Applied Digital Solutions Sells 2 Million Shares Of Its Common Stock To An Institutional Investor At Market Price.Business Editors/High-Tech Writers PALM BEACH, Fla.--(BUSINESS WIRE)--April 14, 2004 Applied Digital Solutions, Inc. (Nasdaq: ADSXD), an advanced technology development company, announced today that it has sold two million shares (with a "greenshoe" to purchase up to another 1 million shares) of its common stock, at market price (based on a 10 day volume weighted average), to Satellite Strategic Finance Associates, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control via a private placement. The Company also issued a six-year warrant (with a one-year lock-up) to the investor to purchase 666,667 shares of its common stock at a price equal to 20% above the sale price for the common stock. The Company expects to file a registration statement for the common stock and warrants. "With this transaction, we were able to attract a quality institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. without having to discount the sale of stock as we have in the past. This is a validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of our decision to streamline our capital structure," said Scott R. Silverman, Applied Digital Solutions' Chairman and Chief Executive Officer. "We are pleased by the confidence that Satellite has shown in the potential for our advanced technologies and believe that this transaction demonstrates how much the Company has improved its capital structure and balance sheet in the past 12 months. With the strongest balance sheet in the Company's history, we have never been better positioned to pursue opportunities in our VeriChip, Digital Angel (AMEX AMEX See: American Stock Exchange : DOC) and Government Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , Inc. subsidiaries." 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. 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. Applied Digital Solutions is the beneficial owner Beneficial Owner A person who enjoys the benefits of ownership even though title is in another name. Notes: For example, when shares of a mutual fund are held by a custodian bank or when securities are held by a broker in street name, the true owner is the beneficial of a majority position in Digital Angel Corporation (AMEX: DOC - News). 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . |
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