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VeriChip Corporation to Ring
NASDAQ Closing Bell
on Friday, March 7th
DELRAY BEACH, FL – March 6,
2008 –VeriChip Corporation (NASDAQ: CHIP), a provider of radio
frequency identification (RFID) systems for healthcare and
patient-related needs, announced today that Scott R. Silverman,
Chairman and Chief Executive Officer, will preside over the NASDAQ
closing bell ceremony on Friday, March 7, 2008. Members of
VeriChip’s management team and Board of Directors will join Mr.
Silverman at the ceremony, which will take place at the NASDAQ
MarketSite in Times Square and be
broadcast live.
Scott R. Silverman, Chairman and Chief
Executive Officer of VeriChip, said, “We are proud to have the honor
of ringing the NASDAQ closing bell following our first year as a
listed company. Operationally, 2007 was a successful year for us and
we expect continued strong growth in 2008. This is a significant
achievement and I wish to thank all of our employees for their hard
work and dedication.”
A live webcast of the ceremony will be
available at
www.nasdaq.com/reference/marketsite_about.stm.
About VeriChip
VeriChip Corporation, headquartered in
Delray Beach, Florida,
develops, markets and sells RFID systems used to identify, locate
and protect people and assets. VeriChip's goal is to become the
leading provider of RFID systems for people in the healthcare
industry. The Company recently began marketing its VeriMed(TM)
Patient Identification System, a passive RFID system for rapidly and
accurately identifying people who arrive in an emergency room and
are unable to communicate. This system uses the first
human-implantable passive RFID microchip, the implantable VeriChip(TM),
cleared for medical use in October 2004 by the United States Food
and Drug Administration.
For more information on VeriChip, please
call 1-800-970-2447, or email info@verichipcorp.com. Additional
information can be found online at
http://www.verichipcorp.com.
This
press release contains certain “forward-looking” statements (as such
term is defined in the Private Securities Litigation Reform Act of
1995). Forward-looking statements included in this press release
include, without limitation, those concerning expectations for the
Company’s growth in 2008. These forward-looking statements are based
on the Company’s current expectations and beliefs and are subject to
a number of risks, uncertainties and assumptions. Among the
important factors that could actual results to differ materially
from those expressed in, or implied by, the forward-looking
statements are our ability to successfully implement our business
strategy; our expectation that we will incur losses, on a
consolidated basis, for the foreseeable future; the relative
maturity in the United States and limited size of the markets for
our infant protection and wander prevention systems and vibration
monitoring instruments; the degree of success we have in leveraging
our brand reputation, reseller network and end-use customer base for
our infant protection and wander prevention systems to gain inroads
in the emerging market for asset/staff location and identification
systems; the rate and extent of the U.S. healthcare industry’s
adoption of RFID asset/staff location and identification systems;
the relative degree of market acceptance of our zonal, or cell ID,
active RFID systems compared to competing technologies, such as
lower power Ultra Wide Band-based location technologies; uncertainty
as to whether we will be able to increase our sales of infant
protection and wander prevention systems outside of North America;
our reliance on third-party dealers to successfully market and sell
our products; uncertainty as to whether a market for our VeriMed
system will develop and whether we will be able to generate more
than a nominal level of revenue from the sale of these systems; and
market acceptance of our VeriMed system, which will depend in large
part on the future availability of insurance reimbursement for the
VeriMed system microchip implant procedure from government and
private insurers, and the timing of such reimbursement, if it, in
fact, occurs. Additional information about these and other factors
that could affect the Company’s business is set forth in the
Company’s various filings with the Securities and Exchange
Commission, including those set forth in the Company’s 10-K filed on
April 2, 2007, under the caption “Risk Factors.” The Company
undertakes no obligation to update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law.
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CONTACTS:
Dan Schustack
CEOcast
212-732-4300
dschustack@ceocast.com
Allison Tomek
VeriChip
Corporation
(561) 805-8008
atomek@digitalangel.com
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