VeriChip Corporation Named Finalist for South Florida Business Journal 2009 Technology Awards
November 04 2009 - 9:00AM
Business Wire
VeriChip Corporation ("VeriChip" or the "Company") (NASDAQ:CHIP)
announced today that it has been selected as a finalist for the
South Florida Business Journal's 2009 Technology Awards in the
Hardware category. The South Florida Business Journal Technology
Awards were created to honor the area's best technology-based
companies, the CEOs or CIOs leading the way, and the companies
making the best use of a technology in South Florida. The awards
look for growing start-up companies, trendsetting innovations,
products and services to highlight. The winners will be announced
on Thursday, November 5, 2009.
Scott R. Silverman, VeriChip's Chairman and CEO, said, "It is an
honor to be selected as a finalist in the hardware category for the
2009 Technology Awards. We believe that our VeriChip patient
identification microchip as well as our products under development,
including a glucose-sensing RFID microchip and a rapid virus
detection system for the H1N1 virus and other forms of influenza,
are products that can improve the standard of healthcare and
therefore the lives of patients."
About VeriChip Corporation
VeriChip Corporation, headquartered in Delray Beach, Florida,
has developed the VeriMed™ Health Link 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 and corresponding personal
health record, cleared for medical use in October 2004 by the
United States Food and Drug Administration.
On September 8, 2009, VeriChip Corporation announced it agreed
to acquire Steel Vault Corporation (OTCBB:SVUL) to form PositiveID
Corporation. PositiveID will provide identification technologies
and tools to protect consumers and businesses. The companies expect
the merger to close in the fourth quarter of 2009.
For more information on VeriChip, please call 1-800-970-2447, or
e-mail info@verichipcorp.com. Additional information can be found
online at www.verichipcorp.com.
Statements about VeriChip’s future expectations, including the
likelihood that the Company will be a winner of the award, the
ability of the microchip as well as other products under
development to improve the standard of healthcare and therefore the
lives of patients, the likelihood that the Company will
successfully develop a glucose-sensing RFID microchip and a rapid
virus detection system for the H1N1 virus and other forms of
influenza, the likelihood that the merger will close in the fourth
quarter of 2009 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 VeriChip’s actual results could
differ materially from expected results. These risks and
uncertainties include the Company’s ability to successfully develop
a glucose-sensing RFID microchip and a rapid virus detection system
for the H1N1 virus and other forms of influenza, the timing and
success of submission, acceptance and approval of required
regulatory filings; as well as certain other risks. Additional
information about these and other factors that could affect the
Company’s business is set forth in the Company’s various filings
with the Securities and Exchange Commission, including those set
forth in the Company’s 10-K filed on February 12, 2009, under the
caption “Risk Factors.” The Company undertakes no obligation to
update or release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this statement
or to reflect the occurrence of unanticipated events, except as
required by law.
Additional Information and Where to Find It
On September 8, 2009, VeriChip and Steel Vault issued a joint
press release announcing the signing of an Agreement and Plan of
Reorganization, among VeriChip, Steel Vault and VeriChip
Acquisition Corp., a Delaware corporation and wholly-owned
subsidiary of VeriChip (the “Acquisition Subsidiary”), pursuant to
which the Acquisition Subsidiary will be merged with and into Steel
Vault, with Steel Vault surviving and becoming a wholly-owned
subsidiary of VeriChip (the “Merger”). Upon the consummation of the
Merger, each outstanding share of Steel Vault’s common stock will
be converted into 0.5 shares of VeriChip common stock.
In connection with the Merger, VeriChip filed with the
Securities and Exchange Commission (“SEC”) a Registration Statement
on Form S-4 that will contain a Joint Proxy Statement/Prospectus of
VeriChip and Steel Vault. Investors and security holders are urged
to read the Registration Statement and the Joint Proxy
Statement/Prospectus carefully because they contain important
information about VeriChip, Steel Vault and the proposed
transaction. The Joint Proxy Statement/Prospectus and other
relevant materials (when they become available), and any other
documents filed with the SEC, may be obtained free of charge at the
SEC’s web site (www.sec.gov). In addition, investors and security
holders may obtain a free copy of other documents filed by VeriChip
or Steel Vault by directing a written request, as appropriate, to
VeriChip at 1690 South Congress Avenue, Suite 200, Delray Beach,
Florida 33445, Attention: Investor Relations, or to Steel Vault at
1690 South Congress Avenue, Suite 200, Delray Beach, Florida 33445,
Attention: Investor Relations. Investors and security holders are
urged to read the Joint Proxy Statement/Prospectus and the other
relevant materials before making any voting or investment decision
with respect to the proposed transaction.
VeriChip, Steel Vault and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies in connection with the proposed
transaction.
Information regarding the interests of these directors and
executive officers in the proposed transaction will be included in
the Joint Proxy Statement/Prospectus referred to above. Additional
information regarding the directors and executive officers of
VeriChip is also included in VeriChip's Form 10-K, which was filed
with the SEC on February 12, 2009. Additional information regarding
the directors and executive officers of Steel Vault is also
included in Steel Vault's proxy statement (Form DEF 14A) for the
2009 annual meeting of Steel Vault's stockholders, which was filed
with the SEC on February 9, 2009, as amended. These documents are
available free of charge at the SEC’s website (www.sec.gov) and by
contacting Investor Relations at the addresses above.
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