Digital Angel Targets $100 Million Equine Market; California Has Ordered 4,000 Bio-Thermo Chips for Horses; 500 Chips Already Im
26 September 2006 - 12:51AM
Business Wire
Following strong demand for its Bio-Thermo(TM) chip in California
and a successful regional marketing program, Digital Angel
Corporation (Amex: DOC) today announced an aggressive national
initiative to target the more than $100 million equine market for
identification products with its patented, temperature-sensing
implantable microchip. The product, Bio-Thermo(TM), will provide
approximately 8 million horses in the United States with a unique
identification and health status surveillance required by local and
state equine animal health professionals. Digital Angel, which
specializes in the field of rapid and accurate identification,
location tracking, and condition monitoring of high-value assets,
is in discussions with several large distributors. "This is a major
development for Digital Angel. The early results of our current
program in Southern California have been overwhelmingly positive.
Since late last year the California Horseracing Board, a division
of the California Department of Agriculture, has been using federal
funds to implant all new, in-coming young horses entering their
racing career, with the Digital Angel Bio-Thermo chips," said
President and CEO Kevin N. McGrath. "To date, the California
Horseracing Board has purchased 1,500 Bio-Thermo chips, out of an
order of 4,000, and an estimated 500 horses at Southern California
racetracks have already been successfully implanted." According to
the company, The New York State Horse Health Assurance Program
recently implemented a comprehensive health campaign that utilizes
Bio-Thermo chips, and other state agencies are expected to launch
similar programs. The bio-thermo microchip is about the size of a
grain of rice. It is easily, and harmlessly, injected into the
crest of a horse's neck. The chip monitors the horse's temperature,
which is a good indicator of the animal's health. The chip also
contains a unique identification number that, when activated by a
scanner, can be connected to a database with the horse's
documentation. Digital Angel has made significant progress in its
electronic tags for livestock segment, a critical growth area for
the company. It expects to post record-breaking numbers by the end
of September, anticipating sales of 1.9 million electronic RFID
livestock in the first nine months of 2006, rapidly exceeding
full-year 2005 sales. Additionally, the U.S. Department of
Agriculture named Digital Angel the first animal tag manufacturer
in the government-sponsored National Animal Identification System
program, underscoring the company's leadership position in the
market. "In bringing this new heat-sensing technology to the robust
equine market, we are building from our leadership position in
implantable tracking devices for livestock, pets and fish," said
McGrath. "We are confident that nearly every horse in the United
States can benefit from our Bio-thermo microchips, which will
provide proper documentation, monitoring for infectious diseases,
and preventing theft." The announcement of the national equine
chipping program reinforces the company's commitment to expand
revenues and drive shareholder and market value. Digital Angel is
already marketing the Bio-Thermo chip in the companion pet markets
in the United Kingdom and Japan. About Digital Angel Corporation
Digital Angel Corporation (www.DigitalAngelCorp.com) 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 humans, pets,
fish, poultry 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). 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
Applied Digital Inc. owns 55.4% of the Company's common stock, that
new accounting pronouncements regarding expensing of share based
compensation may impact the Company's future results of operations,
the Company may continue to incur net losses, infringement by third
parties on the Company's intellectual property or development of
substantially equivalent proprietary technology by the Company's
competitors could negatively impact the Company's business,
domestic and foreign government regulation and other factors could
impair the Company's ability to develop and sell its products in
certain markets, the Company relies on sales to government
contractors for its animal identification and search and rescue
beacon products, and any decline in the demand by these customers
for such products could negatively affect the Company's business,
the Company depends on a single production arrangement for its
patented syringe-injectable microchips, and the loss of or any
significant reduction in the production could have an adverse
effect on the Company's business, technological change could cause
the Company's products to become obsolete, the loss of one of the
Company's principal customers could negatively impact the Company's
net revenue, the Company's earnings will decline if the Company
writes off goodwill and other intangible assets, options and
warrants outstanding and available for issuance may adversely
affect the market price of the Company's common stock, currency
exchange rate fluctuations could have an adverse effect on the
Company's sales and financial results, the Company depends on a
small team of senior management. 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, 2005.
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. Following strong demand for its Bio-Thermo(TM)
chip in California and a successful regional marketing program,
Digital Angel Corporation (Amex: DOC) today announced an aggressive
national initiative to target the more than $100 million equine
market for identification products with its patented,
temperature-sensing implantable microchip. The product,
Bio-Thermo(TM), will provide approximately 8 million horses in the
United States with a unique identification and health status
surveillance required by local and state equine animal health
professionals. Digital Angel, which specializes in the field of
rapid and accurate identification, location tracking, and condition
monitoring of high-value assets, is in discussions with several
large distributors. "This is a major development for Digital Angel.
The early results of our current program in Southern California
have been overwhelmingly positive. Since late last year the
California Horseracing Board, a division of the California
Department of Agriculture, has been using federal funds to implant
all new, in-coming young horses entering their racing career, with
the Digital Angel Bio-Thermo chips," said President and CEO Kevin
N. McGrath. "To date, the California Horseracing Board has
purchased 1,500 Bio-Thermo chips, out of an order of 4,000, and an
estimated 500 horses at Southern California racetracks have already
been successfully implanted." According to the company, The New
York State Horse Health Assurance Program recently implemented a
comprehensive health campaign that utilizes Bio-Thermo chips, and
other state agencies are expected to launch similar programs. The
bio-thermo microchip is about the size of a grain of rice. It is
easily, and harmlessly, injected into the crest of a horse's neck.
The chip monitors the horse's temperature, which is a good
indicator of the animal's health. The chip also contains a unique
identification number that, when activated by a scanner, can be
connected to a database with the horse's documentation. Digital
Angel has made significant progress in its electronic tags for
livestock segment, a critical growth area for the company. It
expects to post record-breaking numbers by the end of September,
anticipating sales of 1.9 million electronic RFID livestock in the
first nine months of 2006, rapidly exceeding full-year 2005 sales.
Additionally, the U.S. Department of Agriculture named Digital
Angel the first animal tag manufacturer in the government-sponsored
National Animal Identification System program, underscoring the
company's leadership position in the market. "In bringing this new
heat-sensing technology to the robust equine market, we are
building from our leadership position in implantable tracking
devices for livestock, pets and fish," said McGrath. "We are
confident that nearly every horse in the United States can benefit
from our Bio-thermo microchips, which will provide proper
documentation, monitoring for infectious diseases, and preventing
theft." The announcement of the national equine chipping program
reinforces the company's commitment to expand revenues and drive
shareholder and market value. Digital Angel is already marketing
the Bio-Thermo chip in the companion pet markets in the United
Kingdom and Japan. About Digital Angel Corporation Digital Angel
Corporation (www.DigitalAngelCorp.com) 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 humans, pets, fish, poultry 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). 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 Applied
Digital Inc. owns 55.4% of the Company's common stock, that new
accounting pronouncements regarding expensing of share based
compensation may impact the Company's future results of operations,
the Company may continue to incur net losses, infringement by third
parties on the Company's intellectual property or development of
substantially equivalent proprietary technology by the Company's
competitors could negatively impact the Company's business,
domestic and foreign government regulation and other factors could
impair the Company's ability to develop and sell its products in
certain markets, the Company relies on sales to government
contractors for its animal identification and search and rescue
beacon products, and any decline in the demand by these customers
for such products could negatively affect the Company's business,
the Company depends on a single production arrangement for its
patented syringe-injectable microchips, and the loss of or any
significant reduction in the production could have an adverse
effect on the Company's business, technological change could cause
the Company's products to become obsolete, the loss of one of the
Company's principal customers could negatively impact the Company's
net revenue, the Company's earnings will decline if the Company
writes off goodwill and other intangible assets, options and
warrants outstanding and available for issuance may adversely
affect the market price of the Company's common stock, currency
exchange rate fluctuations could have an adverse effect on the
Company's sales and financial results, the Company depends on a
small team of senior management. 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, 2005.
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.
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