Science & Technology
Science and Technology
Science and Technology
Tue, October 5, 2010
Mon, October 4, 2010
Digital Angel Further Consolidates Corporate Structure
SO. ST. PAUL, Minn.--([ BUSINESS WIRE ])--Digital Angel Corporation (NASDAQ:DIGA), an advanced technology company in the field of animal identification and emergency identification solutions, today announced that it has further integrated the corporate and operational structures of Digital Angel and its subsidiary Destron Fearing as part of the Companya™s strategic turnaround plan.
"Management will continue to focus on controlling our overall cost structure, and exploring additional ways to consolidate the Companya™s operational structure, which will provide capital to invest in the growth of the core Destron Fearing business going forward"
Joe Grillo, CEO of Digital Angel, will assume the additional role of President of Destron Fearing and oversee the day-to-day operations. Dave Sullivan has accepted an executive role with Ingersoll Randa™s security business and has stepped down as President and left the Company, effective Oct. 1. Combining the role of CEO of Digital Angel with the President of the future core business, Destron Fearing further streamlines the management structure and is expected to reduce operating costs significantly.
aWe would like to thank Dave for all his hard work and we wish him well in his return to the security industry,a said Joe Grillo. aManagement will continue to focus on controlling our overall cost structure, and exploring additional ways to consolidate the Companya™s operational structure, which will provide capital to invest in the growth of the core Destron Fearing business going forward,a Grillo added.
Over the past two years, Digital Angel has been divesting non-core businesses in order to focus on the animal identification market. In July 2010, the Company announced that it will save approximately $2 million annually as a result of its streamlining efforts.
About Digital Angel
Digital Angel (NASDAQ: DIGA) is 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.digitalangel.com ].
