Applied Digital Solutions' Board of Directors Decides Not to Approve Proposed Merger of VeriChip Corportion with SysComm International Corporation.Business Editors/High-Tech Writers PALM BEACH, Fla.--(BUSINESS WIRE)--Oct. 28, 2002 VeriChip Corporation will remain a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) Applied Digital Solutions, Inc. (Nasdaq: ADSX), an advanced technology development company, announced today that its Board of Directors has decided not to approve the proposed merger of the Company's wholly owned subsidiary, VeriChip Corporation, with SysComm International Corporation (SYCM.OB). Commenting on the decision, Scott R. Silverman, President of ADS stated: "Our Board of Directors has decided that the timing is not right to merge VeriChip Corporation with SysComm. With the recent FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ruling and the substantial revenue opportunities developing both in the United States and internationally, Applied Digital Solutions will focus on building the VeriChip revenue stream. We believe VeriChip's long-term value far exceeds what is being offered in this transaction. That being said, VeriChip and SysComm have agreed to continue to operate as partners in the extensive systems integration opportunities that VeriChip presents." About VeriChip(TM) VeriChip is a miniaturized radio frequency identification See RFID. device (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. ) that can be used in a variety of security, financial, emergency identification and healthcare applications. About the size of a grain of rice, each VeriChip product contains a unique verification number and will be available in several formats, some of which will be insertable under the skin. The verification number is captured by briefly passing a proprietary scanner over the VeriChip. A small amount of radio frequency energy passes from the scanner energizing energizing, adj giving energy to; revitalizing; rejuvenating. the dormant VeriChip, which then emits a radio frequency signal transmitting the verification number. "Getting chipped" is a simple, outpatient procedure that lasts just a few minutes and involves only local anesthetic local anesthetic n. An agent that, when applied directly to mucous membranes or when injected about the nerves, produces loss of sensation by inhibiting nerve excitation or conduction. and insertion of the chip. VeriChip Corporation is a wholly owned subsidiary of Applied Digital Solutions. About Applied Digital Solutions, Inc. Applied Digital Solutions is an advanced technology development company that focuses on a range of life-enhancing, personal safeguard technologies, early warning alert systems, miniaturized power sources and security monitoring systems combined with the comprehensive data management services required to support them. The Company's Advanced Technology Group offers a complete CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. solution to commercial and government customers, as well as a full array of 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. Applied Digital Solutions is the beneficial owner of a majority position in Digital Angel Corporation (AMEX AMEX See: American Stock Exchange : DOC). 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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