Except for the historical information contained in this press release, the statements made in this release are forward-looking statements. Factors that may cause actual results to differ materially from those in the forward-looking statements include the ability of the Company to absorb corporate overhead and other fixed costs in order to successfully market the DATATRAK EDC™ software; the development and fluctuations in the market for EDC technology; continued unreliability of the Internet infrastructure; the degree of the Company’s success in obtaining new contracts; the timing of payments from customers and the timing of clinical trial sponsor decisions to conduct new clinical trials or cancel or delay ongoing trials; dependence on key personnel; the Company’s ability to satisfy Nasdaq’s continued listing requirements and remain listed on Nasdaq; governmental regulation; the early stage of the Company’s EDC business and operations; and general economic conditions. In addition, the Company’s success depends on the outcome of various strategic initiatives it has undertaken, all of which are based on assumptions made by the Company concerning trends in the clinical research market and the health care industry.

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CONTACT:
     
Jeffrey A. Green, Pharm.D., FCP   Terry C. Black
President and Chief Executive Officer   Chief Financial Officer
DATATRAK International, Inc.   DATATRAK International, Inc.
 
440/443-0082 x112   440/443-0082 x110

Or
RJ Falkner & Company, Inc., Investor Relations Counsel at 800-377-9893 or via e-mail at
info@rjfalkner.com