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RIP: Verichip?
From: "Richard M. Smith" <rms () computerbytesman com>
Date: Wed, 21 May 2008 21:45:29 -0500
http://www.rfidjournal.com/article/articleview/4091/1/1/ May 20, 2008-VeriChip Corp. <http://www.verichipcorp.com/> , a provider of RFID <javascript:OpenGlossary(%22RFID%22);> systems for health-care and asset-tracking applications, has hired investment banking firm Kaufman Bros. <http://www.kbro.com> to assist in the sale of its VeriMed Health Link business, as well as the possible sale of the entire company. . VeriChip's implantable business, however, only generated $3,000 in revenue in the quarter ending March 31, 2008, during which the company saw <javascript:OpenGlossary(%22saw%22);> a $1.9 million loss. According to a press statement released by Stanley, Xmark generates annual revenues in excess of $30 million, so without that revenue, VeriChip's implantable business would be unsustainable. When the Xmark sale is complete, VeriChip plans to use the $45 million from Stanley to pay outstanding debt, then utilize $15 million of the remaining $21.4 million to pay shareholders a special dividend. If the firm sells the VeriMed business or the whole of VeriChip, it plans to propose a second, special dividend to its stockholders consisting of all remaining distributable cash then held by VeriChip.
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