Applied Digital Increases Its Ownership Position in Digital Angel Corporation.DELRAY BEACH Delray Beach, resort city (1990 pop. 47,181), Palm Beach co., SE Fla., on the Atlantic coast; settled 1895, inc. 1911. Mostly residential, Delray Beach is also the trade center for a citrus-fruit and vegetable-growing region. , Fla. -- Applied Digital now owns 24,291,673 shares of Digital Angel Applied Digital (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) ), a provider of Security Through Innovation(TM), announced today that it has increased its ownership position in Digital Angel Corporation (AMEX AMEX See: American Stock Exchange : DOC). Applied Digital's ownership increases to 24,291,673 million shares from 23,647,533 million shares. This increase is a direct result of a share exchange transaction associated with Digital Angel's acquisition of DSD (Direct Stream Digital) See SACD. d/b/a Daploma, which was announced by Digital Angel Corporation today. As part of the DSD transaction, the sellers received 684,543 shares of Applied Digital's common stock (equivalent to $3.5 million). In exchange for these shares, Digital Angel issued the equivalent amount ($3.5M) or 644,140 shares of its common stock to Applied Digital. The value calculations were based on a ten-trading day volume weighted average for each stock. The company expects to file a registration statement for these shares. Commenting on the increase, Scott R. Silverman, Chief Executive Officer of Applied Digital stated, "We have consistently believed that Digital Angel is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. , and therefore have looked to increase our investment whenever it made business sense. This is clearly one of those opportunities." Silverman continued, "Digital Angel's livestock, companion pet, and SARBE SARBE Search And Rescue Beacon SARBE Search And Rescue Beacon Equipment business lines, have significant growth opportunities for 2005 and beyond. With the Daploma acquisition, Digital Angel enhances its international livestock tagging business enabling it to compete for worldwide identification programs." About Applied Digital: Applied Digital develops innovative security products for consumer, commercial, and government sectors worldwide. The Company's unique and often proprietary products provide security for people, animals, the food supply, government/military arena, and commercial assets. Included in this diversified product line are RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. applications, end-to-end food safety systems, GPS/Satellite communications, and telecomm and security infrastructure, positioning Applied Digital as the leader of Security Through Innovation. Applied Digital is the owner of a majority position in Digital Angel Corporation (AMEX: DOC). For more information, visit the company's website at http://www.adsx.com. About Digital Angel Corporation Digital Angel Corporation develops and deploys sensor and communications technologies that enable rapid and accurate identification, location tracking, and condition monitoring Condition monitoring is the process of monitoring a parameter of condition in machinery, such that a significant change is indicative of a developing failure. It is a major component of predictive maintenance. of high-value assets. Applications for the Company's products include identification and monitoring of pets, fish, livestock, and humans through its patented implantable microchips; location tracking and message monitoring of vehicles and aircraft in remote locations through systems that integrate GPS and geosynchronous satellite communications; and monitoring of asset conditions such as temperature and movement, through advanced miniature sensors. Digital Angel Corporation is majority-owned by Applied Digital, Inc. (Nasdaq:ADSX). For more information about Digital Angel, please visit www.DigitalAngelCorp.com. Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion