CLEVELAND, Jan. 21 /PRNewswire-FirstCall/ -- DATATRAK International, Inc. (Nasdaq: DATA), a technology and services company focused on global eClinical solutions for the clinical trials industry, today announced that Jeffrey A. Green, Pharm.D., FCP, will step down as Chief Executive Officer of the Company and also as a member of its Board of Directors to pursue other opportunities, effective immediately.
"I want to take this opportunity to thank Jeff for his dedication and contributions to DATATRAK over the last 17 years," commented Laurence P. Birch, Chairman of the Board of DATATRAK International. "Since early 2008, DATATRAK has revamped its management team allowing for an influx of new ideas, new strategies and new energy. In that short period of time, the team has made great strides in re-positioning DATATRAK."
Calendar 2008 included the following strategic initiatives:
-- Reducing the annual cost structure to a level comparable to 2004 when the Company recorded Net Income
-- Consolidating DATATRAK's German Help Desk into its Cleveland office resulting in significant cost savings and streamlined operations
-- Successfully negotiating the elimination of the $3 million balloon payment originally due February 1, 2009 relating to the 2006 ClickFind, Inc. acquisition
-- Increasing Q3 2008 revenues by 12% over the prior year same period
-- Increasing Q3 2008 Gross Profit margin to 76% as compared to 50% in the prior year third quarter
Mr. Birch continued, "While 2008 has been focused on restructuring our
operations to more appropriately align DATATRAK's cost structure with our
backlog levels and anticipated revenues, we believe we are now in a position
to shift our efforts entirely to maximizing operational performance. In 2009,
|SOURCE DATATRAK International, Inc.|
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