The group of investors included Authentidate's largest stockholder, Lazarus Investment Partners LLLP as well as affiliates of Mr. J. David Luce, an Authentidate board member, Mr. O'Connell Benjamin, the Company's Chief Executive Officer and a board member, as well as Mr. William Marshall, Chief Financial Officer of Authentidate. In addition, we also entered into a separate agreement with Lazarus Investment Partners, LLLP pursuant to which we granted it the right to appoint either an observer to our board of directors or to nominate an individual for election to our board of directors.
This release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. The securities were offered and sold in a private placement under the Securities Act of 1933, as amended (the "Securities Act") and the regulations promulgated thereunder. Such securities were offered and sold only to accredited investors and have not been registered under the Securities Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
About Authentidate Holding Corp.
Authentidate Holding Corp. is a provider of secure web-based software applications and telehealth products and services that enable healthcare organizations to coordinate care for patients and enhance related administrative and clinical workflows. Authentidate's products and services enable healthcare organizations to increase revenues, reduce costs and enhance patient care by eliminating paper and manual work steps from clinical and administrative processes. Authentidate's telehealth solutions combine Electronic House Call, an FDA 510(k) cleared in-home patient vital signs monitoring system, or the Interactive Voice Response system with a web application that streamlines patient monitoring. Delivered as Software as a Service (SaaS), customers only require an Internet connection and web browser to access our web-based applications thereby utilizing previous investments in systems and technology. The company's healthcare customers and users include leading homecare companies, health systems, physician groups and governmental entities. These organizations utilize the company's products and services to coordinate care for patients outside of acute-care.