Applied Digital Solutions Announces Formation of VeriChip Corporation.Business Editors/High Tech Writers PALM BEACH, Fla.--(BUSINESS WIRE)--Feb. 7, 2002 New subsidiary joins Digital Angel Corporation and Advanced Power Solutions, Inc. in Applied Digital's line-up of "advanced technology" companies Applied Digital Solutions, Inc. (Nasdaq: ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) ), an advanced technology development company, today announced the formation of VeriChip(TM) Corporation as a new, 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. . 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 VeriChip Corporation, a wholly owned subsidiary of Applied Digital (Nasdaq: ADSX), markets a line of Radio Frequency Identification (RFID) Devices (including VeriChip) used in security, financial, emergency identification, and other applications. 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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 American Morning is the morning television show on CNN. It premiered in 2002. About the Show American Morning features co-hosts Kiran Chetry and John Roberts. with Paula Zahn Paula Zahn (born February 24, 1956 in Omaha, Nebraska) is an American newscaster, most recently the host of Paula Zahn NOW on CNN. On 24 July, 2007, she announced her resignation from CNN. The final broadcast of Paula Zahn Now aired August 2, 2007. . 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 List of American countries Nations:
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 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. approval. Commenting on today's announcements, Richard J. Sullivan, 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. 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 operating company A business that engages in transactions with outsiders. 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 (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) 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 energizing, adj giving energy to; revitalizing; rejuvenating. 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 Anesthesia, Local Definition Local or regional anesthesia involves the injection or application of an anesthetic drug to a specific area of the body, as opposed to the entire body and brain as occurs during general anesthesia. , a tiny incision and perhaps a small adhesive bandage adhesive bandage n. A dressing of absorbent gauze affixed to plastic or fabric coated with a pressure-sensitive adhesive. . 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 orthopedic hardware See Under Pin, Plate, Screw, Wire. , heart valves Heart valves Valves that regulate blood flow into and out of the heart chambers. Mentioned in: Heart Failure , 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. 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. |
|
||||||||||||||||
Bahamas 
Printer friendly
Cite/link
Email
Feedback
Reader Opinion