VeriChip Corporation Signs 3-year, $750,000 Distribution Contract with iChip Corporation of South Africa
December 08 2006 - 9:37AM
PR Newswire (US)
iChip Corporation to distribute the full VeriChip product line in
South Africa DELRAY BEACH, Fla., Dec. 8 /PRNewswire-FirstCall/ --
Applied Digital Solutions, Inc. (NASDAQ:ADSX) and its subsidiary,
VeriChip Corporation ("VeriChip"), announced today that iChip
Corporation has acquired the distribution rights for all VeriChip
radio frequency identification (RFID) products in South Africa,
including VeriMed for patient identification, Roam Alert for wander
prevention, HUGS for infant protection, and ToolHound. The
three-year agreement is valued at US$750,000 and represents the
first international deployment for the patient identification and
medical information system. Erich Taljaard, President of iChip
Corporation commented, "Although RFID was originally designed to
streamline supply chain management, its utility has gained
widespread acceptance in many industries, especially within
healthcare." Citing a recent study from BCC Research titled 'RFID:
Technology, Applications and Market Potential,' Taljaard added,
"The global market for RFID hardware, middleware and IT reached
US$640 million in 2005. In 2006, the global market is projected to
grow to more than US$713 million, and is forecasted to reach $1
billion by 2011, an average annual growth rate of 8.0 percent."
Taljaard believes the South African market is well suited for a
wide variety of RFID solutions and thus acquired the distribution
rights for all VeriChip products. Taljaard continued, "We have
already had our first success with Afri-Tool South Africa, a
division of AMECO, the fleet management and construction support
unit of Fluor Corporation. We will be implementing VeriChip's
Toolhound system at a Fluor site in Madagascar. The cost of the
system will be quickly recovered by reducing losses due to theft,
duplication, hoarding and misplaced tools. ToolHound will help
maximize utilization of business tools and equipment, making
workers more accountable and productive." iChip Corporation will
also be distributing the VeriMed Patient Identification System in
the South African market. The VeriMed patient ID system had a
positive response at the 11th International Convention of
Telemedicine held in the Cape International Convention center on
the 27th and 28th of November with more than 200 delegates
attending the convention. The benefits of theVeriMed system have
been received favorably when introduced to the leading healthcare
organizations representing hospitals, health insurers and
physicians. "Given the unique issues and challenges in the South
African healthcare market, the VeriMed system has the ability to
make a meaningful difference in lives of many South Africans,"
Taljaard said. About iChip Corporation iChip Corporation,
headquartered in Moreleta Park, Pretoria, South Africa develops,
markets and sells active and passive radio frequency
identification, or RFID, systems used to identify, locate and
protect people and assets. iChip Corporation, by acquiring the
distribution rights for all RFID products manufactured by VeriChip
Corporation, intends to become the leading provider of RFID systems
for people in South Africa. More information on iChip Corporation
can be found online at http://www.ichipcorp.co.za/. Contact the
corporate office of iChip Corporation in Pretoria at T +27 12
997-4549 or online at . 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:DOC). 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, , Media - Jason Rando,
+1-646-536-7025, , both of The Ruth Group Web site:
http://www.verichipcorp.com/
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