DIGITAL ANGEL'S DESTRON FEARING UNIT AWARDED UP TO $2.0 MILLION IN NEW ORDERS FOR FISH MONITORING RFID TAGS
SO. ST. PAUL, MN (March 22, 2010) - Digital Angel (NASDAQ: DIGA), an advanced technology company in the field of animal identification and emergency identification solutions, announced today that its Destron Fearing unit has been awarded new orders for Passive Integrated Transponder (PIT) fish-monitoring RFID tags from the U.S. Army Corps of Engineers. The value of the new orders is expected to be in the range of $1.5 to $2.0 million over the next year. The Company expects to begin shipping product under the new orders within two weeks.
The new orders extend the Company's participation in a project currently underway to continue to develop a PIT-tag system for monitoring salmonids using the spillways at hydroelectric projects in the Columbia and Snake River basins in the U.S. Pacific Northwest.
Joseph J. Grillo, Chief Executive Officer of Digital Angel, said: "This new Destron Fearing award demonstrates the confidence placed by the U.S. Army Corps of Engineers in our technical expertise. Since the late 1980s, Digital Angel has worked with federal Columbia and Snake River hydroelectric projects to develop, manufacture, and install implantable RFID systems for monitoring the native salmon population, a vital resource for the local community. We are proud to be a part of this ongoing effort."
In its work with U. S. federal agencies in the Pacific Northwest, Destron Fearing employs PIT technology in conjunction with radio frequency identification (RFID) antennas to monitor salmonid movement as they migrate out of their native streams and pass the dams in the Columbia and Snake River Basins. The salmonid population's vulnerability to habitat loss, hydroelectric dams, and over-fishing makes these monitoring programs a crucial element in their survival. Destron Fearing's ground-breaking technology helps to effectively monitor the local salmon population as they migrate through a river system that encompasses an elaborate network of dams and tributaries.
About Destron Fearing and Digital Angel
Destron Fearing is a subsidiary of Digital Angel (NASDAQ: DIGA), an advanced technology company in the field of animal identification and emergency identification solutions. Digital Angel's products are utilized around the world in such applications as pet identification, using its patented, FDA-approved implantable microchip; livestock identification and herd management using visual and radio frequency identification (RFID) ear tags; and global positioning systems (GPS) search and rescue beacons for army, navy and air force applications worldwide. For further information please visit www.destronfearing.com and www.digitalangel.com.
This press release contains certain "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements included in this press release include, without limitation, those concerning expectations regarding the expected benefits of the technology and impact of the award on the Company's financial 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 assumptions. Additional information about these and other factors that could affect the Company's businesses is set forth in the Company's Form 10-K under the caption "Risk Factors" filed with the Securities and Exchange Commission ("SEC") on March 31, 2009, and subsequent filings with the SEC. 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.
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