BERKELEY HEIGHTS, N.J., Feb. 13, 2013 (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 that it intends to adjourn its special meeting of stockholders scheduled for 10:00 a.m. local time on February 15, 2013 without conducting any business, and to reconvene the special meeting at 10:00 a.m., local time on February 27, 2013. The location of such reconvened special meeting will remain the company's corporate headquarters, located at Connell Corporate Center, 300 Connell Drive, 5 th Floor, Berkeley Heights, New Jersey 07922. The record date for stockholders entitled to vote at the special meeting remains January 7, 2013.
The company's special meeting was called to seek stockholder approval for the conversion of the company's Series C Convertible Redeemable Preferred Stock into shares of common stock. The company received a letter dated February 6, 2013 from Lazarus Investment Partners, LLLP, concerning, among other matters, their position with respect to the company's financing alternatives and for certain changes in Authentidate's board of directors and management. Lazarus Investment Partners, LLLP, holds 40% of the Series C Convertible Redeemable Preferred Stock and approximately 23.8% of the company's common stock as of the record date for the special meeting. The company's board is considering the letter and has commenced discussions with Lazarus Investment Partners, LLLP concerning its substance. As certain of the proposals included in the letter received from Lazarus Investment Partners, LLLP could impact the proposal (Proposal No. 1 on the company's definitive proxy statement dated January 16, 2013) to be considered by the company's common stockholders at the special meeting, Authentidate intends to adjourn the meeting in order to allow it additional time to consider its response.
Further, the company believes that it will not obtain a quorum to convene the special meeting. The company has been advised by its transfer agent that as of February 12, 2013, approximately 21 percent of its outstanding common shares have been voted in connection with the proposal to be considered at the special meeting. A quorum of a majority of the shares of common stock outstanding and entitled to vote at the special meeting is required to conduct business at the meeting.