BERKELEY HEIGHTS, N.J., April 5, 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 at the company's reconvened Special Meeting of Stockholders held on April 5, 2013, its stockholders approved the automatic conversion of the company's outstanding shares of Series C 15% Convertible Redeemable Preferred Stock (the "Series C Preferred Stock"). The Series C Preferred Stock converted into an aggregate of 3,551,541 shares of common stock, including 1,051,541 shares of common stock issued in lieu of accrued but unpaid dividends on the Series C Preferred Stock. The shares of common stock issued upon conversion are subject to a six month restriction on transferability as described in the company's supplement to its proxy statement for the Special Meeting dated March 22, 2013.
Ben Benjamin, Chief Executive Officer of Authentidate, stated, "We appreciate the continued support of our stockholders in voting to convert these securities into common stock. The conversion of these preferred securities strengthens our balance sheet, allows us to conserve resources and helps us to move forward aggressively with our growth plans."
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 patient vital signs monitoring with a web application that streamlines patient care management. 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.
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