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Technology Stocks : DOC - Digital Angel
DOC 16.17+0.6%Dec 30 3:59 PM EST
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To: Alfred W. Post who wrote (42)11/30/2005 8:15:19 PM
From: Glenn Petersen  Read Replies (1) of 49
 
Digital Angel boosted by Senate support

NOV. 30 12:09 P.M. ET Shares of Digital Angel Corp. surged Wednesday after the company revealed a recommendation by the Senate for government use of its technology.

Shares of the St. Paul, Minn. technology firm were up 73 cents, or 31 percent, to $3.09 in midday trading on the American Stock Exchange, with five times the average daily volume of shares changing hands.

The company released word earlier that it had been mentioned in the Senate version of the fiscal 2006 Agriculture Department appropriations bill.

While the final version of the legislation makes no mention of the company, the bill passed by the Senate directs the department to use its RFID technology in the government's effort to track livestock as part of the fight against bovine spongiform encephalopathy, more commonly known as mad cow disease.

Digital Angel's RFID traceability system uses electronic tags and scanners that can be employed to register and track animals.

"The committee is aware of radio frequency identification technology that is available through Digital Angel," the Senate bill said. "This technology has been proven on fish and has been in use for 15 years. The committee urges the department to consider this technology when developing an animal identification program."

Digital Angel said it expects to sell more than 3 million electronic RFID tags in the U.S. this year.

businessweek.com
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