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Arosa Investment Management Responds to Datatrak’s Deceptive and Misleading Letter to Shareholders
Arosa Investment Management Responds to Datatrak’s Deceptive and Misleading Letter to Shareholders.
About this update from Datatrak International, Inc.
[{"type":"text","content":"\n \n Arosa Investment Management LLC, the beneficial owner of approximately \n 9.9% of the shares of Datatrak International, Inc. (OTC: DTRK) that has \n initiated a proxy contest to elect three new directors at Datatrak’s \n annual meeting of shareholders scheduled to be held on November 11, \n 2015, is providing this response to the deceptive and misleading letter \n of Datatrak’s board and management to shareholders issued on October 19, \n 2015.\n \n \n Arosa Investment Management encourages shareholders to review Datatrak’s \n management’s statements closely. Where Datatrak’s management accuses \n Arosa Investment Management of misrepresentations or makes accusations \n regarding Arosa Investment Management’s board nominees, we encourage \n shareholders to read Datatrak’s own filings with the OTC Markets and our \n proxy materials. We believe Datatrak’s management’s deceptive and \n misleading statements are apparent from readily obtainable information. \n Datatrak’s filings with the OTC Markets can easily be found at www.otcmarkets.com, \n by entering “DTRK” in the “Get Quote” field, and then selecting “Filings \n and Disclosure.” We reference Datatrak’s OTC filings below, with page \n numbers.\n \n \n Arosa Investment Management responds specifically to the following \n deceptive and misleading statements by Datatrak’s management:\n \n \n Datatrak’s management deceptively states \n that “[t]he base salaries of the CEO and CFO combined were $557,000, not \n $1,073,737 as Arosa/Mr. Tabatabai stated…”\n \n \n Arosa Investment Management’s proxy statement states that “[w]ith \n revenues of only $11,010,792 in fiscal 2014, Datatrak paid its \n Chairman/CEO and CFO combined cash compensation of $1,073,737.”\n \n \n This information is contained on page 15 of Datatrak’s annual report \n filed with the OTC Markets on March 13, 2015. Surprisingly, this \n information is not included in the abridged annual report that Datatrak \n mailed to shareholders. Why would Datatrak remove that information from \n the version of the annual report that it mailed to shareholders? Why \n does Datatrak now try to confuse shareholders by referring to “base \n salaries” instead of &...