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): April 8, 2011
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
(Registrants 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. |
On April 8, 2011, Authentidate Holding Corp. (the company) received a contract from the U.S. Department of Veterans Affairs (the VA) pursuant to which the company was selected as a supplier to the VA for its Telehealth Program for home telehealth solutions. The award is for a national contract and under this agreement the company will market its telehealth solutions, developed by its Express MD joint venture, to VA facilities throughout the country. The agreement consists of a one year base period that commences May 15, 2011 and four option years, which are at the VAs sole discretion.
During the contract period, the company will be committed to provide, subject to purchase orders from VA facilities, telehealth devices and certain associated software solutions. During the initial base period of the agreement, the contract has a maximum potential value of approximately $38.2 million, depending on the number of units actually purchased by VA facilities. There is no minimum purchase requirement under the contract. The agreement has a maximum potential value of approximately $122.0 million, assuming all contract extensions are exercised by the VA and the maximum quantity of units are purchased by VA facilities. There can be no assurance that the VA will exercise any of the option periods under the agreement nor can the company provide any assurances as to the actual amount of products and solutions, if any, that may ultimately be purchased by VA facilities under the agreement.
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this report, 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, including statements about our expectations, 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 demand and interest for the companys products and solutions, including its telehealth offerings, the ability to meet current and future requirements, the availability of any needed financing, the companys ability to implement its business plan for various applications of its technologies, the impact of competition, the management of growth, and the other risks and uncertainties that may be detailed from time to time in the companys reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this report are made as of the date hereof and may become outdated over time. The company does not assume any responsibility for updating any forward-looking statements.
Item 8.01 | Other Events. |
On April 11, 2011, the company announced by press release that it has been selected by the Department of Veteran Affairs (VA) as a supplier for its Telehealth Program in connection with the VAs request for proposal for home telehealth solutions. The full text of the press release issued by the company in connection with the announcement is set forth as Exhibit 99.1 attached hereto.
Item 9.01 | Financial Statements and Exhibits. |
The following exhibits are attached to this Form 8-K:
(d)
Exhibit No. |
Description | |
99.1 | Press Release |
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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: | OConnell Benjamin | |||||
Name: | OConnell Benjamin | |||||
Title: | President | |||||
Date: April 12, 2011 |
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EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press Release |
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Exhibit 99.1
FOR IMMEDIATE RELEASE
For: Authentidate Holding Corp.
Investor Contacts:
Robert Schatz
Wolfe Axelrod Weinberger Assoc. LLC
(212) 370-4500; (212) 370-4505 fax
DEPARTMENT OF VETERAN AFFAIRS SELECTS
AUTHENTIDATE FOR TELEHEALTH SOLUTIONS
BERKELEY HEIGHTS, NJ April 11, 2011 Authentidate Holding Corp. (Nasdaq: ADAT), a provider of secure health information exchange, workflow management services and telehealth solutions, today announced that it has been selected by the Department of Veteran Affairs (VA) as a supplier for its Telehealth Program, already one of the largest in the world. Authentidate was one of 6 companies that were selected by the VA to receive a home telehealth contract for this program in connection with its recent request for proposal for home telehealth solutions. As an approved VA supplier, VA facilities throughout the country will be able to utilize Authentidates Electronic House Call (EHC) solution (developed by its ExpressMD joint venture), and its Interactive Voice Response (IVR) system to remotely monitor patients and enhance patient care. The VA contract spans a five-year period, which consists of a one-year base period and four optional one-year renewal periods.
Authentidates remote patient monitoring solutions bring the kind of personalized care to patients in their homes that was previously only available in acute and post-acute care settings. Clinicians use the EHC or the IVR solution to remotely monitor their patients vital signs and gather additional pertinent information about their patients health to supplement in-person visits. Clinicians can review their patients remote monitoring session results securely using Authentidates web-based application and remotely manage or adjust their patients care plans, medication reminders and related information. Clinicians can also use the EHC to provide disease-specific education to their patients in real-time.
Healthcare providers are beginning to use remote patient monitoring to deliver better continuity of care, especially for patients with chronic illnesses. Telehealth solutions also benefit patients who are in need of regular monitoring but are located far from their physician or specialist. In addition, these patients generally show higher compliance with care plans, resulting in a reduction in hospital readmissions and overall improved outcomes.
Gavin Stewart, Senior Director of Business Development at Authentidate, said, We are extremely happy to have been selected by the VA for this program. We look forward to working with the VA team to provide veterans with innovative monitoring solutions that help them better manage their health on a daily basis.
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Ben Benjamin, President of Authentidate, added This news is genuinely significant for Authentidate and our shareholders. The VA is the largest integrated health care system in the U.S. and has incorporated telehealth services in its important mission of providing medical care to veterans. As a provider of care coordination solutions, we are proud to be working with a well-known leader in the telehealth industry. We are ready, and eager, to provide excellent products, services and support to the VA.
About Authentidate Holding Corp.
Authentidate Holding Corp. is a provider of secure health information exchange, workflow management services and telehealth solutions. The companys 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 companys healthcare customers and users include leading homecare companies, health systems and physician groups. These organizations utilize the companys products and services to coordinate care for patients outside of acute-care.
For more information, visit the companys 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 companys ability to implement its business plan for various applications of its technologies, the impact of competition, the management of growth, and the other risks and uncertainties that may be detailed from time to time in the companys 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. ExpressMD and Electronic House Call are trademarks of ExpressMD Solutions, LLC. All other trade names are the property of their respective owners.
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