Applied Digital Solutions (NASDAQ:ADSXD)
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MedAire, Inc. to Acquire Assets of Medical Advisory Services
Business From Digital Angel Corporation
TEMPE, Ariz., and SO. ST. PAUL, Minn., April 12 /PRNewswire-FirstCall/ --
MedAire, Inc. , a provider of fully-integrated health and security solutions
worldwide, and Digital Angel Corporation , an advanced technology company in the
field of rapid and accurate identification, location tracking, and condition
monitoring of high-value assets, today jointly announced that the two companies
have entered into a definitive agreement for MedAire to purchase certain assets
of Digital Angel's Owings, MD-based Medical Systems unit ("MAS"), which is
expected to be renamed Medical Advisory Systems, Inc.
Upon completion of the transaction,Digital Angel's MAS unit will become a
service of MedAire, Inc., and will relocate its operations to MedAire's
administrative and operational headquarters in Tempe, AZ.
"This acquisition enables MedAire immediately to begin providing services and
products to a new segment of the maritime industry in a very efficient manner,"
said MedAire President and CEO Joan Sullivan Garrett. "With such similar
operations, we are ready to accelerate growth and build shareholder value by
bringing together two remarkably well-matched organizations."
Garrett continued, "While the tremendous synergies between our service
organizations will make the move to MedAire virtually transparent for MAS
clients, we believe they will quickly see the benefits that come from the
strength and vitality of the combined operations."
Kevin McGrath, Chief Executive Officer of Digital Angel, commented, "We think
this is a win-win transaction for both sides. For MedAire, the MAS assets
should become an immediately profitable line of business, with a client base
highly complementary to that of their other businesses. For Digital Angel, this
transaction allows us to deploy our resources into those businesses where we are
best placed to realize near-term revenue growth and profitability. We are
delighted to have found such a strategically appropriate home for MAS. We wish
the MAS team and clients well."
McGrath noted that the operating assets of MAS, primarily contracts and
inventory, will be sold to MedAire, while the land and building associated with
MAS are under contract to be sold in a separate transaction. The transactions
are expected to close in the second quarter.
With an operating history of over twenty years, MAS has been a global innovator
in telemedicine, providing physician advice to people in remote environments,
and it has been a pioneer and leader in providing such services to the global
commercial shipping industry. Since 1986, MedAire, Inc. has also pioneered the
concept of providing physician adviceto people in remote environments. MedAire
provides such services to commercial airlines, corporate flight departments, and
business travelers and expatriates of multi-national corporations.
About MedAire, Inc.
Established in 1986, MedAire offers fully-integrated health and security
solutions including remote emergency assistance services, evacuations, training
and web-based education programs, specialized resources such as medical and
security kits and a network of western-standard medical clinicsin Asia.
MedAire provides services to international business travelers and expatriates,
commercial airlines throughout the world, maritime operators, corporate flight
departments, as well as government and military agencies. MedAire, listed under
MDE on the Australian Stock Exchange, can be found on the Internet at
http://www.medaire.com/.
Media contact for MedAire: Brant Galloway, Phone: +1.480.333.3700, e-mail: .
About Digital Angel Corporation
Digital Angel Corporation develops and deploys sensor and communications
technologies that enable rapid and accurate identification, location tracking,
and condition monitoring of high-value assets. Applications for the Company's
products include identification and monitoring of pets, fish and livestock
through its patented implantable microchips; location tracking and message
monitoring of vehicles and aircraft in remote locations through systems that
integrate GPS and geosynchronous satellite communications; and monitoring of
asset conditions suchas temperature and movement, through advanced miniature
sensors.
Digital Angel Corporation is majority-owned by Applied Digital Solutions, Inc.
(NASDAQ:ADSXD). For more information about Digital Angel, please visit
http://www.digitalangelcorp.com/.
The statements in this press release that are not strictly historical, are
"forward-looking" statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are
intended to be coveredby the safe harbors created by these sections. The
forward-looking statements are subject to risks and uncertainties and the actual
results that the Company achieves may differ materially from these
forward-looking statements due to such risks and uncertainties, including, but
not limited to, that recent changes in the Company's senior management could
have an adverse effect on the Company's financial results that the Company's
stockholders will experience dilution if certain debt owned by the Company is
converted into common stock; the risk of foreclosure on substantially all of the
Company's assets; that the Company's majority stockholder, Applied Digital
Solutions, Inc. is able to completely control the board of directors and may
support actionsthat conflict with the interests of other stockholders; that the
Company's earnings will decline if it writes off additional goodwill and other
intangible assets; that exercises of the Company's options and warrants
outstanding and available for issuance may adversely affect the market price of
the Company's common stock, the Company's inability to generate income, the
Company's Wireless and Monitoring segment's ability to achieve profitability,
the Company's ability to maintain patent and trade secret protection, domestic
and foreign government regulation, the Company's sales to government contractors
of animal identification products, dependence on a single production arrangement
for its patented syringe-injectable microchips, dependence on principal
customers, competition in the visual and electronic identification markets,
foreign currency rate fluctuation, dependence on a small team of senior
management and the Company's ability to develop, integrate, miniaturize and
market the Digital AngelTM technology. A detailed statement of risks and
uncertainties is contained in the Company's reports to the Securities and
Exchange Commission, including in particular the Company's Form 10-K for the
fiscal year ended December 31, 2003. Investors and stockholders are urged to
read this document carefully. The Company can offer no assurances that any
projections, assumptions or forecasts made or discussed in this release will be
met, and investors should understand the risks of investing solely due to such
projections. The Company undertakes no obligation to revise any forward-looking
statements in order to reflect events or circumstances that may arise after the
date of this press release.
For further information, please contact: investors, Jay F. McKeage,
+1-212-691-8087, ; or media, Len Hall, +1-949-474-4300, ; both of Allen & Caron
Inc. for MedAire, Inc.
DATASOURCE: MedAire, Inc.; Digital Angel Corporation
CONTACT: investors, Jay F. McKeage, +1-212-691-8087, ;
or media, Len Hall, +1-949-474-4300, ; both of Allen & Caron
Inc. for MedAire, Inc.
Web site: http://www.medaire.com/
Web site: http://www.digitalangelcorp.com/