Posted on 03/26/2004 2:44:31 PM PST by KitJ
Company Awards Exclusive Rights to U.S. Markets Quotas exceed 66,000 VeriChips and 4,900 handheld scanners
PALM BEACH, Fla.--(BUSINESS WIRE)--March 25, 2004-- Applied Digital Solutions, Inc. (Nasdaq: ADSX - News), an advanced technology development company, today announced that its wholly owned subsidiary, VeriChip Corporation, has awarded the exclusive rights to distribute VeriChip in three states, including Florida, Georgia and Tennessee. The company has also awarded territories to distributors in Puerto Rico and Central America. The distributors have collectively agreed to quotas to purchase 66,763 VeriChips and 4,945 scanners over the terms of the agreements. Each of the distributor's plans call for using VeriChip for security-related and emergency identification applications.
About the size of a grain of rice, VeriChip(TM) is the world's first subdermal, radio frequency identification (RFID) microchip that can be used in a variety of security, financial, emergency identification and other applications.
The company awarded Digital Applied Technologies Associates ("DATA") with the exclusive rights to the state of Florida. DATA has agreed to quotas to purchase a minimum of 12,400 VeriChips and 1,390 scanners during the five-year period. The Company also awarded the territory of Puerto Rico exclusively to Cybertek Puerto Rico, Inc. Cybertek is required to purchase 2,000 VeriChips and 60 scanners during the term of the agreement. Finally, Universal Microchip, Inc. has been awarded the exclusive rights to the Georgia and Tennessee markets, in return for agreeing to quotas to purchase a minimum of 4,650 VeriChips and 310 scanners.
VeriChip Corporation also awarded the exclusive rights for Central America to Sodiacol SA in return for a commitment to purchase a minimum of 47,713 VeriChips and 3,185 scanners. Sodiacol replaces prior companies which agreed to certain portions of Central America.
The distributors are required to meet the minimum purchase requirements for VeriChips and scanners in order to maintain exclusivity in their respective markets.
About VeriChip(TM)
VeriChip is a subdermal, radio frequency identification (RFID) device that can be used in a variety of security, financial, emergency identification and other applications. About the size of a grain of rice, each VeriChip product contains a unique verification number that is captured by briefly passing a proprietary scanner over the VeriChip. The standard location of the microchip is in the triceps area between the elbow and the shoulder of the right arm. The brief outpatient "chipping" procedure lasts just a few minutes and involves only local anesthetic followed by quick, painless insertion of the VeriChip. Once inserted just under the skin, the VeriChip is inconspicuous to the naked eye. A small amount of radio frequency energy passes from the scanner energizing the dormant VeriChip, which then emits a radio frequency signal transmitting the verification number. In October 2002, the US Food and Drug Administration (FDA) ruled that VeriChip is not a regulated device with regard to its security, financial, personal identification/safety applications but that VeriChip's healthcare information applications are regulated by the FDA. 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 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 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.
-------------------------------------------------------------------------------- Contact: CEOcast, Inc. Ken Sgro, 212-732-4300 E-mail: kensgro@ceocast.com
For your consideration, Kit
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.