Applied Digital Solutions, Inc. Announces Plan to Reduce Annual Operating Expenses by Over $10.3 Million.Business Editors, High Tech Writers PALM BEACH, Fla.--(BUSINESS WIRE)--Sept. 10, 2001 Applied Digital Solutions, Inc. (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) ), announced today that it has implemented an immediate cost reduction plan that will reduce annual operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. by over $10 million. Additional cuts are likely as management continues to evaluate asset utilization in its various operating divisions. "These cost cutting initiatives are necessary in light of the Company's financial performance year to date," stated Richard Sullivan For the author and academic, see Richard T. Sullivan. Richard Joseph Sullivan (born 1964) is a judge of the United States District Court for the Southern District of New York. Nominated by President George W. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Applied Digital Solutions. "We will continue to prudently cut costs in all operating subsidiaries with the ultimate goal of reaching profitability as soon as possible. In addition, the Company remains fully committed to the successful launch of its Digital Angel product in the fourth quarter of this year. These cuts will in no way compromise the value potential of Digital Angel Corporation." About Applied Digital Solutions, Inc. Applied Digital Solutions is an information technology and solutions company operating on the I3 Services Platform - Intelligent Integrated Information Services See Information Systems. . Through our core business units (Applications, Services and Advanced Wireless), Applied Digital Solutions offers - products and services for the collection, organization, analysis, warehousing and dissemination of information 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. 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. The Company intends that 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. |
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