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DELRAY BEACH, Fla.--(BUSINESS WIRE)--VeriChip Corporation (the “Company”) (NASDAQ:CHIP), a provider of radio frequency identification (RFID) systems for healthcare and patient-related needs, today announced the results of an independent study presented at the Society of Academic Emergency Medicine's Annual Meeting. The study concluded that use of the VeriChip for access to patient medical history verification significantly decreased the emergency care charges among critically injured patients in a randomized, blinded, prospective mass casualty scenario.
The study discussed the benefits gained from providing health care workers with immediate access to patient medical records during a mass casualty scenario. The objective of the study was to evaluate the use of VeriChip for electronic medical record (EMR) access, and whether a patient implanted with the VeriChip would affect emergency charges in a prospective mass casualty exercise. The conclusions stated that use of the VeriChip for access to patient records significantly decreased the emergency care charges among critically injured patients in the mass casualty scenario, with a mean decrease in ordered charges of $685.67 per patient. Theoretically, this translates into over $15 billion in decreased emergency care charges annually for critically ill patients presenting in the emergency room. (Assumption = 4,600 U.S. Emergency Rooms x 5,000 Critically Ill Patients/Annum x $685.67 Avg. Savings/Patient). The study can be accessed at www.aemj.org (Academic Emergency Medicine Journal, Vol. 15, No.5, Supplement1, May 2008 pS99 number 241).
Scott R. Silverman, Chairman and CEO, commented on the results concluded in the study, “We are pleased about the positive outcome yielded in the results. This study adds to the body of evidence further validating that the VeriChip technology can lead to more efficient and effective patient care in a triage or emergency room setting.”
About VeriChip
VeriChip Corporation, headquartered in Delray Beach, Florida, develops, markets and sells RFID systems used to identify, locate and protect people and assets. VeriChip's goal is to become the leading provider of RFID systems for people in the healthcare industry. The Company recently began marketing Health Link, a passive RFID system for rapidly and accurately identifying people who arrive in an emergency room and are unable to communicate. This system uses the first human-implantable passive RFID microchip cleared for medical use in October 2004 by the United States Food and Drug Administration.
For more information on VeriChip, please call 1-800-970-2447, or email info@verichipcorp.com. Additional information can be found online at http://www.verichipcorp.com.
Proxy Statement
The Company plans to file with the Securities and Exchange Commission (“SEC”) and mail to its stockholders a proxy statement in connection with the special meeting of stockholders to be called to approve the proposed sale of the outstanding capital stock of Xmark Corporation, a wholly-owned subsidiary of the Company (“Xmark”), to The Stanley Works (the “Xmark Transaction”) The proxy statement will contain important information about the Company, the transaction and related matters. Investors and stockholders are urged to read the proxy statement carefully when it is available. Investors and stockholders will be able to obtain free copies of the proxy statement and other documents filed with the SEC by the Company through the web site maintained by the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of the proxy statement from the Company by contacting Kay E. Langsford, at 1690 Congress Avenue, Suite 200, Delray Beach, Florida 33445.
Participants in the Solicitation
The Company and its executive officers and directors may be deemed, under SEC rules, to be participants in the solicitation of proxies from the Company’s stockholders with respect to the proposed Xmark Transaction. Information regarding the executive officers and directors of the Company is included in its Form 10-K/A filed with the SEC on April 29, 2008. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by securities, holdings or otherwise, will be set forth in the proxy statement to be filed with the SEC in connection with the proposed Xmark transaction.
Statements about the Company's future expectations, including the benefits believed to be realized by the use of the VeriChip, the timing of distributing a proxy statement and holding a stockholder meeting, the closing of the Xmark transaction with Stanley and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. These forward-looking statements are based on the Company’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumption. Among the important factors that could actual results to differ materially from those expressed in, or implied by, the forward-looking statements are our ability to successfully implement our business strategy; our expectation that we will incur losses, on a consolidated basis, for the foreseeable future; the relative maturity in the United States and limited size of the markets for our infant protection and wander prevention systems and vibration monitoring instruments; the degree of success we have in leveraging our brand reputation, reseller network and end use customer base for our infant protection and wander prevention systems to gain inroads in the emerging market for asset/staff location and identification systems; the rate and extent of the U.S. healthcare industry’s adoption of RFID asset/staff location and identification systems; the relative degree of market acceptance of our zonal, or cell ID, active RFID systems compared to competing technologies, such as lower power Ultra Wide Band-based location technologies; uncertainty as to whether we will be able to increase our sales of infant protection and wander prevention systems outside of North America; our reliance on third-party dealers to successfully market and sell our products; uncertainty as to whether a market for our VeriMed system will develop and whether we will be able to generate more than a nominal level of revenue from the sale of these systems; and market acceptance of our VeriMed system, which will depend in large part on the future availability of insurance reimbursement for the VeriMed system microchip implant procedure from government and private insurers, and the timing of such reimbursement, if it, in fact, occurs, management’s ability to successfully satisfy the conditions to the closing of the Xmark transaction with Stanley, the ability of the Company to comply with its obligations under agreements governing indebtedness or obtain waivers from lenders in the event of non-compliance, the continued availability of liquidity and capital resources required to complete these transactions, particularly in the event that such transactions require more time than management anticipates, and other factors. Additional information about factors that could affect the Company’s business is set forth in the Company’s various filings with the Securities and Exchange Commission, including those set forth in the Company’s 10-K filed on March 28, 2008, as amended, under the caption “Risk Factors.” The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
Contacts
For VeriChip Corporation, Delray Beach
Jay McKeage, 561-805-8041
jmckeage@verichipcorp.com
or
Investor Relations:
CEOcast, New York
Dan Schustack, 212-732-4300
dschustack@ceocast.com
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VeriChip Corporation Significantly Decreases Emergency Care Charges
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Posted 25 January 2012 - 09:51 AM
VeriChip joins VeriTeQ in quest for Universal Patient Identifiers.
Jan. 25, 2012, 8:30 a.m. EST
VeriTeQ Acquisition Corporation's VeriChip Technology Is the Original Universal Patient Identifier to Address National Need for Rapid, Accurate Access to Critical Patient Data
Cleared by FDA in 2004, the VeriChip RFID Implantable Microchip Is Guaranteed to Always Be with a Patient to Securely Identify the Patient and Their Personal Medical Information
DELRAY BEACH, Fla., Jan 25, 2012 (BUSINESS WIRE) -- --Wall Street Journal Article Highlights Need for Patients to Have Unique ID Number for Medical Records
VeriTeQ Acquisition Corporation ("VeriTeQ"), a leader in implantable, radio frequency identification ("RFID") for humans and animals, and Connectyx Technologies Holdings Group, Inc. ("Connectyx") announced today the companies offer best-of-breed solutions for emergency access to rapid, accurate patient data that address the need for universal patient identifiers (UPIs) and patient-controlled personal health records.
The purpose of a UPI is to uniquely and properly identify a patient for appropriate medical care. With its VeriChip, a radio frequency identification (RFID) implantable microchip, VeriTeQ provides the first and only solution for an opt-in UPI that is guaranteed to always be with a patient. The FDA-cleared VeriChip is a passive RFID microchip the size of a grain of rice that stores a 16-digit number and is implanted just underneath the skin. When a proprietary handheld reader is passed over the area where the microchip is implanted, the 16-digit number is displayed on the reader, and can then be used to access a secure, web-based personal health record.
Advocates of UPIs reason that the unique identification numbers can link patient information across multiple electronic medical records systems; enhance patient control and privacy over their information; improve the speed and quality of medical treatment; reduce medical errors by properly identifying patients and their medical data; decrease medical identity theft; and, ultimately, lower healthcare costs. In fact, preventable medical errors are a real problem in the U.S. In 2000, 2001 and 2002, an average of 195,000 people died due to potentially preventable, in-hospital medical errors according to a 2004 study of 37 million patient records released by HealthGrades. The VeriChip quickly and accurately identifies a patient and their health records, whether in a physician's office or an emergency situation, to help improve care and decrease healthcare costs.
For individuals who choose to opt out of VeriChip but endorse the value of patient-controlled personal health records, VeriTeQ will be able to offer alternate methods of emergency access to a personal health record through its planned merger with Connectyx Technologies. This week, VeriTeQ announced it signed a Letter of Intent to merge with Connectyx Technologies Holdings Group, Inc. and its wholly owned subsidiary, Connectyx Technologies Corp. the manufacturer and distributor of the MedFlash®, an innovative Personal Health and Wellness Management System (ePHM) designed for maintaining personal health records.
MedFlash was launched in 2007 and has thousands of active members across the U.S. MedFlash is sold by leading membership organizations and retail outlets, including portions of national drug store and grocery store chains. MedFlash has multiple methods of emergency access to a member's personal health record, including a toll-free number, telemedicine, smart phone access, internet access, USB flash drive access, and Quick Response codes.
"For many years, it has been apparent that the archaic process of relying on paper-based healthcare records needed to evolve to the digital world to allow for faster access to patient data and more informed treatment decisions," stated Scott R. Silverman, Chairman and CEO of VeriTeQ. "Now, as different electronic medical records systems are put into place within physicians' offices and healthcare systems, we believe the call for a UPI is imperative."
Silverman continued, "Patients can also serve an important role in managing their healthcare through the use of personal health records. We provide them with the greatest security and peace of mind through our VeriChip, which is always guaranteed to be with a patient and provides the utmost in privacy. Through our planned merger with Connectyx, we will also provide flexibility to individuals through MedFlash, which enables people to choose which method of personal health record access is right for them."
According to a California Healthcare Foundation report, "Consumers and Health Information Technology: A National Survey," a majority of respondents said they are concerned with the privacy of their personal medical records. However, those already using personal health records are slightly less concerned. In fact, 63 percent of personal health record users are concerned generally about the privacy of their medical records, but fewer than half say they worry about the privacy of the information in their personal health record.
Upon consummation of VeriTeQ's merger with Connectyx, the company will be renamed VeriTeQ Corporation and will continue to trade on the OTC Pink market, under the new ticker symbol "VTEQ."
About VeriTeQ
VeriTeQ develops and markets innovative, implantable RFID technologies for humans and animals including sensor applications. VeriChip is the first human-implantable passive RFID microchip cleared for medical use by the U.S. Food and Drug Administration. On January 12, 2012, VeriTeQ announced it acquired the VeriChip implantable microchip and related technologies, and Health Link personal health record from PositiveID Corporation PSID -5.49% . PositiveID has retained a 10 percent ownership interest in VeriTeQ.
About Connectyx Technologies
Connectyx Technologies provides unique products for the healthcare market including MedFlash®, the electronic Personal Health Manager (ePHM). The MedFlash® PHM is an easy to use Personal Health and Lifestyle Manager that is accessible using a powerful web portal suite. The MedFlash® PHM also features a 24/7/365 call center, a USB flash drive and our smartphone applications with Scan code capability. The MedFlash® PHM provides member benefits including instant access to your Emergency Medical Profile and Personal Health Record in the event of an accident or a medical emergency. Whether traveling, at work, or at home, First Responders have an invaluable advantage when they have access to this time critical information. Far more than just an emergency flash drive, the MedFlash® PHM can be accessed on any computer, securely and with complete privacy. There are also lifestyle and wellness features that provide significant health benefits to members and risk mitigation for employers and insurers alike. Connectyx products are developed with the needs of patients, families, doctors and First Responders in mind.
Safe Harbor Act: This communication includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this communication.
SOURCE: VeriTeQ Acquisition Corporation
Copyright Business Wire 2012
Jan. 25, 2012, 8:30 a.m. EST
VeriTeQ Acquisition Corporation's VeriChip Technology Is the Original Universal Patient Identifier to Address National Need for Rapid, Accurate Access to Critical Patient Data
Cleared by FDA in 2004, the VeriChip RFID Implantable Microchip Is Guaranteed to Always Be with a Patient to Securely Identify the Patient and Their Personal Medical Information
DELRAY BEACH, Fla., Jan 25, 2012 (BUSINESS WIRE) -- --Wall Street Journal Article Highlights Need for Patients to Have Unique ID Number for Medical Records
VeriTeQ Acquisition Corporation ("VeriTeQ"), a leader in implantable, radio frequency identification ("RFID") for humans and animals, and Connectyx Technologies Holdings Group, Inc. ("Connectyx") announced today the companies offer best-of-breed solutions for emergency access to rapid, accurate patient data that address the need for universal patient identifiers (UPIs) and patient-controlled personal health records.
The purpose of a UPI is to uniquely and properly identify a patient for appropriate medical care. With its VeriChip, a radio frequency identification (RFID) implantable microchip, VeriTeQ provides the first and only solution for an opt-in UPI that is guaranteed to always be with a patient. The FDA-cleared VeriChip is a passive RFID microchip the size of a grain of rice that stores a 16-digit number and is implanted just underneath the skin. When a proprietary handheld reader is passed over the area where the microchip is implanted, the 16-digit number is displayed on the reader, and can then be used to access a secure, web-based personal health record.
Advocates of UPIs reason that the unique identification numbers can link patient information across multiple electronic medical records systems; enhance patient control and privacy over their information; improve the speed and quality of medical treatment; reduce medical errors by properly identifying patients and their medical data; decrease medical identity theft; and, ultimately, lower healthcare costs. In fact, preventable medical errors are a real problem in the U.S. In 2000, 2001 and 2002, an average of 195,000 people died due to potentially preventable, in-hospital medical errors according to a 2004 study of 37 million patient records released by HealthGrades. The VeriChip quickly and accurately identifies a patient and their health records, whether in a physician's office or an emergency situation, to help improve care and decrease healthcare costs.
For individuals who choose to opt out of VeriChip but endorse the value of patient-controlled personal health records, VeriTeQ will be able to offer alternate methods of emergency access to a personal health record through its planned merger with Connectyx Technologies. This week, VeriTeQ announced it signed a Letter of Intent to merge with Connectyx Technologies Holdings Group, Inc. and its wholly owned subsidiary, Connectyx Technologies Corp. the manufacturer and distributor of the MedFlash®, an innovative Personal Health and Wellness Management System (ePHM) designed for maintaining personal health records.
MedFlash was launched in 2007 and has thousands of active members across the U.S. MedFlash is sold by leading membership organizations and retail outlets, including portions of national drug store and grocery store chains. MedFlash has multiple methods of emergency access to a member's personal health record, including a toll-free number, telemedicine, smart phone access, internet access, USB flash drive access, and Quick Response codes.
"For many years, it has been apparent that the archaic process of relying on paper-based healthcare records needed to evolve to the digital world to allow for faster access to patient data and more informed treatment decisions," stated Scott R. Silverman, Chairman and CEO of VeriTeQ. "Now, as different electronic medical records systems are put into place within physicians' offices and healthcare systems, we believe the call for a UPI is imperative."
Silverman continued, "Patients can also serve an important role in managing their healthcare through the use of personal health records. We provide them with the greatest security and peace of mind through our VeriChip, which is always guaranteed to be with a patient and provides the utmost in privacy. Through our planned merger with Connectyx, we will also provide flexibility to individuals through MedFlash, which enables people to choose which method of personal health record access is right for them."
According to a California Healthcare Foundation report, "Consumers and Health Information Technology: A National Survey," a majority of respondents said they are concerned with the privacy of their personal medical records. However, those already using personal health records are slightly less concerned. In fact, 63 percent of personal health record users are concerned generally about the privacy of their medical records, but fewer than half say they worry about the privacy of the information in their personal health record.
Upon consummation of VeriTeQ's merger with Connectyx, the company will be renamed VeriTeQ Corporation and will continue to trade on the OTC Pink market, under the new ticker symbol "VTEQ."
About VeriTeQ
VeriTeQ develops and markets innovative, implantable RFID technologies for humans and animals including sensor applications. VeriChip is the first human-implantable passive RFID microchip cleared for medical use by the U.S. Food and Drug Administration. On January 12, 2012, VeriTeQ announced it acquired the VeriChip implantable microchip and related technologies, and Health Link personal health record from PositiveID Corporation PSID -5.49% . PositiveID has retained a 10 percent ownership interest in VeriTeQ.
About Connectyx Technologies
Connectyx Technologies provides unique products for the healthcare market including MedFlash®, the electronic Personal Health Manager (ePHM). The MedFlash® PHM is an easy to use Personal Health and Lifestyle Manager that is accessible using a powerful web portal suite. The MedFlash® PHM also features a 24/7/365 call center, a USB flash drive and our smartphone applications with Scan code capability. The MedFlash® PHM provides member benefits including instant access to your Emergency Medical Profile and Personal Health Record in the event of an accident or a medical emergency. Whether traveling, at work, or at home, First Responders have an invaluable advantage when they have access to this time critical information. Far more than just an emergency flash drive, the MedFlash® PHM can be accessed on any computer, securely and with complete privacy. There are also lifestyle and wellness features that provide significant health benefits to members and risk mitigation for employers and insurers alike. Connectyx products are developed with the needs of patients, families, doctors and First Responders in mind.
Safe Harbor Act: This communication includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this communication.
SOURCE: VeriTeQ Acquisition Corporation
Copyright Business Wire 2012
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