Applied Digital Solutions Chairman and CEO Comments On Arrests Made in Alleged Stock Manipulation Scheme.Business Editors/High Tech Writers PALM BEACH, Fla.--(BUSINESS WIRE)--May 24, 2002 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. of Applied Digital Solutions, Inc. (Nasdaq: ADSXE), an advanced technology development company, commented today on the recent arrest of five individuals, including two FBI agents, allegedly involved in a stock manipulation Stock manipulation is a practice whereby owners of a company or others such as brokerage firms or investment companies take actions to increase or decrease the value of that stock, solely so they can buy or sell shares at a profit. scheme that the company believes included ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) shares. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a May 22, 2002 Reuters article, the mastermind of the alleged short-selling stock scheme was Anthony Elgindy Anthony Elgindy (born Amr Ibrahim Elgindy [1], November 28, 1967, in Egypt) is the founder of Pacific Equity Investigations, and is best known as "Anthony@Pacific", the "Internet's most theatrical short-seller". , owner and operator of www.InsideTruth.com. Mr. Elgindy was charged with the short-selling of publicly traded stocks. According to the Reuters article, ADSX was a frequent target of Elgindy's InsideTruth.com commentary. An improper short-selling strategy involves an investor who puts out false rumors For other uses, see Rumor (disambiguation). Rumors is a farcical play by Neil Simon. At its start, several affluent couples gather in the posh suburban residence of a couple for a dinner party celebrating their tenth anniversary. about a particular stock and then profits when the company's stock price falls. Mr. Sullivan said: "These arrests are welcome news but they're long overdue. If the allegations turn out to be true, and Applied Digital's shares were targeted, it's likely that the shareholders of Applied Digital have been hurt by this short-selling scheme. The fact that two FBI agents were apparently involved is especially distressing. We're delighted the FBI has made these arrests and we hope that this will serve as a warning to others who might be tempted to engage in this kind of illegal stock manipulation." About Applied Digital Solutions, Inc. Applied Digital Solutions (Nasdaq: ADSXE) 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. Through its Advanced Technology Group, 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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. |
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