VeriChip Corp. Signs Five-Year, Exclusive Distribution Agreement for Brazil - Initial Order of More Than 800 Subdermal RFID VeriChips
PALM BEACH, Fla.--(BUSINESS WIRE)--Sept. 17, 2003--
Solusat, Exclusive VeriChip Distributor for Mexico, Orders
an Additional 1,500 VeriChips to Meet Growing Demand;
To Date, over 5,000 VeriChips Ordered in Third Quarter
Applied Digital Solutions, Inc. (Nasdaq: ADSX), an advanced technology development company, today announced that its wholly owned subsidiary, VeriChip Corporation, has signed a five-year, exclusive distribution agreement with Metro Risk Management Group, LLC, for the country of Brazil.
About the size of a grain of rice, VeriChip(TM) is the world's first subdermal, radio frequency identification (RFID) microchip that can be used in a variety of security, financial, emergency identification and other applications.
Under the terms of the new distribution agreement for Brazil, the initial order consists of more than 800 VeriChips and 24 proprietary scanners. The five-year distribution agreement for Brazil requires the distributor to meet annual minimum purchase requirements in order to maintain exclusive distribution rights in that country. Over the five years covered by this agreement, the minimum purchase requirement is 75,000 VeriChips and 3800 proprietary scanners.
Headquartered in Miami, Florida, Metro Risk Management Group, LLC, is an international risk management agency with twelve offices worldwide. United States Offices: Miami, FL; New York, NY; Norfolk, VA; Seattle, WA; Washington, DC. International Offices: Bogota, Colombia; Buenos Aires, Argentina; Caracas, Venezuela; Dubai, United Arab Emirates; Madrid, Spain; Mexico City, Mexico; Santiago, Chile.
The Company also announced today that Solusat, the exclusive VeriChip distributor in Mexico, has ordered an additional 1,500 VeriChips to meet growing demand in that country. This order is over and above the 1,000 VeriChips that Solusat already received earlier this year. At a press conference and live "chipping" event in Mexico City on July 17, 2003, Solusat launched "SOLUSAT MEDICA," a special unit created to promote the many healthcare-related applications of VeriChip in Mexico.
The Company believes these new orders - which bring third-quarter VeriChip sales to more than 5,000 - demonstrate increased momentum in marketing VeriChip's unique, personal verification and security solutions around the world.
About VeriChip(TM)
VeriChip is a subdermal, 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 that 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 is 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 (Nasdaq: ADSX). 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 owns a majority position in Digital Angel Corporation (AMEX: DOC). For more information, visit the Company's website at 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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