[funsec] RIP: Verichip?
Richard M. Smith
rms at computerbytesman.com
Wed May 21 21:45:29 CDT 2008
May 20, 2008-VeriChip Corp. <http://www.verichipcorp.com/> , a provider of
asset-tracking applications, has hired investment banking firm Kaufman Bros.
<http://www.kbro.com> to assist in the sale of its VeriMed Health Link
business, as well as the possible sale of the entire company.
VeriChip's implantable business, however, only generated $3,000 in revenue
in the quarter ending March 31, 2008, during which the company saw
press statement released by Stanley, Xmark generates annual revenues in
excess of $30 million, so without that revenue, VeriChip's implantable
business would be unsustainable.
When the Xmark sale is complete, VeriChip plans to use the $45 million from
Stanley to pay outstanding debt, then utilize $15 million of the remaining
$21.4 million to pay shareholders a special dividend. If the firm sells the
VeriMed business or the whole of VeriChip, it plans to propose a second,
special dividend to its stockholders consisting of all remaining
distributable cash then held by VeriChip.
-------------- next part --------------
An HTML attachment was scrubbed...
More information about the funsec