Monday, November 23, 2009

VeriChip acquires Steel Vault and changes name to PositiveID

...ahhhh yessss....and I remember when the US Social Security card stated on the back "not to be used for identification" but today you don't exist without it......

Nov 11, 2009 (M2 EQUITYBITES via COMTEX) -- CHIP | Quote | Chart | News | PowerRating -- Radio frequency identification (RFID) systems provider VeriChip Corporation (NASDAQ:CHIP) reported on Tuesday that it has completed its acquisition of identity security products company Steel Vault Corporation (OTCBB:SVUL).

Following the merger the company has changed its name to PositiveID Corporation and will trade on NASDAQ under the symbol 'PSID'.

The combined company will initially focus on health and security identification tools, operating in two main divisions, HealthID and ID Security.

Under the terms of the acquisition Steel Vault stockholders will receive 0.5 shares of VeriChip common stock for each share owned.

VeriChip Buys Steel Vault, Creating Micro-Implant Health Record/Credit Score Empire

VeriChip (CHIP), the company that markets a microchip implant that links to your online health records, has acquired Steel Vault (SVUL), a credit monitoring and anti-identity theft company. The combined company will operate under a new name: PositiveID.

The all-stock transaction will leave PositiveID in charge of a burgeoning empire of identity, health and microchip implant businesses that will only encourage its critics. BNET previously noted that some regard the company as part of a prophecy in the Book of Revelation (because the HealthLink chip carries an RFID number that can be used as both money and proof of ID) or as part of President Obama’s secret Nazi plan to enslave America.

The most obvious criticism to be made of the deal is that it potentially allows PositiveID to link or cross-check patient health records (from the HealthLink chip) to people’s credit scores. One assumes that the company will put up firewalls to prevent that. PositiveID CEO Scott Silverman said:

“PositiveID will be the first company of its kind to combine a successful identity security business with one of the world’s first personal health records through our Health Link business. PositiveID will address some of the most important issues affecting our society today with our identification tools and technologies for consumers and businesses.”

Unless, of course, consumers don’t actually want to be implanted with chips, have their health records available over the internet, or have their medical records linked to their credit scores.

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