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 completed its acquisition of Steel Vault to provide unique health and security identification tools to protect consumers and businesses. In conjunction with the merger, VeriChip has changed its name to PositiveID ("PositiveID" or the "Company").
PositiveID represents the convergence of a pioneer in personal health records and the first and only FDA-cleared implantable microchip for patient identification, VeriChip, with a leader in the identity security space, Steel Vault, focused on access and security of consumers' critical data.
PositiveID will initially operate primarily in two areas: HealthID and ID Security. HealthID will focus on bringing innovative health solutions to consumers and businesses based on the Company's intellectual property, specifically a rapid virus detection system for the H1N1 virus and other forms of pandemic viruses, and an in vivo glucose-sensing RFID microchip, both of which are currently under development with partner RECEPTORS LLC. The Company will also offer its Health Link personal health record to help consumers manage their health records online. Through its ID Security segment, the Company will offer identity theft protection and related services including credit monitoring and reporting through its NationalCreditReport.com website.