Ben Benjamin, Chief Executive Officer of Authentidate, stated, "During the past year we have achieved a number of important milestones and have made strategic investments that we believe have positioned the company for significant future growth and profitability. In the telehealth area we have been focused primarily on our VA project and have worked closely with the VA to complete the implementation and required test-in phases of the project. As we move to the growth stage of the project, we are excited about the opportunity we have to grow our revenues while we help the VA provide the best possible patient care for our veterans. We also completed a transaction to consolidate our telehealth business which will enable us to more effectively serve emerging market needs for our products and services, expanded our sales channels and added customers from the commercial market for our telehealth solutions. As the commercial telehealth market develops, we believe our experience with the VA and our ability to combine our telehealth solutions with our referral management and hospital discharge solutions will support our growth. With respect to our other solutions, we have added several new customers for our referral management solution and we continue to focus on increasing the utilization of our services by our existing customers. We have also announced CentraState Healthcare System in New Jersey as a customer for our hospital discharge solution and expect that this will provide us with a reference customer and some additional momentum in this market as healthcare reforms regarding hospital readmissions take effect. We continue to experience increased interest in our products and services as hospitals and other healthcare providers look for ways to automate processes, reduce costs, comply with new regulations and coordinate care for their patients and we are excited about our prospects for fiscal 2013 and beyond."
Mr. Benjamin concluded, "While the economic environment has been challenging, we have increased revenues for the quarter and fiscal year periods and invested in sales and support resources to position the company for near-term growth. In September 2012, we received net proceeds of approximately $3.25 million from a secured loan transaction which will help to support our growth plans and we extended the maturity date for our existing senior notes through October 2013 which will reduce our cash needs for the year. As we move into our next fiscal year, we believe the pace of our revenue growth will improve significantly due to our recent accomplishments and that we will benefit from government healthcare reforms and industry trends to reduce healthcare costs, shorten hospital stays, reduce hospital readmissions, increase wellness and preventative care programs and improve care coordination for patients. We believe we are in the right market at the right time and that our products and services are well suited to help healthcare organizations meet these emerging market needs. We will update our shareholders as opportunities in our marketplace develop. We hope that you share our excitement about the future for our company."