DATATRAK International (DATA) Reaches Settlement of Litigation

December 18, 2008 4:35 PM EST
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DATATRAK International, Inc. (Nasdaq: DATA) has reached an agreement to settle all claims with the defendants relating to the case captioned DATATRAK International, Inc. v. Ward, et al, Case No. 1:08-CV-2182.

Under the terms of the settlement agreement, in consideration for, among other things, the parties' mutual agreement to release each other from any and all claims they may have against each other arising out of or relating to any conduct pre-dating the effective date of the Settlement Agreement, except for certain ongoing rights and obligations specified in the settlement agreement, the defendants (certain former shareholders of ClickFind, Inc.) agreed to discharge, waive and release their rights to payment of both the remaining $3.0 million principal balance and accrued interest on the promissory notes issued to Defendants in connection with the acquisition of ClickFind, Inc. by DATATRAK in 2006. In addition, pursuant to the Settlement Agreement, DATATRAK has agreed to make equal periodic payments to Mr. Jim Bob Ward totaling $140,000, during the one-year period starting November 1, 2008 and ending on October 31, 2009.

DATATRAK International, Inc. is focused on the provision of multi-component eClinical solutions and related services for the clinical trials industry. [SM]

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