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VeriChip previously announced that it would pay a special cash dividend of $1.35 per share on August 28, to its stockholders of record on August 18. Digital Angel owns approximately 45 percent of the common stock of VeriChip Corp.
Approximately $5.8 million of the cash received from the dividend will be applied to debt repayment, with the balance to be used for working capital. As a result, the Company's term debt will be reduced by almost half, to approximately $6.0 million, the Company said.
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