AuthentiDate Holding Corp. Streamlines U.S. Operations and Announces Management Changes; Cost Savings Estimated At Approximately $1 Million.Business Editors SCHENECTADY, N.Y.--(BUSINESS WIRE)--June 16, 2003 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 ) (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 it would streamline its U.S. operations by consolidating the marketing, sales and the development and operations departments of two of its U.S. divisions, AuthentiDate, Inc. and Trac Medical Solutions, Inc. Authentidate International AG, which is headquartered in Europe and AuthentiDate's U.S. based DocStar division will continue their current operations. AuthentiDate, Inc. will continue to focus on the development of the USPS (1) (Uninterruptible Switching Power Supply) A power supply for a computer that contains its own battery and uninterruptible power supply (UPS) circuitry. See power supply and UPS. Electronic PostMark(R) (EPM EPM equine protozoal myeloencephalitis. ) and Trac Medical Solutions will continue its marketing efforts in the healthcare industry. By combining resources the Company expects to achieve an annual cost savings of approximately $1,000,000 due to some personnel reductions in its New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. office as a result of the consolidation. Furthermore, the Company expects to be more effective in marketing the Authentidate concept to the US market place. 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 , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AuthentiDate Holding Corp, will assume the additional duties and title of President of AuthentiDate, Inc. and Jeffrey Frankel Jeffrey Alexander Frankel (born November 5, 1952 in San Francisco, California) is a Professor of Economics at Harvard University's Kennedy School of Government. A member of the Council of Economic Advisors under President Bill Clinton, Frankel is a noted international will continue to serve as the President of Trac Medical Solutions. Richard Reichgut will be the Vice President, Marketing for both companies and Dennis Bunt will continue to serve as the Chief Financial Officer for both companies. The Company also stated that the employment contract of Robert Van Naarden which expires in July 2003, will not be renewed so as to allow him to pursue other endeavors. Mr. Van Naarden was the chief executive officer of Authentidate, Inc., a subsidiary of AuthentiDate Holding Corp. About AuthentiDate Holding Corp. AuthentiDate Holding Corp. (AHC) is the holding company of five business units: DocSTAR, AuthentiDate International AG, AuthentiDate Inc., DJS Marketing Group/Computer Professionals International and Trac Medical Solutions, Inc. 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 is establishing itself as the authority on "content security," a growing sector of the electronic network security infrastructure market Trac Medical uses the AuthentiDate service to improve speed, accuracy and security in processing medical forms. These three business units comprise the AuthentiDate Segment for financial reporting purposes. DocSTAR sells a complete line of document imaging products and DJS delivers professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. centered on systems integration projects, staff augmentation, out-tasking and outsourcing services, and resells computer related products. 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, 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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