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Combined with Silverman's existing holdings of 861,000 shares he now controls 6.2 million shares, or 53 percent, of the Company, the company said.
In a separate transaction, according to the company, VeriChip has purchased from Digital Angel all patents related to an embedded bio-sensor system for use in humans and the assignment of any rights of Digital Angel under a development agreement associated with the development of an implantable glucose-sensing microchip. The Company also received covenants from Digital Angel and its subsidiary that will permit the Company to use Digital Angel's intellectual property related to the Company's VeriMed Health Link business without payment of ongoing royalties, as well as inventory and a limited period of technology support from Digital Angel.
Silverman will re-assume the role of Chairman of VeriChip's Board of Directors, replacing Joseph Grillo, and will oversee the day-to-day operations of the Company. According to the company, the Company has over $8 million of cash and restricted cash and no debt.
Silverman commented on the transaction, "The prior controlling stockholder of the Company preferred a different path for the Company, which could have jeopardized the value of our FDA-cleared, first-of-a-kind medical device for patient identification. I couldn't let that happen. Our stockholders and the medical community believe in the value of our technology and its ability to evolve patient care and medical record access. I am eager to reignite the VeriMed Health Link business including our patient, hospital and physician outreach activities. We will focus once again on our core geographies and ensure our important relationships with advocacy groups are maintained and successful. Furthermore, we will continue the development of the glucose-sensing microchip in conjunction with Receptors, who is making good progress. In the near future, we will update the investor community on the results of our Phase I development of the glucose sensor."
Silverman continued, "In addition to restoring our VeriMed Health Link patient identification application, we will also consider and review other strategic opportunities. With our strong balance sheet, our NASDAQ listing and a difficult capital market environment, VeriChip Corp. is positioned well for growth and opportunities."
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