CLEVELAND, Feb. 23, 2016 /PRNewswire/ -- DATATRAK (OTCQX: DTRK) today announces the settlement of litigation with its shareholder and proxy election participant Tabatabai Investment Management LLC (f/k/a Arosa Investment Management LLC) and Alex Tabatabai. DATATRAK also announces that it has finalized changes to its board of directors. In connection with the settlement reached among DATATRAK, Tabatabai Investment Management, Alex Tabatabai, Timothy Biro, James Karis, Jerome Kaiser, Nicholas Loiacono, and Andrew Pitler, Messrs. Kaiser, Karis and Pitler have resigned from DATATRAK's board of directors effective upon the execution of the settlement agreement on February 23, 2016. (The settlement remains subject to customary court approvals.) The continuing directors Jack Jacobs, Jim Bob Ward and Alex Tabatabai thank the resigning directors for their service and cooperation in reaching the settlement announced today. "This settlement and corresponding board changes brings closure and certainty to our company's shareholder representatives at the board and fulfills the wishes of shareholders in the recent election. It further provides all our stakeholders, including our talented employees and dedicated clients, clarity that DATATRAK has clear and united leadership from its board of directors," said new chairman Alex Tabatabai on behalf of the board of directors.
While the previous annual meeting and corresponding director elections were contentious and challenging, the resigning and continuing directors immediately set upon the task of reaching a comprehensive settlement at their first meeting on January 22 and we are pleased to announce this positive resolution within a month. All six directors worked pragmatically together to quickly move past the competitive campaign and work towards a settlement that would be in the best interests of shareholders, employees and clients. "We achieved the goal we set out to reach and all of DATATRAK's constituents can take comfort in this outcome," said Jerry Kaiser who served as chairman during the negotiations. "We thank the resigning directors for their efforts during the last few weeks in the negotiations to reach this settlement while simultaneously working together as a board providing guidance to management," said Jim Bob Ward who will continue as a director.
The litigation between Alex Tabatabai and Tabatabai Investment Management LLC and DATATRAK's former Chairman, Larry Birch, remains pending and is not affected by this settlement.
DATATRAK International is a worldwide technology and services company delivering Unified dClinical™ solutions and related services for the clinical trials industry. DATATRAK offers a comprehensive solution on a single, unified platform. The Company delivers a complete portfolio of software products designed to accelerate the collection, analysis and submission of clinical trials. The DATATRAK ONE® software solution, deployed worldwide supports Phase I – Phase IV drug and device studies in multiple languages throughout the world. For more information, visit http://www.datatrak.com.
Except for the historical information contained in this press release, the statements made in this release are forward-looking statements. These forward-looking statements are made based on management's expectations, assumptions, estimates and current beliefs concerning the operations, future results and prospects of the Company and are subject to uncertainties and factors which are difficult to predict and, in many instances, are beyond the control of the Company, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. For a list of certain factors that may cause actual results to differ materially from those contemplated in these forward looking statements, please see the Company's report filed with the OTCQX Market on March 13, 2015 announcing its results for the full year period ended December 31, 2014. The Company undertakes no obligation to update publicly or revise any forward-looking statement whether as a result of new information, future events or otherwise.
SOURCE DATATRAK International, Inc.