NEW YORK (Thomson Financial) - Applied Digital Solutions Inc. and Digital
Angel Corp. said Tuesday they expect to complete their merger around Dec. 28, at
which point they expect to announce a new chief executive to lead the company.
Upon completion of the transaction, Digital Angel's common stock will no
longer be listed on the American Stock Exchange. The combined entity will do
business as Digital Angel Co. and trade on the Nasdaq Capital Market under the
symbol "DIGA."
The companies expect the merger to save them more than $2 million over the
next three years and anticipate further savings through the consolidation of
facilities and operations.
The merger will give Applied Digital stockholders a direct ownership in
Digital Angel and Digital Angel stockholders an ownership position in VeriChip
Corp.
"This transaction eliminates our current holding company structure,
streamlines our operations and provides significant savings, which will help us
as we move toward profitability," Applied Digital said.
Applied Digital is a Delray Beach, Fla.-based identification and security
products developer. Its stock closed Monday at 49 cents a share.
Digital Angel develops technologies used to identify, locate and monitor
people, animals and objects. Shares of the South Saint Paul, Minn.-based company
closed Monday at 71 cents.
Melinda Peer
mp/pc
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