Digital Angel (DIGAD) to Sell its 45% Stake in VeriChip (CHIP)
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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