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Authentidate Holding Corp. Reports Fiscal 2012 Fourth Quarter And Year End Results

Stocks in this article: ADAT

BERKELEY HEIGHTS, N.J., Sept. 28, 2012 (GLOBE NEWSWIRE) -- 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 Callâ„¢ (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 company's executive management team, and a registered direct offering of the company's 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.

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