Published on July 7, 2010 at 8:09 AM
DATATRAK International, Inc. (OTCQX: DATA), a technology and services company focused on global eClinical solutions for the clinical trials industry, today announced that it privately placed 357,857 common shares at a price of approximately $0.53 per share with certain members of its Board of Directors and management team. The common shares sold pursuant to the private placement are restricted securities and are subject to the restrictions on transferability set forth in Rule 144 of the Securities Act of 1933, as amended. Any certificates for such common shares will contain a legend to that effect.
In addition, DATATRAK announced that prior to the private placement, Laurence P. Birch, its Chairman of the Board, purchased 185,824 common shares of DATATRAK for his own account in open market transactions.
"The purchase of these common shares demonstrates the continuing commitment of our Board and management team to DATATRAK," stated Mr. Birch. "The company's recent successes have indeed energized and inspired the individuals charged with overseeing the future of DATATRAK."
DATATRAK also announced that it had entered into an employment agreement with Mr. Birch, effective July 1, 2010. This agreement memorializes the arrangement under which Mr. Birch has been acting as DATATRAK's Chief Executive Officer and President and contains additional provisions relating to payment, under certain circumstances, of potential severance and other compensation. A copy of Mr. Birch's employment agreement shall be included as an Exhibit to DATATRAK's quarterly report for the quarter ended June 30, 2010.
SOURCE DATATRAK International, Inc.
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