VeriChip Corporation Appoints Scott R. Silverman Chief Executive Officer
December 06 2006 - 9:00AM
PR Newswire (US)
Silverman To Focus on Development of VeriChip; Continues as
Chairman of Applied Digital DELRAY BEACH, Fla., Dec. 6
/PRNewswire-FirstCall/ -- Applied Digital Solutions, Inc.
(NASDAQ:ADSX) and its wholly owned subsidiary, VeriChip Corporation
("VeriChip"), announced today that Scott R. Silverman, Chairman and
Chief Executive Officer of Applied Digital and Chairman of
VeriChip, has been appointed Chief Executive Officer of VeriChip
effective immediately. Mr. Silverman replaces Kevin McLaughlin, who
turns 65 in March 2007 and will retire after a short transition
period. McLaughlin has served in various executive positions at
Applied Digital and its subsidiaries since 2000. Mr. Silverman will
resign his position as Chief Executive Officer of Applied Digital
but will continue to serve as Chairman of The Board. Michael
Krawitz, presently Executive Vice President and General Counsel of
Applied Digital, will replace Mr. Silverman as its Chief Executive
Officer. Mr. Krawitz, a graduate of Cornell University and Harvard
Law School, has been with Applied Digital since 1999 and was
formerly with the law firm of Fried, Frank Harris, Shriver &
Jacobson. In his new position, Mr. Krawitz will be responsible for
the evaluation and execution of strategic transactions, development
and acquisition of new technologies, and the management of Applied
Digital's ownership in its publicly-traded subsidiaries and other
operating units. "I am delighted to have this opportunity to focus
my total resources on the development of VeriChip and its RFID
technologies to identify, locate and protect people and assets,"
said Mr. Silverman. "The VeriMed business continues to make
significant strides with over 1,100 physicians now enrolled in our
VeriMed Network. We believe that the timing for this management
transition is most appropriate to assure the mobilization of
resources to accelerate adoption of this technology among
physicians and hospitals as VeriChip progresses towards becoming a
publicly traded company." Commenting on Mr. McLaughlin's
retirement, Mr. Silverman continued, "Kevin has spent the last
seven years in various executive capacities at Applied Digital. He
is a true professional with exceptional work ethic and dedication.
Please join me in thanking Kevin for his years of service and
commitment to our Company." Michael Krawitz commented, "Applied
Digital has a great blend of opportunities -- from our small but
very profitable software unit to our leadership in various areas of
identification technology. Having Scott focus on VeriChip enhances
our opportunities. VeriChip's VeriMed patient identification system
has the potential to completely transform emergency care -- and
Scott is the right person to make it happen. He's passionate about
improving the simplistic current methods of accessing emergency
medical information, and he has the skills to cement VeriMed as the
preferred solution. I've worked closely with the VeriMed team and
with Scott and I have total confidence that he will deliver -- both
for patients and for Applied Digital's shareholders. As Applied
Digital benefits from the value of VeriChip and from the value of
its ownership in Digital Angel, we'll be in a stronger position to
develop new technologies, grow the other businesses and consider
some of the strategic transactions we've considered in the past."
About Applied Digital - "The Power of Identification Technology"
Applied Digital develops innovative identification and security
products for consumer, commercial, and government sectors
worldwide. The Company's unique and often proprietary products
provide identification and security systems 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 in identification technology. Applied Digital is the
owner of a majority position in Digital Angel Corporation
(AMEX:DOCAMEX:-AMEX:News). About VeriChip Corporation VeriChip
Corporation, headquartered in Delray Beach, Florida, develops,
markets and sells radio frequency identification, or RFID, systems
used to identify, locate and protect people and assets. VeriChip's
goal is to become the leading provider of RFID systems for people
in the healthcare industry. VeriChip sells passive RFID systems for
identification purposes and active RFID systems for local-area
location and identification purposes. VeriChip recently began to
market its VeriMed(TM) Patient Identification System for rapidly
and accurately identifying people who arrive in an emergency room
and are unable to communicate. This system uses the first
human-implantable passive RFID microchip, the implantable
VeriChip(TM), cleared for medical use in October 2004 by the United
States Food and Drug Administration. For more information on
VeriChip, please call 1-800-970-2447, or email . Additional
information can be found online at http://www.verichipcorp.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:
Investors: Nick Laudico The Ruth Group 646-536-7030 Media: Jason
Rando The Ruth Group 646-536-7025 DATASOURCE: Applied Digital
Solutions, Inc. CONTACT: Investors - Nick Laudico, +1-646-536-7030,
; or Media - Jason Rando, +1-646-536-7025, , both of The Ruth Group
for VeriChip Corporation Web site: http://www.verichipcorp.com/
Copyright
Applied Digital Solutions (NASDAQ:ADSX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Applied Digital Solutions (NASDAQ:ADSX)
Historical Stock Chart
From Jul 2023 to Jul 2024