-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PAY4rUom9DGVMamSjUWvY1qy8eP0KVswmock9FMDCgC31MZtPcoP6ZAhUmOZ0Aqg cWXhp5RWbNbcYtXFfsCHeQ== 0001193125-10-154861.txt : 20100707 0001193125-10-154861.hdr.sgml : 20100707 20100707161533 ACCESSION NUMBER: 0001193125-10-154861 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100630 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100707 DATE AS OF CHANGE: 20100707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTHENTIDATE HOLDING CORP CENTRAL INDEX KEY: 0000885074 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 141673067 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20190 FILM NUMBER: 10942116 BUSINESS ADDRESS: STREET 1: CONNELL CORPORATE CENTER STREET 2: 300 CONNELL DRIVE, 5TH FLOOR CITY: BERKELEY HEIGHTS STATE: NJ ZIP: 07922 BUSINESS PHONE: 9087871700 MAIL ADDRESS: STREET 1: CONNELL CORPORATE CENTER STREET 2: 300 CONNELL DRIVE, 5TH FLOOR CITY: BERKELEY HEIGHTS STATE: NJ ZIP: 07922 FORMER COMPANY: FORMER CONFORMED NAME: BITWISE DESIGNS INC DATE OF NAME CHANGE: 19930328 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): June 30, 2010

 

 

AUTHENTIDATE HOLDING CORP.

(Exact name of registrant as specified in its charter)

 

 

COMMISSION FILE NUMBER: 0-20190

 

DELAWARE   14-1673067

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

Connell Corporate Center

300 Connell Drive, 5th Floor

Berkeley Heights, New Jersey 07922

(Address and zip code of principal executive offices)

(908) 787-1700

(Registrant’s telephone number, including area code

 

 

CHECK THE APPROPRIATE BOX BELOW IF THE FORM 8-K FILING IS INTENDED TO SIMULTANEOUSLY SATISFY THE FILING OBLIGATION OF THE REGISTRANT UNDER ANY OF THE FOLLOWING PROVISIONS:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 1.01 Entry into a Material Definitive Agreement.

Authentidate Holding Corp. (the “Company”), entered into a definitive purchase agreement as of June 30, 2010 (the “Purchase Agreement”) with Star Advisors, LLC (the “Purchaser”) pursuant to which the Purchaser will purchase from the Company certain non-core assets, including the Company’s land and building in Schenectady, New York, for a total purchase price of approximately $2.4 million. The Purchaser is an entity associated with Astria Solutions Group, LLC (“Astria”), which in June 2007 acquired the Company’s Document Management and Systems Integration businesses. Astria is currently the tenant of the building being sold to the Purchaser. Net proceeds to the Company are approximately $2.35 million, after payment of expenses and brokerage commissions in connection with the transaction.

The assets sold by the Company to the purchaser are the Company’s land and building in Schenectady, New York; the $2.0 million seven-year 8.5% note issued by Astria (the “Note”) to the Company in connection with its purchase of the acquired businesses from the Company in June 2007; and the balance of deferred receivables related to such businesses. As reported in the Company’s Quarterly Report on Form 10-Q filed with the SEC for the three months ended March 31, 2010, the land and building is classified in the Company’s financial statements as assets held for sale and the note and deferred receivables are fully reserved and have net carrying values of zero. As previously reported, Astria was an entity formed in New York by members of the acquired businesses’ senior management team. The parties anticipate that the closing will occur as soon as practicable following the satisfaction of certain closing conditions, including completion by the Purchaser of its financing arrangement.

The foregoing summary of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement. The Company issued a press release announcing this transaction on July 7, 2010, a copy of which is annexed as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)   

Exhibit
No.

  

Description

   99.1    Press Release

 

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

    AUTHENTIDATE HOLDING CORP.
    By:  

/S/    O’CONNELL BENJAMIN        

    Name:   O’Connell Benjamin
    Title:   President
Date: July 7, 2010      

 

3


EXHIBIT INDEX

 

Exhibit
No.

  

Description of Document

99.1    Press Release

 

4

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

For: Authentidate Holding Corp.

Investor Contacts:

Todd Fromer / Garth Russell

KCSA Strategic Communications

212-896-1215 / 212-896-1250

tfromer@kcsa.com / grussell@kcsa.com

Authentidate Holding Corp. Reaches a Definitive Agreement

to Sell Certain Non-Core Assets for Approximately $2.4 Million

BERKELEY HEIGHTS, N.J., July 7, 2010 – Authentidate Holding Corp. (NASDAQ: ADAT), a worldwide provider of secure Health Information Exchange, workflow management services and telehealth solutions, today announced that it has reached a definitive agreement to sell certain non-core assets to Star Advisors, LLC (Star), acting on behalf of the principals of Astria Solutions Group, LLC (Astria), for approximately $2.4 million.

The assets sold by the company to the purchaser are the company’s land and building in Schenectady, NY, which is currently leased by Astria; the $2.0 million seven-year 8.5% note issued by Astria to the company in connection with its purchase of the Docstar and DJS businesses from the company in June 2007 and the deferred receivables related to such businesses. As reported in Authentidate Holding Corp.’s 10-Q filed with the SEC for the three months ended March 31, 2010, the land and building is classified in the company’s financial statements as assets held for sale and the note and deferred receivables are fully reserved and have net carrying values of zero.

The closing of the sale is currently expected to occur by July 14, 2010, following the satisfaction of certain closing conditions, including the completion by the purchaser of its financing arrangement.

About Authentidate Holding Corp.

Authentidate Holding Corp. is a worldwide provider of secure health information exchange, workflow management services and telehealth solutions. The company’s software and web-based services enable healthcare organizations and other enterprises to increase revenues, reduce costs and enhance patient care by eliminating paper and manual work steps from clinical and administrative processes. The web-based services are delivered as Software as a Service (SaaS), and only require that customers have an Internet connection and web browser. The company’s healthcare customers and users include leading homecare companies, health systems and physician groups. These organizations utilize the company’s products and services to coordinate care for patients outside of acute-care.


The company has offices in the United States and Germany. In the United States, Authentidate offers its patent pending content authentication technology in the form of the United States Postal Service® Electronic Postmark® (USPS EPM®).

For more information, visit the company’s website at www.authentidate.com

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Act of 1934. When used in this release, the words “believe,” “anticipate,” “think,” “intend,” “plan,” “will be,” “expect,” and similar expressions identify such forward-looking statements. Such statements regarding future events and/or the future financial performance of the company are subject to certain risks and uncertainties, which could cause actual events or the actual future results of the company to differ materially from any forward-looking statement. Such risks and uncertainties include, among other things, the availability of any needed financing, the company’s ability to implement its business plan for various applications of its technologies, related decisions by the USPS, the impact of competition, the management of growth, and the other risks and uncertainties that may be detailed from time to time in the company’s reports filed with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in the forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the company or any other person that the objectives and plans of the company will be achieved.

Authentidate and Inscrybe are registered trademarks of Authentidate Holding Corp. All other trade names are the property of their respective owners.

# # #

 

2

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