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| Joined: 17 Nov 2006 |
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http://www.verichipcorp.com/news/1165607016
VeriChip Corporation Signs 3-year, $750,000 Distribution Contract with iChip Corporation of South Africa
Decenber 8 2006
iChip Corporation to distribute the full VeriChip product line in South Africa
DELRAY BEACH, Fl. — December 8, 2006 — Applied Digital Solutions, Inc. (Nasdaq: ADSX) and its subsidiary, VeriChip Corporation ("VeriChip"), announced today that iChip Corporation has acquired the distribution rights for all VeriChip radio frequency identification (RFID) products in South Africa, including VeriMed for patient identification, Roam Alert for wander prevention, HUGS for infant protection, and ToolHound. The three-year agreement is valued at US$750,000 and represents the first international deployment for the patient identification and medical information system.
Erich Taljaard, President of iChip Corporation commented, "Although RFID was originally designed to streamline supply chain management, its utility has gained widespread acceptance in many industries, especially within healthcare." Citing a recent study from BCC Research titled 'RFID: Technology, Applications and Market Potential,' Taljaard added, "The global market for RFID hardware, middleware and IT reached US$640 million in 2005. In 2006, the global market is projected to grow to more than US$713 million, and is forecasted to reach $1 billion by 2011, an average annual growth rate of 8.0 percent." Taljaard believes the South African market is well suited for a wide variety of RFID solutions and thus acquired the distribution rights for all VeriChip products.
Taljaard continued, "We have already had our first success with Afri-Tool South Africa, a division of AMECO, the fleet management and construction support unit of Fluor Corporation. We will be implementing VeriChip's Toolhound system at a Fluor site in Madagascar. The cost of the system will be quickly recovered by reducing losses due to theft, duplication, hoarding and misplaced tools. ToolHound will help maximize utilization of business tools and equipment, making workers more accountable and productive."
iChip Corporation will also be distributing the VeriMed Patient Identification System in the South African market. The VeriMed patient ID system had a positive response at the 11th International Convention of Telemedicine held in the Cape International Convention center on the 27th and 28th of November with more than 200 delegates attending the convention.
The benefits of theVeriMed system have been received favorably when introduced to the leading healthcare organizations representing hospitals, health insurers and physicians. "Given the unique issues and challenges in the South African healthcare market, the VeriMed system has the ability to make a meaningful difference in lives of many South Africans," Taljaard said. |
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