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DATATRAK International, Inc. Announces 2008 Third Quarter and Nine Month Operating Results
Date:11/6/2008

tiations with each lessor. Further, severance charges of $47,000 were recorded during the quarter relating to the elimination of six positions.

In addition, the Company's financial results for the third quarter of 2008 were negatively impacted by ongoing legal costs of approximately $234,000 associated with the previously disclosed disputes between DATATRAK and certain of the former shareholders of ClickFind, Inc. related to the 2006 Merger Agreement (the "Merger Agreement") between DATATRAK and ClickFind. On September 11, 2008, the Company filed a lawsuit against certain of the former ClickFind shareholders including a former executive officer and other current employees of the Company who are also holders of the ClickFind Notes (the "Indemnifying Shareholders"), claiming willful and fraudulent failure to disclose material information in connection with the acquisition of ClickFind. On October 10, 2008, the Indemnifying Shareholders filed their answer and counterclaim with the court to the claims presented by the Company in its lawsuit. For the nine months ended September 30, 2008, legal costs associated with these disputes was approximately $526,000.

As permitted by the Merger Agreement, the Company has provided notice of offset against the remaining $3,000,000 ClickFind Notes obligation to the Indemnifying Shareholders as partial satisfaction of the Company's claims for indemnification against the Indemnifying Shareholders. In addition, pursuant to the terms of the Merger Agreement, the Company also believes it is entitled to reimbursement of the legal fees and costs incurred related to these matters of approximately $544,000. Consequently, the Company withheld the May 1, 2008, August 1, 2008 and November 1, 2008 interest payments, totaling approximately $147,000. The Indemnifying Shareholders have disputed both the Company's right to indemnification and its right to offset the interest payments and the ClickFind Notes. As such, the attached condens
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SOURCE DATATRAK International, Inc.
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