AuthentiDate Holding Corp. Announces Expansion of Board of Directors; Seeks Two New Independent Directors; Fiscal Year Change Also Delayed.SCHENECTADY, N.Y. -- AuthentiDate Holding Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADAT (Alesis Digital Audio Tape) A digital audio recording technology from Alesis, LLC, Cumberland, RI (www.alesis.com). In 1992, Alesis introduced the first 8-track digital tape recording system. ) today announced that the Company has decided to expand the Board of Directors to nine members and add two new independent directors. The new nominees will stand for election at the next annual meeting of shareholders, tentatively scheduled for January 20, 2004. The Nominating and Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. Committee of the Board of Directors has agreed to retain an independent international executive search firm to assist in the selection and recommendation of candidates to the Board. In addition, the Committee will consider qualified candidates recommended by the Company's shareholders. Three candidates recommended by shareholders are currently under consideration and the Committee intends to consider several additional candidates before making its recommendation. The Company further stated that the Board is seeking one candidate with technical expertise in AuthentiDate's area of business and one candidate with accounting expertise and a willingness to serve as the Chairman of AuthentiDate's Audit Committee. The Board's determination was made in conjunction with the appointment of Suren Pai, the Company's new President and Chief Executive Officer, to the Board and the adoption of new corporate governance principles. John Botti Raphael Jose Botti (born February 23, 1981) simply known as Botti, is a Brazilian professional footballer. He plays as a midfilder for Vissel Kobe. Botti is a hard-working and talented player who may not get on the scoresheet too often – just 14 times in his five years , who has served as AuthentiDate's President, Chief Executive Officer and Chairman, will continue to serve as Chairman of the Board. The Board's decision to increase the size of the Board for the purpose of electing two additional independent directors will ensure that the Board will have a substantial majority of independent directors who will be able to effectively oversee the Company's operations and compliance with the new corporate governance principles. On an unrelated matter, the Company also announced that it has determined to temporarily delay the change in AuthentiDate's fiscal year end from June 30 to a calendar year end. Earlier this year, AuthentiDate announced that it would change its fiscal year to a calendar year commencing with the year ending December 31, 2005. About AuthentiDate Holding Corp. AuthentiDate Holding Corp. (AHC AHC Appalachian Hardwood Center AHC American Heritage Center (University of Wyoming, Laramie, WY) AHC American Horse Council AHC Association for History and Computing AHC Australian Heritage Commission AHC Assault Helicopter Company ) is the holding company of five business units; DocStar, AuthentiDate International AG, AuthentiDate, Inc., DJS DJS Dubin-Johnson Syndrome DJS Def Jam South (record label) DJS Deutsche Journalistenschule eV DJS Dow Jones Spot DJS Director, Joint Staff Marketing Group/Computer Professionals International and Trac Medical Solutions, Inc. DocStar sells proprietary document imaging software that includes the AuthentiDate technology. AuthentiDate and AuthentiDate AG provide the authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. of digital data through its proprietary and patent pending technology. AuthentiDate intends to establish itself as the authority on "content security" as it is a growing sector of the electronic network security infrastructure market. DJS delivers professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. centered around technology systems integration projects, staff augmentation AUGMENTATION, old English law. The name of a court erected by Henry VIII., which was invested with the power of determining suits and controversies relating to monasteries and abbey lands. , out-tasking, outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services and resells computer related products. Trac Medical offers an electronic form processing solution and utilizes the AuthentiDate technology to prove the authenticity The correct attribution of origin such as the authorship of an e-mail message or the correct description of information such as a data field that is properly named. Authenticity is one of the six fundamental components of information security (see Parkerian Hexad). of the content represented in completed healthcare forms. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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, 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. |
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