ADSX 1.34 Scott R. Silverman Resigns as Chairman of Applied Digital's Board of Directors to Place Added Focus on VeriChip Corporation
CEO Michael E. Krawitz Assumes Mr. Silverman's Place on Applied Digital's Board; Current Board Member Daniel E. Penni Becomes New Chairman
Jul 3, 2007 8:30:00 AM
Copyright Business Wire 2007
DELRAY BEACH, Fla.--(BUSINESS WIRE)--
Applied Digital (NASDAQ:ADSX), a leading provider of identification and security technology, today announced Scott R. Silverman has resigned as Chairman of the Company's board of directors. Michael E. Krawitz, Applied Digital's Chief Executive Officer, has assumed Mr. Silverman's place on the Company's board, and Daniel E. Penni, an existing Applied Digital board member, has become Chairman. Mr. Silverman is Chairman and CEO of VeriChip Corporation, which is a majority-owned subsidiary of Applied Digital.
Mr. Silverman stated, "After several years at the helm of Applied Digital, it is the appropriate time for me to step down from the board in order to focus all of my attention on growing VeriChip, the world's premier RFID company for people with an emphasis on healthcare. I am proud of what the board and executive management team of Applied Digital accomplished during my tenure as Chairman and believe the Company has exciting times ahead. It is clear that Michael and Dan are great leaders and will continue to move the company forward."
Mr. Penni commented, "I am honored to assume the role of Chairman at Applied Digital and look forward to a productive future. We will continue to focus on improving operations and enhancing profitability at all of our subsidiaries. Although we will miss having Scott on our board, we feel this is the right decision at the right time. By stepping down, Scott will be able to devote 100 percent of his attention to VeriChip, which is one of Applied Digital's most important assets."
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 majority positions in Digital Angel Corporation (AMEX:DOC) and VeriChip Corporation (NASDAQ:CHIP).
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.
Source: Applied Digital
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Applied Digital
Delray Beach
Allison Tomek
561-805-8000
atomek@adsx.com
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