VeriChip Corporation agrees to acquire Steel Vault Corporation to form PositiveID Corporation

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SteelVault, the Corporation that is going to merge with VeriChip
posted this on their website just a day before 9/11:

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Press Releases:

VeriChip Corporation agrees to acquire Steel Vault Corporation to form PositiveID Corporation

PositiveID to offer identification tools and technologies for consumers and businesses

DELRAY BEACH, FL – September 8, 2009 -- VeriChip Corporation (NASDAQ:CHIP) ("VeriChip"), a provider of radio frequency identification (RFID) systems for healthcare and patient-related needs, and Steel Vault Corporation (OTCBB: SVUL) ("Steel Vault"), a premier provider of identity security products and services, announced today that VeriChip has agreed to acquire Steel Vault and form PositiveID Corporation to offer identification tools and technologies for consumers and businesses. In conjunction with the merger, VeriChip plans to change its name to PositiveID and continue to trade on the NASDAQ. PositiveID intends to change its ticker symbol to "PSID" upon closing of the transaction.

The formation of PositiveID represents the convergence of a pioneer in personal health records, VeriChip, with a leader in the identity security space, Steel Vault, focused on access and security of a consumer's critical data. The companies believe that joining personal health records and identity security solutions provides a solid foundation for organic growth and a strong, flexible platform for future offers.

Commenting on the transaction, Mr. Silverman stated, "We believe the acquisition of Steel Vault will provide a powerful platform to differentiate ourselves among both the consumer and medical community. 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.

Read full article here:

http://www.steelvaultcorp.com/press-release-september-8-2009.html

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