PositiveID, a Delray Beach, Fla., developer of diabetes management and molecular diagnostic systems, has entered into a “nonbinding letter of intent” to sell its VeriChip implantable personal identification chip and its Health Link personal health-record system to Scott Silverman, its former chairman and CEO.
PositiveID to sell VeriChip, EHR system
Terms of the deal, which is expected to close by the end of the year pending approval by a special committee of PositiveID's board of directors, include a $200,000 note, a 10% interest in Silverman's acquiring VeriTeQ Acquisition Corp, and “possible future royalty payments from technology licenses and a shared services agreement," according to a PositiveID statement.
"This sale of noncore assets, which have not been a part of our focus for the past couple of years, will enable PositiveID to continue to focus our efforts on our key areas of growth,” William Caragol, current chairman and CEO of PositiveID, said in the company statement.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.