Arphid Watch: Verichip's PR Woes

(((The stock has rapidly lost half its value. Verichip announces move to purchase its own stock. Will they actually do this, I wonder – or is it merely a headfake?
They've also announced their intention to refute the cancer allegations, without managing to do any of that, as yet.)))

(((Since the stock is so cheap now, if I were Wal-Mart, I'd simply buy the whole company and shut it down. I'm sure that Verichip has done well over thirty million dollars' worth of damage to Wal-Mart's imperial RFID schemes. Just imagine next time the Wal-Martians try to strong-arm a supplier – "What? RFID? 'Cancer chips' in my products? No way!")))

(((And just suppose it turns out that glass fragments embedded in one's flesh actually do cause tumors – you know, one time in ten million.
Imagine the PR circus as psychotically over-protective pet owners and grieving, guilty grandkids haul Fluffy and Fido and dotty old Grandma Owens down to the clinic for the lacerating and quite dangerous process of surgically removing those chips. Wouldn't it be a lot more convenient for the industry in toto if Verichip had vanished years earlier?)))

Link: VeriChip authorizes stock repurchase - South Florida Business Journal: .

VeriChip authorizes stock repurchase

South Florida Business Journal - 10:22 AM EDT Friday, September 21, 2007

VeriChip Corp. said its board has authorized the repurchase of up to $1.5 million in stock over the next four months.

The purchases will be made in the open market or in privately negotiated transactions, the company said. As of Sept. 19, the company had 10.3 million shares of common stock outstanding.

The company's stock was trading near $4.08 on Friday morning, which would allow for about 366,700 shares to be repurchased.

The company hit a low of $3.25 in intra-day trading on Wednesday before the repurchase announcement.

The Delray Beach-based company has lost about half its price per share value since mid-July, after questions were raised about the safety of the chips, which can be implanted in humans to provide medical information in emergency situations or to identify those with mental problems, such as patients with Alzheimer's disease. (((I'm thinking that the urge to be injected with an "insanity chip" is the prima facie evidence of a mental problem.)))

In August, VeriChip said it would be implanting 200 Palm Beach County Alzheimer's patients with free identification chips over the course of two years. Emergency room staff would be able to scan a patient's arm for an ID number and then access the VeriMed database for the patient's name, contact details, caregiver information and medical history. (((Chip free; the money's in the database. It's ten bucks a month to have a listing in the database, whether you ever get queried or not, so every injection is a nice little long-term earner.)))

The project involves the nonprofit Alzheimer's Community Care in West Palm Beach.

On Sept. 11, the company issued a statement saying it can cite a number of studies that refute any potential link between the FDA-approved implantable microchip and malignant tumors in humans and animals. The Associated Press had written a widely distributed story indicating three studies suggested such a link. (((This should be good. Are they gonna go out and actually palpate pets for tumors? Or just fling some hired experts against the unhired experts who blanched when they read the animal reports?)))