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Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report December 8, 1999
(Date of earliest event reported)
DATATRAK INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
Ohio (000-20699) 34-1685364
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(State or other jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation) Identification No.)
20600 Chagrin Boulevard, Cleveland, Ohio 44122
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216) 921-6505
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Page 1 of 4 Pages
Exhibit Index Appears on Page 3
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ITEM 5. OTHER EVENTS
On November 24, 1999, a Dutch court issued a judgment in DataTRAK
International, Inc.'s (the "Company's") favor in the amount of approximately
$1.3 million against U-Gene Research B.V. ("U-Gene") and certain of U-Gene's
stockholders. The judgment relates to a lawsuit filed by the Company (formerly
Collaborative Clinical Research, Inc.) against U-Gene in 1997 in which the
Company claimed U-Gene breached a letter of intent between the Company and
U-Gene. The letter of intent concerned the Company's proposed 1997 purchase of
U-Gene. Under Dutch law, U-Gene and certain of U-Gene's stockholders have three
months from the date of the Dutch court's November 24, 1999 judgment to appeal.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DataTRAK INTERNATIONAL, INC.
By: /s/ Terry C. Black
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Terry C. Black
Vice President of Finance, Chief Financial
Officer, Treasurer and Assistant Secretary
Date: December 13, 1999
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE
99.1 Press Release Issued by the Company
on December 8, 1999. 4
Page 3 of 4 Pages
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE:
DATATRAK INTERNATIONAL RECEIVES FAVORABLE JUDGMENT FROM DUTCH COURT
IN U-GENE MATTER
CLEVELAND, December 8, 1999--DataTRAK International, Inc. (Nasdaq:
DATA) announced today that on November 24, 1999 a Dutch court issued a judgment
in DataTRAK's favor in the amount of approximately $1.3 million against U-Gene
Research B.V. and certain of U-Gene's stockholders. The judgment relates to a
lawsuit filed by DataTRAK (formerly Collaborative Clinical Research, Inc.)
against U-Gene in 1997 in which DataTRAK claimed U-Gene breached a letter of
intent between DataTRAK and U-Gene. The letter of intent concerned DataTRAK's
proposed 1997 purchase of U-Gene.
Under Dutch law, U-Gene and certain of U-Gene's stockholders have three
months from the date of the Dutch court's November 24, 1999 judgment to appeal
the judgment.
DataTRAK International, Inc. is a worldwide Application Service
Provider (ASP) for the EDC industry. DataTRAK provides a suite of EDC software
products known as DataTRAK EDC (TM) and related hosting, educational, and
training services to the pharmaceutical, biotechnology, and medical device
industries. DataTRAK EDC (TM) was developed in order to deliver clinical
research data from investigative sites to sponsors faster and more efficiently
than conventional manual methods. DataTRAK EDC (TM) can be deployed worldwide in
either a distributed platform using laptop computers or in a centralized server
"thin client" environment using the Internet. DataTRAK EDC (TM) software and its
earlier versions have successfully supported more than 37 clinical studies
encompassing over 800 clinical sites and 20,000 patients. DataTRAK
International, Inc. has offices and hosting facilities located in Cleveland,
Ohio and Bonn, Germany. Visit the DataTRAK International, Inc. web site at
www.datatraknet.com or www.datatraknet.de.
Except for historical information contained in this press release, the
statements made in this release are forward-looking statements. Factors that may
cause actual results to differ materially from those in the forward-looking
statements include the ability of DataTRAK to absorb corporate overhead and
other fixed costs in order to successfully market the DataTRAK EDC (TM)
software; the development and fluctuations in the market for EDC technology;
continued unreliability of the Internet infrastructure; the degree of DataTRAK's
success in obtaining new contracts; the timing of payments from sponsors and the
timing of sponsor decisions to conduct new clinical trials or cancel or delay
ongoing trials; dependence on key personnel; governmental regulation; the early
stage of the DataTRAK business and operations; and general economic conditions.
In addition, DataTRAK's success depends on the outcome of various strategic
initiatives it has undertaken, all of which are based on assumptions made by
DataTRAK concerning trends in the clinical research market and the health care
industry.
/CONTACT: Jeffrey A. Green, Pharm.D., FCP, President and Chief
Executive Officer, ext. 112, or Terry C. Black, Chief Financial Officer, ext.
110, both of DataTRAK International, Inc., (216) 921-6505./
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December 13, 1999
VIA EDGAR
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Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Current Report on Form 8-K of DataTRAK International, Inc.
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On behalf of DataTRAK International, Inc., an Ohio
corporation, enclosed herewith for filing, pursuant to the electronic data
gathering, analysis and retrieval system of the Securities and Exchange
Commission, is DataTRAK's Current Report on Form 8-K. Please direct any
questions regarding this filing to the undersigned at (216) 622-8315.
Very truly yours,
/s/ Gregory S. Harvey
Gregory S. Harvey
Enclosure
