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VeriChip Corporation Signs Master Product Purchase Agreement with American Capital Holdings For Initial Purchase of 3,200 VeriChips
PALM BEACH, Fla. --(Business Wire)-- June 9, 2004 -- American Capital plans to integrate VeriChip technology with its Freedom4Wireless Mobile Broadband Wireless Solutions for security applications
Applied Digital Solutions, Inc.(NASDAQ: ADSX) , an advanced technology development company, announced today that its wholly owned subsidiary, VeriChip(TM) Corporation, has signed a Master Product Purchase Agreement with American Capital Holdings. American Capital has agreed to an initial purchase of 3,200 VeriChips and 12 scanners. American Capital plans to integrate VeriChip technology with its Freedom4Wireless mobile broadband wireless solutions for secure identification access.
Freedom 4 Wireless(TM) (F4W), a majority-controlled American Capital company, is a provider of 4th Generation Mobile Broadband Wireless Services and Products. F4W's unique 4G mobile broadband wireless system provides data, video, audio, and voice services to subscribers on the move, at speeds up to 200 mph.
F4W generates revenue from the sale of subscriber services, vertical product sales, equipment sales and contracting to deploy turnkey wide area network wireless solutions. F4W is building a national high speed mobile broadband wireless network as well as building tactical networks for Homeland Security and Law Enforcement agencies. F4W's services and products fall into three broad categories. Freedom 4 Emergency Alert Display Services(TM), Freedom 4 Mobile Services(TM) and Freedom 4 Smart Equipment Services(TM). F4W's focus is on the public safety market in 2004 and 2005, by in 2006 F4W believes that the demand for mobile broadband services from business customers will begin to generate significant incremental revenue from the network infrastructures that originally were deployed to provide services to the Public Safety Market.
Freedom 4 Emergency Alert Display Services(TM) networks are networks of plasma and LCD displays that provide Emergency Alert System(TM) (EAS) and Community Alert System (CAS(TM)) messaging to the public in times of community crisis and distress. Such services will allow both federal and local governmental authorities to communicate with the public about imminent and immediate events that may require a quick response to save lives or improve public well-being. Built into these displays are 2-way video and voice capability so that an individuals and first responders in a crisis can communicate with emergency organizations. See www.freedom4wireless.com for more information.
American Capital intends to integrate VeriChip into its Freedom 4 Emergency Alert Display Services and Emergency Alert System for secure identification access by authorized personnel via PDA or otherwise. Commenting on this relationship, Barney Richmond, CEO of American Capital stated, " Secure access by authorized personnel only to the Freedom 4 network is pivotal for enhanced security of the network. For homeland security, law enforcement and commercial applications, we believe Verichip, whether external or subdermal, can ultimately further enhance the security of our network capabilities. We look forward to working with the VeriChip team to accomplish this integration."
About the size of a grain of rice, VeriChip(TM) is the world's first subdermal, radio frequency identification microchip that can be used in a variety of security, financial, emergency identification and other applications.
American Capital Holdings has signed distribution agreements for Texas, Maryland, Virginia, North Carolina, Nevada, California, New Jersey and Arizona.
About American Capital Holdings, Inc.
American Capital Holdings, Inc. (ACH) is a merchant-banking corporation servicing development stage companies. The Company has been organized for the principal purpose of acquiring interests, including controlling interests, in a variety of established businesses. The Company will make capital investments in private companies and publicly traded companies. ACH's investment focus is in energy exploration, certain established technologies, insurance, communications, manufacturing and governmental suppliers. Their website is www.achinc.net.
About VeriChip(TM)
VeriChip is a miniaturized, 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 and will be available in several formats, some of which will be insertable under the skin. The verification number is captured by briefly passing a proprietary scanner over the VeriChip. 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 was 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. For more information about VeriChip, visit www.adsx.com.
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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