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APPLIED DIGITAL SOLUTIONS ANNOUNCES FORMATION OF VERICHIP? CORPORATION
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APPLIED DIGITAL SOLUTIONS ANNOUNCES FORMATION OF VERICHIP? CORPORATION
New subsidiary joins Digital Angel Corporation and Advanced Power Solutions, Inc. in Applied Digital?s line-up of ?advanced technology? companies
PALM BEACH, FL - - February 7, 2002 - - Applied Digital Solutions, Inc. (Nasdaq: ADSX), an advanced technology development company, today announced the formation of VeriChip Corporation as a new, wholly owned subsidiary. VeriChip, first announced on December 19, 2001, is a miniaturized, implantable identification device that can be used in a variety of medical, security and emergency applications.
VeriChip Corporation will continue to develop, market and sell the VeriChip technology and related products. Since its announcement last December, VeriChip has captured widespread media attention in the United States and worldwide. Company executives have appeared on numerous television programs to discuss VeriChip?s potentially life-saving features, including NBC?s Today Show, the O?Reilly Factor (Fox News), and CNN?s American Morning with Paula Zahn.
On January 24, 2002 ? barely a month after the initial announcement ? the company announced that VeriChip had signed its first customer. This Latin American remarketer received the ?first right to market? for VeriChip and other Applied Digital products in three Latin American countries. The initial orders exceed $300,000 with anticipated first year revenue approaching $2 million. Additional international orders, valued at $1.5 million, are under legal review and nearing completion.
In the United States, the company is developing the medical protocols and pilot studies required to obtain approval by the U.S. Food and Drug Administration. An experienced Washington, D.C., consulting firm has been retained to help with securing prompt FDA approval.
Commenting on today?s announcements, Richard J. Sullivan, Chairman and CEO stated: ?This is an important step for VeriChip, for Applied Digital Solutions, and for our shareholders. As the third in our line-up of ?Advanced Technology? companies, we trust that our shareholders are beginning to recognize the new direction of ADSX. As an advanced technology development company, we will ?marry? our proprietary and patented products and services with an existing operating company that possesses a significant revenue stream and a proven management team. This formula will create new subsidiaries underpinned with patented technology and strengthened by the revenue stream and management team. The first proof statement of this business plan has been created in Digital Angel Corporation. VeriChip Corporation and Advanced Power Solutions are next in line.?
Mr. Sullivan continued, ?Upon the execution of the pending restructuring agreement with IBM Credit Corporation and the completion of the far-reaching corporate restructuring that?s nearly finalized, we will be poised to deliver substantial value to our shareholders through this new business plan.?
How VeriChip Works
VeriChip is an implantable, radio frequency device about the size of the point of a typical ballpoint pen. Each VeriChip will contain a unique identification number and other critical data. Utilizing an external scanner, radio frequency energy passes through the skin energizing the dormant VeriChip, which then emits a radio frequency signal transmitting the identification number and other data contained in the VeriChip. The scanner will display the identification number, but the VeriChip data can also be transmitted, via telephone or the Internet, to an FDA compliant, secure data-storage site. It will then be accessible by authorized personnel. Inserting the VeriChip device is a simple procedure performed in an outpatient, office setting. It requires only local anesthesia, a tiny incision and perhaps a small adhesive bandage. Sutures are not necessary.
Medical Device Identification
Hundreds of thousands of medical devices are surgically implanted into patients every year. Examples of these life-saving and life-enhancing devices include pacemakers, artificial joints, orthopedic hardware, heart valves, and medication pumps. After insertion, these devices often require adjustment, repair, replacement, or even recall. VeriChip, inserted subdermally just above the implanted medical device, provides patients, medical providers, and manufacturers with a rapid, secure and non-invasive method for obtaining medically critical information about the device. VeriChip is a ready source of data about the patient?s name and condition as well as the medical device?s original components, required settings and other essential parameters. Future applications may include full medical record archival/retrieval for emergency medical care.
Emergency or Security-related Identification
Personal identity verification technology has gained considerable interest recently. A great deal of focus has been trained on so-called ?biometric? technologies ? which identify individuals by their unique biological or physical characteristics, such as fingerprints, voiceprints, retina characteristics, and face recognition points. VeriChip, by contrast, relies on imbedded, tamper-proof, microchip technology, which allows for non-invasive access to identification, medical and other critical data. Use of advanced VeriChip technology means that the threat of theft, loss, duplication or counterfeiting of data is substantially diminished or eliminated. Specific application areas include: enhancement of present forms of identification, search and rescue, and various law enforcement and defense uses.
About Applied Digital Solutions, Inc.
Applied Digital Solutions is an advanced technology development company that focuses on a range of early warning alert, miniaturized power sources and security monitoring systems combined with the comprehensive data management services required to support them. Through its Advanced Wireless unit, the Company specializes in security-related data collection, value-added data intelligence and complex data delivery systems for a wide variety of end users including commercial operations, government agencies and consumers. For more information, visit the company's website at http://www.adsx.com.
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03-14-2024, 08:29 AM
