Applied Digital Solutions, Inc. Presents Its New Business Plan to Shareholders.Business Editors, High Tech Writers PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 8, 2001 A Letter to the Shareholders of 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) ) from the Chairman and Chief Executive Officer Dear Fellow Shareholders: Applied Digital has made a statement with Digital Angel! I would like to personally thank all of you who have endured the turbulent ride. Despite current economic and political conditions, the management team and I are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the future of this Company. Please allow me to take a few minutes of your time in order to share our reason for extreme optimism. Approximately 2 years ago, Applied decided to take a bold step: to develop a patent for the world's first combination of advanced biosensor A device that detects and analyzes body movement, temperature or fluids and turns it into an electronic signal. See lab on a chip and data glove. Biosensor technology and Web-enabled wireless telecommunications linked Uplink For other uses, see Uplink (computer game) and . An uplink (UL or U/L) is the portion of a communications link used for the transmission of signals from an Earth terminal to a satellite or to an airborne platform. An uplink is the inverse of a downlink. to Global Positioning (GPS). As you all know, we branded this future technology "Digital Angel." Next, we merged the technology with a very successful operating company operating company A business that engages in transactions with outsiders. with a proven management team. The thought process was to create a new corporation underpinned by the patented technology and complemented by the products, services and revenues of existing ADS business units. Soon thereafter, we united our existing GPS, ASP and Animal Tracking business lines with Digital Angel patented technology to form Digital Angel Corporation. The bold step is now a reality. Digital Angel, the product, is now developed and will be launched on November 26. Digital Angel, the corporation, upon necessary approvals, will soon be its own public company via a merger with Medical Advisory Systems, Inc. (AMEX AMEX See: American Stock Exchange : DOC). As previously announced, we will own in excess of 82% of the new combined entity to be re-named Digital Angel Corporation. This company will immediately file for NASDAQ listing and we are currently working with our Investment Banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. and Senior Lender to create a mechanism to distribute direct shares of Digital Angel to ADSX Shareholders post-merger. I am not writing this letter to put an exclamation point exclamation point: see punctuation. exclamation point - exclamation mark on Digital Angel. Rather, I'm writing it to unveil to you, personally, the roots of ADSX's future. In September, we started to unveil this new strategy in our press releases by branding Applied Digital Solutions as "an advanced digital technology development company." In October, we formed Advanced Power Solutions, Inc. with its new proprietary technology, Thermo Life, the world's smallest Thermo Electrical Generator This article is about machines that produce electricity. For other uses, see Generator. “Dynamo” redirects here. For other uses, see Dynamo (disambiguation). . Hopefully, you're starting to see a pattern to our business plan--Digital Angel was the first proprietary technology. Thermo Life is the second. There are currently 3 more under developmental review in our Research Group led by Dr. Peter Zhou. The NEW ADSX has now emerged as a leading advanced digital technology development company. Once viable, each technology will take a corporate form through a merger or strategic alliance with a complementary operating company with a proven management team. As many of our shareholders know, the Company has faced and continues to face challenges related to liquidity and its debt. Our strategy is designed to use each technology and its resulting company to strengthen our balance sheet, reduce long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and create value for ADSX and its Shareholders. At corporate headquarters, we are very excited about this business plan. In fact, in order to position the Company properly to execute this strategy, we will be taking a one-time Third Quarter write off of the majority of our IT Infrastructure Assets in order to poise the Company for its return to profitability in 2002. To further position the Company properly, we have hired Fahnestock & Co. as our Investment Banker. Their significant experience in medical device companies, health care and restructuring made them a natural choice. Again, I thank you for your patience through these trying times and look forward to delivering value to all of us through this new business plan. Sincerely, Richard J. Sullivan Chairman and C.E.O. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion