Digital Angel to dispose McMurdo unit to Orolia Group

Tue. November 03, 2009; Posted: 07:01 AM

Nov 03, 2009 (Datamonitor via COMTEX) -- DIGAD | Quote | Chart | News | PowerRating -- Digital Angel, a US-based developer of emergency identification solutions, has entered into a definitive agreement to sell its McMurdo unit in the UK for $10 million cash. The purchaser is France-based Orolia Group, a high-technology firm specializing in positioning, navigation and timing solutions.

Joseph Grillo, CEO and president of Digital Angel, said: "This transaction marks an important step towards focusing Digital Angel on a single core business, simultaneously giving us the ability to pay off our term debt and improve our working capital position.

"Digital Angel's board of directors and management team have made the strategic decision to focus the company on our animal ID business, Destron Fearing, which we intend to grow both organically and by acquisition going forward."

Mr Grillo added: "Though we have had a lot of success recently in the Emergency ID beacon business, we believe that the long-term market drivers in the animal identification industry, and the traditional position Destron Fearing has had as a core of Digital Angel's business, make animal ID the best business segment to focus on going forward.

"Rather than divest all of UK-based Signature Industries at this time, we chose to divest McMurdo to take advantage of its value, and to continue the positive momentum that exists in SARBE as we execute on the UK Ministry of Defense PELS (Personal Emergency Locator System) contract."

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