RFID Investment: Applied Digital Increases Its Cash Position by over $11.5 Million

From Business Wire (press release), CA ... Included in this diversified product line are RFID applications, end-to-end food safety systems, GPS/Satellite communications, and telecomm and security ...

Investment in RFID companies is needed to continue the development of the technology. Applied Digital gains a cash infusion from Satellite Strategic Finance Associates ...

... Applied Digital (NASDAQ: ADSX), a provider of Security Through Innovation(TM), announced today that it has increased its cash position by over $11.5 million. Over $9 Million of the increase resulted from the purchase by Satellite Strategic Finance Associates, LLP of 2.5 million shares of the Company's common stock at market price based on a 5-day moving average of the Company's common stock for the period ended October 19, 2004, or $3.61 per share. Satellite also received a warrant to purchase an additional 1.5 million shares at 120% of the 5 day moving average, such warrant being exercisable until the 150th day following the effective date of the registration statement registering the underlying shares, and a warrant to purchase an additional 666,667 shares at 140% of the (historic) 5 day moving average. ...

Applied Digital develops innovative security products for consumer, commercial, and government sectors worldwide. Our unique and often proprietary products provide security for people, animals, the food supply, government/military arena, and commercial assets. Included in this diversified product line are RFID applications, end-to-end food safety systems, GPS/Satellite communications, and telecomm and security infrastructure, positioning Applied Digital as the leader of Security Through Innovation. Applied Digital is the owner of a majority position in Digital Angel Corporation (AMEX: DOC).