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VeriChip Corporation Signs Distribution Agreement for United Kingdom with Surge IT Solutions
DELRAY BEACH, Fla. --(Business Wire)-- Oct. 7, 2004 -- Surge IT solutions to purchase a minimum of 9,000 VeriChips and 110 scanners
Applied Digital (NASDAQ: ADSX), a provider of Security Through Innovation(TM), announced today that its wholly owned subsidiary, VeriChip(TM) Corporation, has signed a Distribution Agreement with Surge IT Solutions of London, England. As part of this three-year exclusive distribution agreement, Surge IT has agreed to purchase a minimum of 9,000 chips and 110 scanners to maintain exclusive distribution rights for the United Kingdom. Surge IT Solutions, www.surge-it.com, intends to use the VeriChip technology for secure building access for government installations, educational facilities, and various identification applications.
"This new distributor for VeriChip reflects the growing recognition that our technology is an accepted choice for security-conscious Europe," said Scott R. Silverman, Applied Digital's Chairman and CEO. "This foothold in the United Kingdom extends our reach into the international security market, as exemplified by our presence in the Attorney General's Office in Mexico."
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. For more information about VeriChip, visit www.adsx.com.
About Applied Digital
Applied Digital develops innovative security products for consumer, commercial, and government sectors worldwide. Our 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.
About Surge IT
Surge IT Solutions provides a range of internet services, including development and Intranet/Extranet Solutions. The company's extensive range of services includes specialization in the fields of Microsoft networks, Novell networks, and various third party applications. For more information, please visit Surge-IT Ltd, www.surge-it.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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