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Applied Digital Solutions Announces $130 Million Proposed Merger of Its Digital Angel.net Subsidiary With Destron Fearing CorporationThe $130 million transaction is expected to close by mid-June, subject to a number of conditions, including the execution of a definitive acquisition agreement, completion of due diligence, approval of both companies' boards of directors and shareholders, and approval of relevant government agencies. Under the agreement, Destron Fearing would be merged into Digital Angel.net Inc., a subsidiary of Applied Digital Solutions. Destron Fearing's CEO, Randolph K. Geissler, would become Chairman and CEO of Digital Angel.net Inc. Commenting on the proposed acquisition, Applied Digital Solutions' Chairman and CEO, Richard J. Sullivan said, "Clearly, Destron Fearing is a highly successful and respected company in the animal monitoring arena. The fact that it's a leader in electronic monitoring technologies fits right in with our focus on e-business-to-business solutions. We're particularly excited about the potential for embedding Destron Fearing and Digital Angel.net's data and technologies into the ASP (Application Service Provider) strategy we announced recently. By leveraging the experience and knowledge of Destron Fearing's seasoned management team," Sullivan continued, "we'll strengthen Digital Angel.net Inc.'s ability to realize the full potential of the Digital Angel(TM) technology we announced last December. By pooling the talents and resources of these two teams, we believe Digital Angel.net Inc., could achieve a market value in excess of $1 billion in a short period of time." Destron Fearing's CEO Randolph K. Geissler said, "We're delighted to be linking up with Applied Digital, and we look forward to assuming a leadership role at Digital Angel.net Inc. Our background, skill set and established track record of success are an excellent fit with Applied Digital's plans for competing in the tracking and monitoring business. By becoming a part of Applied Digital Solutions, we're opening up a whole new realm of opportunities." Destron Fearing's products range from visual ear tags attached to livestock, to electronic microchips implanted under the skin of pets, fish, laboratory animals and livestock. Ear tags provide visual identification for herd animals, while microchips provide unalterable, permanent, radio frequency identification (RFID) for many species. Background on Digital Angel In December of 1999, Applied Digital Solutions announced that it had acquired the patent rights to a miniature digital transceiver -- which it has named Digital Angel -- implantable within the human body that could be used for a variety of purposes, such as providing a tamper-proof means of identification for enhanced e-commerce security, locating lost or missing individuals, tracking the location of valuable property and pets, and monitoring the medical conditions of at-risk patients. The implantable device sends and receives data and can be continuously tracked by GPS (Global Positioning Satellite) technology. For more information about Digital Angel, visit http://www.digitalangel.net . About Destron Fearing Corporation Destron Fearing Corporation has been in the animal identification business since 1945. For over 50 years, Destron Fearing has developed, manufactured and marketed a broad range of individual animal identification products. The company owns patents worldwide in microchip technology and is a leader in the world evolution of radio frequency animal identification. The company's net sales increased in fiscal 1999 by 47 percent to $18.5 million. Net income totaled $3.5 million, after an extraordinary item related to debt restructuring. For more information about Destron Fearing Corporation, visit the company's website at: http://www.destronfearing.com . About Applied Digital Solutions, Inc. Applied Digital Solutions, Inc. is an e-business solutions provider offering Internet, telecom, LAN and software services to a wide variety of businesses throughout North America. For more information, visit the Company's web site at http://www.adsx.com . Statements about the Company's future expectations, including future revenues and earnings, 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. The Company intends that 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. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. CONTACT: ADS Investor Relations, Palm Beach Robert Jackson, 303/707-1468 Fax: 303/703-8250 rjackson@adsx.com or Media Contact Ovations International, Inc. Matthew Cossolotto, 914/245-9721 matthew@ovations.com www.adsx.com
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