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Applied Digital Solutions' CEO Announces "VeriPay'' Secure,
Subdermal Solution for Payment and Credit Transactions at ID World 2003 in
Paris
BUSINESS WIRE Nov. 21, 2003 PALM BEACH, Fla. -- Applied Digital Solutions, Inc. (Nasdaq: ADSX) an
advanced technology development company, announced that the Company's Chief
Executive Officer, Scott R. Silverman, in his speech today at the ID World 2003
in Paris, France, revealed the Company's newest subdermal RFID solution called
VeriPay(TM). VeriPay is intended to be a secure, subdermal RFID (radio frequency
identification) payment technology for cash and credit transactions.
About the size of a grain of rice, VeriChip(TM) is the world's first
subdermal, radio frequency identification (RFID) microchip that can be used in a
variety of security, financial, emergency identification and other
applications.
The VeriPay announcement came just a few days after a USA Today article
(November 17, 2003) about emerging technologies highlighted one of the major
limitations of using RFID technology for payment and credit transactions. After
discussing various potential formats for RFID payment systems, including cards,
earrings or pens, the USA Today article stated: "Still, experts note that one
big hurdle remains for RFID systems: security. Lose your RFID-enabled card or
earring, and someone else could easily use it to run up charges - especially if
no signature is required."
In that same article, an executive with a major credit card company said
this about his company's RFID payment technology: "Ultimately, it could be
embedded in anything - someday, maybe even under the skin."
At ID World 2003 in Paris, Mr. Silverman made the point that the subdermal
RFID VeriPay technology specifically addresses the security issue. VeriPay's
unique, under-the-skin format offers a much more secure, tamper-proof, and
loss-proof solution. VeriPay brings to consumers the benefits of fast and
reliable RFID technology along with the security of a subdermal format.
In announcing VeriPay to ID World delegates, Mr. Silverman expressed his
belief that VeriPay has enormous marketplace potential and invited banking and
credit companies to partner with VeriChip Corporation in developing specific
commercial applications, beginning with appropriate pilot programs and other
market tests, for the VeriPay subdermal RFID solution.
About ID World 2003
ID World is organized by Wise Media, S.p.A., based in Milan, Italy. This
year special attention will be given to the future of security systems. The
modern security infrastructure relies on specialized systems, software
applications and technical standards built on different foundations for the
physical world (i.e. access control to buildings) and the virtual world (i.e. IT
security). With industrial spies, terrorists, hackers and vandals increasing
their ability to operate in both environments, the traditional compartmental
approach to security is evolving towards an increasingly holistic view. Key
industry players that traditionally focused either on physical or digital
security explain how the boundaries of these worlds are blurring and how global
security infrastructures are converging to address both environments with
integrated solutions.
Over 30 speakers will take the stage at ID WORLD 2003, a majority of which
are senior corporate executives and key industry players. Confirmed speakers
include: David Slinger, General Manager of Texas Instruments RFID; Mauro
Benetton, Marketing Manager of the Benetton Group and President of Lab ID; Dr
Joseph Atick, President and CEO of Identix, Joseph Grillo, President and CEO of
Assa Abloy ITG; General John Watkins, former director of the Pentagon's Defense
Information Systems Agency; and Francois Darcy, Directeur Projet Titre Fondateur
- Ministere de l'Interieur, Republique Francaise.
For more information about ID World 2003, visit www.idworldonline.com. For more information about
Global ID Magazine, visit www.global-id-magazine.com
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