Digital Angel Corporation Names Barry M. Edelstein to Board of Directors
05 July 2005 - 10:30PM
PR Newswire (US)
Digital Angel Corporation Names Barry M. Edelstein to Board of
Directors Addition of Former Comcast Corporation Executive
Increases Outside Directors to Four SO. ST. PAUL, Minn., July 5
/PRNewswire-FirstCall/ -- Digital Angel Corporation (AMEX:DOC), an
advanced technology company in the field of rapid and accurate
identification, location tracking, and condition monitoring of
high-value assets, announced today it has named Barry M. Edelstein,
a senior telecommunications executive and an attorney, to its Board
of Directors, effective immediately. The appointment of Edelstein
increases the total number of independent, outside directors to
four and expands the board to seven members. Edelstein, 42 years
old, a resident of Bryn Mawr, PA, worked for Philadelphia-based
Comcast Corporation in various executive capacities from 1997-2002
after Comcast purchased Bala Cynwyd, PA-based GlobalCom
Telecommunications Inc., which he co-founded. "Barry has a track
record of building and leading established as well as emerging
businesses and has the kind of expertise that will make him a
valuable addition to our board," said Digital Angel Chief Executive
Officer Kevin N. McGrath. "His diverse business background also
includes leading national sales teams and developing comprehensive
strategic, operational and financial plans of the scope we are
developing at Digital Angel. He has also worked on marketing and
branding strategies and we believe his counsel and leadership will
be invaluable to Digital Angel as we grow nationally and
internationally in the coming months." From 2000-2002, Edelstein
was Vice President, Sales and Sales Operations for Comcast Business
Communications Inc. where he managed the integration of Comcast
Telecommunications Inc. with two other subsidiaries and led a team
that oversaw the sales, marketing, customer care, billing
operations and supplier management function of the company. From
1997-2000 he was Vice President, Sales and Marketing for Comcast
Telecommunications Inc., a provider of long distance, internet and
private network services in the mid-Atlantic region of the U.S.
From 1992-1997 he was President and Founding Principal of GlobalCom
Telecommunications, a regional reseller of long distance, private
network and internet services which was sold to Comcast in June
1997. Prior to that he was an associate at Rubin, Shapiro &
Wiese, a Philadelphia law firm specializing in real estate and
corporate commercial litigation. Edelstein has a bachelor's degree
in business administration from Drexel University and received his
law degree from Delaware Law School of Widner University, Delaware.
About Digital Angel Corporation Digital Angel Corporation develops
and deploys sensor and communications technologies that enable
rapid and accurate identification, location tracking, and condition
monitoring of high-value assets. Applications for the Company's
products include identification and monitoring of pets, humans,
fish and livestock through its patented implantable microchips;
location tracking and message monitoring of vehicles and aircraft
in remote locations through systems that integrate GPS and
geosynchronous satellite communications; and monitoring of asset
conditions such as temperature and movement, through advanced
miniature sensors. Digital Angel Corporation is majority-owned by
Applied Digital Inc. (NASDAQ:ADSX). For more information about
Digital Angel, please visit http://www.digitalangelcorp.com/. The
statements in this press release that are not strictly historical,
are "forward-looking" statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and are intended to be covered by the safe
harbors created by these sections. The forward-looking statements
are subject to risks and uncertainties and the actual results that
the Company achieves may differ materially from these
forward-looking statements due to such risks and uncertainties,
including, but not limited to, that the Company's majority
stockholder, Applied Digital Inc. owns 55.2% of the Company's
common stock; that new accounting pronouncements may impact the
Company's future results of operation; that the Company may
continue to incur losses, that infringements by third parties on
the Company's intellectual property or development of substantially
equivalent proprietary technology by the Company's competitors
could negatively affect the Company's business; that domestic and
foreign government regulation and other factors could impair the
Company's ability to develop and sell the Company's products in
certain markets; that the Company relies on sales to government
contractors of its animal identification products, and any decline
in the demand by these customers for the Company's products could
negatively affect the Company's business; that the Company depends
on a single production arrangement for its patented
syringe-injectable microchips; that the Company depends on
principal customers; that the Company competes with other companies
and the products sold by the Company's competitors could become
more popular than the Company's products or render the Company's
products as obsolete; that the Company's earnings will decline if
the Company must write-off goodwill and other intangible assets;
that the exercise of options and warrants outstanding and available
for issuance may adversely affect the market price of the Company's
common stock ;that currency exchange rate fluctuations could have
an adverse effect on the Company's sales and financial results; and
that the Company depends on a small team of senior management and
the Company may have difficulty attracting and retaining additional
personnel. A detailed statement of risks and uncertainties is
contained in the Company's reports to the Securities and Exchange
Commission, including in particular the Company's Form 10-K for the
fiscal year ended December 31, 2004. Investors and stockholders are
urged to read this document carefully. The Company can offer no
assurances that any projections, assumptions or forecasts made or
discussed in this release will be met, and investors should
understand the risks of investing solely due to such projections.
The Company undertakes no obligation to revise any forward-looking
statements in order to reflect events or circumstances that may
arise after the date of this press release. Contact: Allen &
Caron Inc. Michael Lucarelli (investors) Brian Kennedy (media)
212-691-8087 212-691-8087 DATASOURCE: Digital Angel Corporation
CONTACT: investors, Michael Lucarelli, +1-212-691-8087, , or media,
Brian Kennedy, +1-212-691-8087, , both of Allen & Caron Inc.,
for Digital Angel Corporation Web site:
http://www.digitalangelcorp.com/
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