Digital Angel (OTCBB: DIGA), an advanced technology company in the field of animal identification and emergency identification solutions, today announced that Institutional Shareholder Services (“ISS”), a leading independent proxy advisory firm, recommends that Digital Angel stockholders vote "FOR" the sale of all outstanding Destron Fearing Corporation capital stock to Allflex USA, Inc. at the special meeting of stockholders, scheduled for July 14, 2011. ISS also recommends that stockholders vote “FOR” approval of the compensation of the Company’s executive officers in connection with the transaction.
The ISS June 21, 2011 report noted that “the company's rationale for the sale is reasonable; the initial market reaction was positive; the company conducted a thorough auction process; and there are no concerning conflicts of interest.” The report also noted that “given the overall reasonableness of the change in control payment to the CEO, a vote FOR is recommended.”
“We are pleased that the ISS recommendation supports the sale of Destron Fearing, which we continue to believe is the best solution to maximize the value of the business for Digital Angel’s stockholders,” commented Joseph Grillo, Digital Angel’s Chief Executive Officer. “We hope Digital Angel stockholders will follow the ISS recommendation to vote 'FOR' the sale of Destron Fearing.”
Digital Angel stockholders are encouraged to read the Company's definitive proxy materials, in their entirety as they provide, among other things, a detailed discussion of the process that led to the proposed sale and the reasons behind the Board of Directors' recommendation that stockholders vote "FOR" the proposal to adopt the sale agreement. The Company's definitive proxy materials may be obtained by The Company's definitive proxy materials may be obtained free of charge at the SEC's website at www.sec.gov or by contacting Investor Relations by phone at 212-896-1206 or by email at email@example.com.
Digital Angel stockholders who have questions about the sale, or need assistance in submitting their proxy or voting their shares should contact the Company's proxy solicitor, Innisfree M&A Incorporated, toll-free, at (888) 750-5834.
About Digital Angel
Digital Angel (OTCBB: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.
Safe Harbor Statement
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 new orders 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, 2011, as amended on Form 10-K/A May 2, 2011, 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.
KCSA Strategic Communications
Rob Fink or Chi-Chi Millaway, 212-896-1206
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