DELRAY BEACH, Fla., Dec. 6 /PRNewswire-FirstCall/ -- Applied Digital Solutions, Inc. and its wholly owned subsidiary, VeriChip Corporation (
Mr. Silverman will resign his position as Chief Executive Officer of Applied Digital but will continue to serve as Chairman of The Board. Michael Krawitz, presently Executive Vice President and General Counsel of Applied Digital, will replace Mr. Silverman as its Chief Executive Officer. Mr. Krawitz, a graduate of Cornell University and Harvard Law School, has been with Applied Digital since 1999 and was formerly with the law firm of Fried, Frank Harris, Shriver & Jacobson. In his new position, Mr. Krawitz will be responsible for the evaluation and execution of strategic transactions, development and acquisition of new technologies, and the management of Applied Digital's ownership in its publicly-traded subsidiaries and other operating units.
"I am delighted to have this opportunity to focus my total resources on the development of VeriChip and its RFID technologies to identify, locate and protect people and assets," said Mr. Silverman. "The VeriMed business continues to make significant strides with over 1,100 physicians now enrolled in our VeriMed Network. We believe that the timing for this management transition is most appropriate to assure the mobilization of resources to accelerate adoption of this technology among physicians and hospitals as VeriChip progresses towards becoming a publicly traded company."
Commenting on Mr. McLaughlin's retirement, Mr. Silverman continued, "Kevin has spent the last seven years in various executive capacities at Applied Digital. He is a true professional with exceptional work ethic and dedication. Please join me in thanking Kevin for his years of service and commitment to our Company."
Michael Krawitz commented, "Applied Digital has a great blend of opportunities -- from our small but very profitable software unit to our leadership in various areas of identification technology. Having Scott focus on VeriChip enhances our opportunities. VeriChip's VeriMed patient identification system has the potential to completely transform emergency care -- and Scott is the right person to make it happen. He's passionate about improving the simplistic current methods of accessing emergency medical information, and he has the skills to cement VeriMed as the preferred solution. I have worked closely with the VeriMed team and with Scott and I have total confidence that he will deliver -- both for patients and for Applied Digital's shareholders. As Applied Digital benefits from the value of VeriChip and from the value of its ownership in Digital Angel, we'll be in a stronger position to develop new technologies, grow the other businesses and consider some of the strategic transactions we have considered in the past."
About Applied Digital - "The Power of Identification Technology"
About VeriChip Corporation
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.
Applied Digital Solutions, Inc.
