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Applied Digital's VeriChip Corporation Subsidiary Expands Distribution to Taiwan and Saudi Arabia; SI&I Corporation and Arabian Gulf Group Become Latest International Distributors
DELRAY BEACH, Fla. --(Business Wire)-- March 22, 2005 -- VeriChip Corporation, a wholly owned subsidiary of Applied Digital (NASDAQ: ADSX), announced today that it has signed two new non-exclusive distributors for Taiwan and Saudi Arabia. SI&I (www.silkorea.com) will distribute the product in Taiwan, while Arabian Gulf Group. has been selected as a distributor in Saudi Arabia.
"The selection of these new distributors expands our distribution in two attractive international markets," said Scott R. Silverman, Applied Digital's Chairman and CEO. "The FDA clearance allows us to pursue a dual distribution strategy. Domestically, we will continue to focus on distributors, hospitals, physicians and other key opinion leaders to enhance sales of VeriChip, while internationally there is a great deal of enthusiasm surrounding security applications. We will continue to pursue both paths as each has significant long-term potential."
About VeriChip
VeriChip Corporation is a wholly owned subsidiary of Applied Digital. The VeriChip product is a sub dermal RFID micro transponder 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 device contains a unique verification number that is captured by briefly passing a proprietary scanner over the VeriChip. In October 2004, the U.S. Food and Drug Administration (FDA) cleared VeriChip for medical applications in the United States. VeriChip is not an FDA-regulated device with regard to its security, financial, personal identification/safety applications and is MRI compatible.
About Applied Digital:
Applied Digital develops innovative security products for consumer, commercial, and government sectors worldwide. The Company's unique and often proprietary products provide security for people, animals, the food supply, government/military arena, and commercial assets. Included in this diversified product line are RFID applications, end-to-end food safety systems, GPS/Satellite communications, and telecomm and security infrastructure, positioning Applied Digital as the leader of Security Through Innovation. Applied Digital is the owner of a majority position in Digital Angel Corporation (AMEX: 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 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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