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"Mark of the
Beast" Technology Announced!
Applied Digital Solutions' CEO Announces ``VeriPay'' Secure, Subdermal Solution for
Payment and Credit Transactions at ID World 2003 in Paris
Press Release: Applied Digital Solutions
Friday November 21, 9:30 am ET
Applied Digital Solutions' CEO
Announces ``VeriPay'' Secure, Subdermal Solution for Payment and Credit Transactions at ID
World 2003 in Paris
Friday November 21, 9:30 am ET
PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 21, 2003--Applied Digital Solutions, Inc. (Nasdaq:
ADSX - News) an advanced technology development
company, announced that the Company's Chief Executive Officer, Scott R. Silverman, in his
speech today at the ID World 2003 in Paris, France, revealed the Company's newest
subdermal RFID solution called VeriPay(TM). VeriPay is intended to be a secure, subdermal
RFID (radio frequency identification) payment technology for cash and credit transactions.
|
About the size of a grain of rice, VeriChip(TM) is the world's first subdermal, radio frequency identification (RFID) microchip that can be used in a variety of security, financial, emergency identification and other applications. |
The VeriPay announcement came just a few days after a USA Today article (November 17,
2003) about emerging technologies highlighted one of the major limitations of using RFID
technology for payment and credit transactions. After discussing various potential formats
for RFID payment systems, including cards, earrings or pens, the USA Today article stated:
"Still, experts note that one big hurdle remains for RFID systems: security. Lose
your RFID-enabled card or earring, and someone else could easily use it to run up charges
- especially if no signature is required."
In that same article, an executive with a major credit card company said this about his
company's RFID payment technology: "Ultimately, it could be embedded in anything -
someday, maybe even under the skin."
At ID World 2003 in Paris, Mr. Silverman made the point that the subdermal RFID VeriPay
technology specifically addresses the security issue. VeriPay's unique, under-the-skin
format offers a much more secure, tamper-proof, and loss-proof solution. VeriPay brings to
consumers the benefits of fast and reliable RFID technology along with the security of a
subdermal format.
In announcing VeriPay to ID World delegates, Mr. Silverman expressed his belief that
VeriPay has enormous marketplace potential and invited banking and credit companies to
partner with VeriChip Corporation in developing specific commercial applications,
beginning with appropriate pilot programs and other market tests, for the VeriPay
subdermal RFID solution.
About ID World 2003
ID World is organized by Wise Media, S.p.A., based in Milan, Italy. This year special
attention will be given to the future of security systems. The modern security
infrastructure relies on specialized systems, software applications and technical
standards built on different foundations for the physical world (i.e. access control to
buildings) and the virtual world (i.e. IT security). With industrial spies, terrorists,
hackers and vandals increasing their ability to operate in both environments, the
traditional compartmental approach to security is evolving towards an increasingly
holistic view. Key industry players that traditionally focused either on physical or
digital security explain how the boundaries of these worlds are blurring and how global
security infrastructures are converging to address both environments with integrated
solutions.
Over 30 speakers will take the stage at ID WORLD 2003, a majority of which are senior
corporate executives and key industry players. Confirmed speakers include: David Slinger,
General Manager of Texas Instruments RFID; Mauro Benetton, Marketing Manager of the
Benetton Group and President of Lab ID; Dr Joseph Atick, President and CEO of Identix,
Joseph Grillo, President and CEO of Assa Abloy ITG; General John Watkins, former director
of the Pentagon's Defense Information Systems Agency; and Francois Darcy, Directeur Projet
Titre Fondateur - Ministere de l'Interieur, Republique Francaise.
For more information about ID World 2003, visit www.idworldonline.com.
For more information about Global ID Magazine, visit www.global-id-magazine.com
About VeriChip(TM)
VeriChip is a subdermal, radio frequency identification (RFID) device that can be used in
a variety of security, financial, emergency identification and other applications. About
the size of a grain of rice, each VeriChip product contains a unique verification number
that is captured by briefly passing a proprietary scanner over the VeriChip. The standard
location of the microchip is in the triceps area between the elbow and the shoulder of the
right arm. The brief outpatient "chipping" procedure lasts just a few minutes
and involves only local anesthetic followed by quick, painless insertion of the VeriChip.
Once inserted just under the skin, the VeriChip is inconspicuous to the naked eye. A small
amount of radio frequency energy passes from the scanner energizing the dormant VeriChip,
which then emits a radio frequency signal transmitting the verification number. In October
2002, the US Food and Drug Administration (FDA) ruled that VeriChip is not a regulated
device with regard to its security, financial, personal identification/safety applications
but that VeriChip's healthcare information applications are regulated by the FDA. VeriChip
Corporation is a wholly owned subsidiary of Applied Digital Solutions (Nasdaq: ADSX - News). For more information about VeriChip,
visit www.adsx.com.
About Applied Digital Solutions, Inc.
Applied Digital Solutions is an advanced technology development company that focuses on a
range of life-enhancing, personal safeguard technologies, early warning alert systems,
miniaturized power sources and security monitoring systems combined with the comprehensive
data management services required to support them. Through its Advanced Technology Group,
the Company specializes in security-related data collection, value-added data intelligence
and complex data delivery systems for a wide variety of end users including commercial
operations, government agencies and consumers. Applied Digital Solutions owns a majority
position in Digital Angel Corporation (AMEX: DOC - News). For more information, visit the
Company's website at www.adsx.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.
Contact:
CEOcast, Inc.
Investor Contact: Ken Sgro, 212-732-4300
kensgro@ceocast.com
or
Ovations International, Inc.
Media Contact: Matthew Cossolotto, 914-245-9721
matthew@ovations.com
Source: Applied Digital Solutions, Inc.
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