Digital Angel (DIGA) Receives Special Dividend of $7.2M from VeriChip
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Digital Angel (NASDAQ: DIGA) announced today that it received a special dividend of approximately $7.2 million in cash from VeriChip Corporation. VeriChip previously announced that it would pay a special cash dividend of $1.35 per share on August 28, 2008, to its stockholders of record on August 18, 2008. Digital Angel owns approximately 45% of the common stock of VeriChip Corporation.
Approximately $5.8 million of the cash received from the dividend will be applied to debt repayment, with the balance to be used for working capital. As a result, the Company's term debt will be reduced by almost half, to approximately $6.0 million, the Company said.
Digital Angel Corporation engages in developing, manufacturing, and marketing identification and security products for consumer, commercial, and government sectors worldwide.
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