VeriChip Corp Signs 3-year Distribution Contract With iChip
Pastor Dale Morgan
Sun Dec 16, 2006 12:28 pm (PST)
*VeriChip Corp Signs 3-year Distribution Contract With iChip
Corporation Of South Africa*
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.
VeriChip Corporation Signs 3-year, $750,000 Distribution Contract with
iChip Corporation of South Africa
iChip Corporation to distribute the full VeriChip product line in
South Africa
DELRAY BEACH, Fla., Dec. 10 /PRNewswire-FirstCall/ -- Applied Digital
Solutions, Inc. (Nasdaq: ADSX - News) 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 www.ichipcorp.co.za. Contact the corporate office of iChip
Corporation in Pretoria at T +27 12 997-4549 or online at
in...@ichipcorp.co.za.
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 - 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 in...@verichipcorp.com. Additional information can
be found online at 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.