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VeriChip Corporation
Establishes a New Division to Focus and Invest in Clean and
Alternative Energy Sector
New Energy Division to
Complement the Company’s Existing Healthcare Division
DELRAY BEACH,
FL –
March 5, 2009
-- VeriChip Corporation (NASDAQ:CHIP) (“VeriChip or
“Company”) announced today that it has established a new subsidiary,
VeriGreen Energy Corporation, to focus and invest in the clean and
alternative energy sector. The Company is currently evaluating
several opportunities and is looking to invest in companies with
existing operations and infrastructure.
In July of 2008, the Company
completed the sale of its primary operating subsidiary for nearly
$48 million. Since then, the Company has considered opportunities in
high-growth markets to diversify beyond its healthcare business. For
several months, the Company has been examining a variety of
opportunities in the energy sector and, in turn, has established
this new division.
Following the recently signed
stimulus package, which will invest nearly $79 billion in renewable
energy, the Company intends to invest in clean and alternative
sources of energy to complement its existing healthcare initiatives.
Commenting on the new division,
Scott R. Silverman, Executive Chairman, stated, “With our country in
its current economic condition, there are two clear areas in which
the Obama administration will invest heavily – healthcare and
energy. Due to our unique positioning at this time and our strong
balance sheet, VeriChip is poised to capitalize on both.”
About VeriChip Corporation
VeriChip Corporation,
headquartered in Delray
Beach, Florida,
has developed the VeriMed™ Health Link System for rapidly and
accurately identifying people who arrive in an emergency room and
are unable to communicate. This system uses the first
human-implantable passive RFID microchip, cleared for medical use in
October 2004 by the United States Food and Drug Administration.
For more information on VeriChip,
please call 1-800-970-2447, or e-mail info@verichipcorp.com.
Additional information can be found online at
www.verichipcorp.com.
Statements about
VeriChip’s future expectations, including future revenues and
earnings, its ability to find and invest in clean and alternative
energy companies, and its ability to capitalize on the investments
the Obama administration is making in healthcare and energy, and all
other statements in this press release other than historical facts
are “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and as that term is defined in the Private
Litigation Reform Act of 1995. Such forward-looking statements
involve risks and uncertainties and are subject to change at any
time, and VeriChip’s actual results could differ materially from
expected results. Additional information about these and other
factors that could affect the Company’s business is set forth in the
Company’s various filings with the Securities and Exchange
Commission, including those set forth in the Company’s 10-K filed on
February 12, 2009, under the caption “Risk Factors.” The Company
undertakes no obligation to update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law.
###
CONTACT:
VeriChip Corporation
Allison
Tomek
(561) 805-8008
atomek@verichipcorp.com
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