| [July 16, 2004] |
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Applied Digital Solutions' CEO Issues Invitation to Shareholders
DELRAY BEACH, Fla. --(Business Wire)-- July 16, 2004 -- Applied Digital Solutions (NASDAQ: ADSX), an advanced technology company, issued the following Invitation to Shareholders today:
Dear Shareholders:
Applied Digital has changed dramatically in the past year. We have satisfied all of our (parent company) debt; we have strengthened our balance sheet by over $100 million; we have severely cut operating losses and we have fixed our capital structure.
These are very significant accomplishments, but the biggest accomplishment - LONG TERM SHAREHOLDER VALUE - is our greatest challenge - and our main focus at Applied Digital.
When I took over as the Company's CEO in March of last year, I looked at the opportunity in a similar fashion to the way that a new football coach does when he takes over a team. Building a talented team, preparing the players properly, and winning are all important, but creating a successful, long term Champion is the ultimate goal. With almost 1-1/2 years and the above-referenced milestones behind us, my focus now turns squarely to developing and redefining the company to create long-term success, and as a result, sustained shareholder value.
A review of our current product lines and intellectual property yields two significant (yet greatly unrecognized) trends: 1) A significant portion of our revenue is from governmental entities (U.S. and International); and 2) Security for people, animals, food chains, telecomm infrastructure and government and commercial assets is the lion's share of our business. This is where our future lies.
Please join me for a closer look at our Company, and the unveiling of our streamlined business model and new corporate image on Saturday, July 24, 2004 at 9:00 a.m. at the Delray Beach Marriott for our Annual Shareholder meeting. I look forward to seeing you there.
Sincerely,
Scott R. Silverman
Chairman and CEO
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 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" 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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