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News

Digital Angel Sheds Explosion Protection Division

Digital Angel : 03 May, 2010  (Company News)
Through the sale of Clifford and Snell, Digital Angel is consolidating its focus to concentrate on its core business of animal tagging and tracking
Digital Angel, an advanced technology company in the field of animal identification and emergency identification solutions, has sold its Clifford & Snell unit in the United Kingdom for £2.3 million in cash, or approximately $3.5 million at current exchange rates. The purchaser is R Stahl, a public company based in Waldenburg, Germany which develops, manufactures and markets explosion-protection products worldwide for industrial customers.

Under the terms of the agreement, Digital Angel received at closing an initial payment of approximately £1.1 million (or $1.7 million at current exchange rates) in cash, after debt repayment, closing costs, a reserve for a second closing payment, and amounts held in escrow. The key terms of the transaction are as follows:

• All-cash, asset sale transaction priced at £2.3 million
• Approximately £1.1 million received at closing, after the following offsetting amounts:
• Debt repayment of about £330,000
• Approximate closing costs of £230,000
• "Second closing" payment of about £230,000 to be made following a six-month supply agreement, during which time R. Stahl will purchase products before taking full control of operations
• £375,000 to be held in escrow for up to 18 months

Joseph Grillo, Digital Angel's Chief Executive Officer and President, commented, "This transaction marks another important step towards focusing Digital Angel on our Animal Identification business, and gives us enhanced financial flexibility in the process."
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