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| AuthentiDate eBilling Signature Provides International Electronic Invoicing Solution for Dow Chemical
SCHENECTADY, N.Y.--(BUSINESS WIRE)--Sept. 4, 2003--AuthentiDate International AG, a subsidiary of AuthentiDate Holding Corp. (NASDAQ:ADAT), announced today that the Dow Chemical Company (NYSE:DOW) has implemented the AuthentiDate eBilling Signature Solution, which enables Dow to provide electronic invoicing for customers in compliance with stringent electronic invoicing legal requirements. Electronic invoicing helps Dow streamline internal processes and eliminates costs associated with paper invoices. While financial terms were not disclosed, AuthentiDate will generate revenue through up-front licensing fees and per transaction charges. BizVantage – Personalized business, investment or technology Intelligence: the ultimate advantage. Since January 2002, German tax laws have required signatures on electronic invoices to provide guaranteed tamperproof authentication and data integrity by a government authorized electronic signature provider. This legal requirement is part of the 2001 European Community (EC) Tax directive for electronic invoicing within the European Community. Without qualified digitally signed invoices, recipients by law cannot deduct value added taxes (sales tax), which would cause them to lose 16 percent of the total invoiced amount. In light of these new tax laws, Dow chose AuthentiDate's eBilling Signature Solution because of its need for international compliance and to protect the investments it has made in distributing invoices electronically. The eBilling Solution provides a flexible electronic invoicing platform that enables Dow to meet the national and local needs of its customers around the globe. It also allows Dow to choose its preferred vendor for electronic certificates and signatures by providing compliant digital signatures for e-mail invoices as well as ChemXML electronic invoices that Dow sends and receives through Elemica's connectivity hub. Customers requesting XML invoices through Elemica will also receive e-mail invoices with e-signatures. AuthentiDate provides a means for the customer and Dow to be fully compliant with Legal and Tax legislation. Making it easier to do business By replacing paper-based invoice processing with electronic invoicing, Dow streamlines internal processing and reduces costs associated with printing, shipping and handling. Since May of 2000, Dow has processed between 270,000 and 300,000 electronic invoices in Europe alone, creating 90 percent efficiency over paper-based invoicing. Electronic invoicing also makes it easier for Dow's customers to do business with the company. Processing electronic invoices is simpler, faster and more secure than paper-based invoicing and, in the case of XML messages, eliminates manual data entry and invoice scanning, guaranteeing data accuracy. Electronic invoices can be forwarded to (e.g. by e-mail) and approved by departments in other locations more quickly, further reducing costs for companies like Dow and its customers. "AuthentiDate's technology provides a secure, proven international solution. With just one tool, we can comply with legal requirements in all EU countries rather than implementing a solution in each country. In addition, AuthentiDate's technology allows us to continue reaping the benefits of our investment in electronic invoice distribution. It fits with our strategy to achieve zero percent paper mailings and 100 percent electronic distribution. The solution has eliminated legal and tax barriers to sending electronic invoices and our biggest challenge now is spreading the word to customers and showing them how they benefit as well," said Wim Jansen, Global Project Manager Customer Invoicing & Settlement Services at Dow Chemical. "The technology has simplified our out-bound invoicing process and we are currently implementing incoming electronic invoices as well, feeding our Accounts Payable Applications." About AuthentiDate Holding Corp. AuthentiDate Holding Corp. (AHC) is the holding company of five business units: DocSTAR, AuthentiDate International AG, AuthentiDate, Inc., DJS Marketing Group/Computer Professionals International and Trac Medical Solutions, Inc. AuthentiDate and AuthentiDate AG provide the authentication of digital data through its proprietary and patent pending technology. AuthentiDate is establishing itself as the authority on "content security," a growing sector of the electronic network security infrastructure market. Trac Medical uses the AuthentiDate service to improve speed, accuracy and security in processing medical forms. These three business units comprise the AuthentiDate Segment for financial reporting purposes. DocSTAR sells a complete line of document imaging products and DJS delivers professional services centered on systems integration projects, staff augmentation, out-tasking and outsourcing services, and resells computer related products. About AuthentiDate International AG: AuthentiDate International AG (www.authentidate.de), Dusseldorf, Germany is the first Accredited Certification Provider, approved by the German Regulatory Authority for Telecommunications and Posts (RegTP), providing legally binding time stamps compliant with stringent German electronic signature laws and European signature directives. AuthentiDate is also the first accredited vendor to provide business process solutions based on electronic signatures and time stamping technology. These solutions feature easy integration, high economic efficiency, platform independence and investment protection. Well-known companies in a variety of industries use AuthentiDate solutions worldwide. Customers use the Signature Solutions to achieve legal security with eBilling, archiving, scanning and workflow. In addition, AuthentiDate's technology is integrated into various products from other manufacturers, automatically providing many companies with legal security for business processes. The AuthentiDate Group has a worldwide presence in Europe, the USA and through partners also in Asia. AuthentiDate Holding Corp, Inc., located in USA (New York), is listed on the NASDAQ stock exchange (ADAT) and in Germany (WKN 893715). About Dow Chemical Dow is a leading science and technology company that provides innovative chemical, plastic and agricultural products and services to many essential consumer markets. With annual sales of $28 billion, Dow serves customers in more than 170 countries and a wide range of markets that are vital to human progress, including food, transportation, health and medicine, personal and home care, and building and construction, among others. Committed to the principles of Sustainable Development, Dow and its approximately 50,000 employees seek to balance economic, environmental and social responsibilities. For further information, visit Dow's website at www.dow.com. This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Act of 1934. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. Such statements regarding future events and/or the future financial performance of The Company are subject to certain risks and uncertainties, which could cause actual events or the actual future results of the Company to differ materially from any forward-looking statement. Such risks and uncertainties include, among other things, the availability of any needed financing, the Company's ability to implement its business plan for various applications of its technologies, the impact of competition, the management of growth, and the other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in the forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
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