VeriChip Corporation Files for Initial Public Offering

VeriChip Corporation, a subsidiary of Applied Digital, announced that it has filed a registration statement for the initial public offering of shares of its common stock. VeriChip intends to reserve for sale a percentage of the shares to be offered in the initial public offering to Applied Digital's shareholders through a directed share program.

The underwriters of the offering will be Merriman Curhan Ford & Co. and Kaufman Bros., L.P. The number of shares to be offered and the price range for the offering have not yet been determined. However, Applied Digital has stated that it plans to retain a majority interest in, and to consolidate the financial results of, VeriChip Corporation.

A copy of the preliminary prospectus relating to the offering may be obtained when available from Merriman Curhan Ford & Co.'s prospectus department at 600 California Street, 9th Floor, San Francisco, California 94108.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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