Digital Angel (DIGAD) to Sell its 45% Stake in VeriChip (CHIP)
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Digital Angel (NASDAQ: DIGAD) has entered into a set of agreements to sell its approximately 45% stake in VeriChip Corporation (Nasdaq: CHIP), certain related assets and lease payments for about $1.57 million in cash. Of this amount, Digital Angel expects to retain approximately $420,000, with the balance to be applied to debt repayment.
Under the stock purchase agreement, Digital Angel sold all of its VeriChip stock, approximately 5.4 million shares, to R&R Consulting Partners, a company controlled by Scott Silverman. Under the asset purchase agreement, Digital Angel sold or assigned to VeriChip Corporation certain assets limited to the operation of the human implantable RFID business, including certain patents and other intellectual property, inventory and supplier arrangements.
Digital Angel Corp, formerly Applied Digital Solutions, Inc., is a developer of global positioning satellite (GPS) and radio frequency identification (RFID) technology.[SM]
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+0.06Comments
Both of you are right
But its the patent rights we are investing in. They did steal our stocks and sell them back ti veri Chip. Was it a self defense move because of the market or is something up as in a contract with a industry that is going to use the chip. Right now CHIP is at .28 I think its the right thing to do to now purchase CHIP to keep invested in the patent rights. What do you think.
Fishy
They have a 8-1 reverse split, then sell their biggest asset? Somebody needs to look into this.
10 year blood bath.
Having owned this stock for 10 years, I can attest that I was a complete fool to invest in the first place. I was taken with the belief that the product was viable and had a future. What became "news" was really hype. It cost me thousands of dollars. Someone should PAY!
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Verichip etal
Richard on Nov 15, 2008 03:21 PMIndeed all that back and forth action, i too thought there was such a up side and all these reports of sale after sale etc. now 28 cents. Mine is in an IRA so its going to take some creativity to even dream about taking a loss. It does not smell like a turkey dinner, we are just the Turkeys!