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Implantable RFID Chip Company Tries Again To IPO; Despite No Clear Plans To Make Money
from the you-know,-the-important-stuff dept
A little over a year ago, we wrote that Applied Digital Solutions, parent company to implantable RFID chip company, VeriChip, was planning to go public. Apparently, that never happened, as the NY Times has reported that the company is about to file to go public again this week. That article notes much of the criticism the company has faced over the years concerning its products, and also some of the questionable financial situation the company is in, with tremendous losses, not much in the way of demand and no clear plans for profitability. It also mentions the odd structure of the company where it's been kept alive by a series of loans from a subsidiary to the company (which makes implantable RFIDs for pets -- which are common and are quite popular). The article leaves out, however, some of the more questionable behavior from the company in the past, including lying about FDA approval and then ignoring some of the limitations the FDA gave them. Then, of course, any potential investor in the company might also want to read up the time that the company sued IBM after IBM tried to collect on collateral from unpaid loans by Applied Digital (yes, apparently, Applied Digital defaulted on its loans, and when IBM went to collect, Applied Digital sued them). It's hard to believe the company is still in business, let alone has enough people willing to invest money to take it public.
Reader Comments
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Yet another shining example of the stupidity that our nation's current legal situation allows to happen on an everyday basis.
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Can't resist this one...
Is the target price set at $6.66?
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adsx article
You need to get all your "facts" right before writing "bashser" material like that!! You fail to mention the attmpt by IBM to put ADS out of business and interfering in business relationships!! Your article is pathetically slanted and bias. Why don't you point out that this is all just your own opinion and of no value!!!????
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ADSX ARTILCE
TO THE AUTHOR OF THIS ARTILCE,,You have no Idea what your talking about> Scott Silverman has work hard to bring creditability to this company.
Thomas A. Gaughan
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As a cattlerancher...
I think this IPO will fly. Oh hell, who am I kidding? I am in over my head with no way out.
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Interfering in a business relationship?
What kind of idiot are you? They tried to collect on defaulted loan payments.
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CAN I BE A IDIOT HERE!!
AND YOU!!!!!
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Defaulting on the IBM loan isn't the half of it
ADSX in recent years has ....
- been halted for misleading PR's
- been delisted for failing to make SEC filings in a timely manner
- lied about 'new' products to come to market
- cut off callers to conference calls for asking CEO Silverman why he lied about his previous relationship with the company.
- had a class action suit filed against them for making false claims in SEC filings.
These are just a few of the things that pop to mind about the untrustworthiness of these people. I'm sure others reading this who are familiar with the company can add to the list.
OH and one more thing. The ONLY reason VeriChip was spun off is because there is nothing left for these money grabbers to take from ADS. Just look at the SEC filings today on the same old people getting options in CHIP for mere pennies.
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The Book of Relevations
Unfornutately Chip has to be a huge success. Read the bible.
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Smart chips can save lives, reduce errors, improve health, reduce costs and lead to new services.
Time magazine previously reported the Israeli Secret Service was using GPS implant technology in some of its operatives.
In 2004 Mexico's attorney general number of his staff had also been fitted with chips that would enable the wearer to be found anywhere inside Mexico, in the event of an assault or kidnapping.
Pets and livestock around the world have RFID implants, and businesses such as Wal-Mart use the tags to track their inventory.
Amber Alerts would surely be a thing of the past, Parents should consider implants for their children. Given no impediments to progress, your children will almost certainly recieve an implant and your grandchildren will welcome it!
about a buck per share ADSX is a steal!
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