VeriChip Corporation Selects Raytheon Microelectronics España to Manufacture Its Products

Company Will Use Raytheon/ELCAN Optical Technologies to Manufacture Its VeriChip
Patient Identification Microchip, Its New 8-mm Microchip, and Its
Glucose-Sensing Microchip Which is Currently under Development
DELRAY BEACH, Fla.--(Business Wire)--
VeriChip Corporation ("VeriChip" or the "Company") (NASDAQ:CHIP) today announced
that it has selected Raytheon Microelectronics España (operating as "ELCAN
Optical Technologies") for the production of the Company's radio frequency
identification (RFID) implantable microchips, including its existing VeriChip
microchip for patient identification, its new 8 millimeter microchip for use in
Medical Components, Inc.'s (Medcomp) vascular access medical devices, and its
glucose-sensing RFID microchip currently under development with RECEPTORS, LLC.

In December 2008, VeriChip purchased all intellectual property related to its
implantable RFID business line from Digital Angel Corporation and canceled its
manufacturing relationship. Now, the Company is properly aligned and prepared to
re-establish its manufacturing capabilities and has chosen to do so with ELCAN
Optical Technologies.

Scott R. Silverman, VeriChip's Chairman and CEO, said, "We are pleased to
partner with a company that has the name and reputation that ELCAN brings with
it."

About ELCAN Optical Technologies (Raytheon Microelectronics España)

ELCAN Optical Technologies is a fully integrated provider of custom, precision
optical and electronic solutions for medical, defense & security and commercial
customers. ELCAN Optical Technologies, with manufacturing facilities in Midland
Ontario, Richardson Texas and Málaga Spain is part of the Raytheon Network
Centric Systems group of companies. The Raytheon Company, with 2008 sales of
$23.2 billion, is a technology leader specializing in defense, homeland security
and other government markets throughout the world. Raytheon provides
state-of-the-art electronics, mission systems integration and other capabilities
in the areas of sensing; effects; and command, control, communications and
intelligence systems, as well as a broad range of mission support services. With
headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.

About VeriChip Corporation

VeriChip Corporation, headquartered in Delray Beach, Florida, has developed the
VeriMed Health Link System for rapidly and accurately identifying people who
arrive in an emergency room and are unable to communicate. This system uses the
first human-implantable passive RFID microchip and corresponding personal health
record, cleared for medical use in October 2004 by the United States Food and
Drug Administration.

On September 8, 2009, VeriChip Corporation announced it agreed to acquire Steel
Vault Corporation (OTCBB: SVUL) to form PositiveID Corporation. PositiveID will
provide identification technologies and tools to protect consumers and
businesses. The companies expect the merger to close in the fourth quarter of
2009.

For more information on VeriChip, please call 1-800-970-2447, or e-mail
info@verichipcorp.com. Additional information can be found online at
www.verichipcorp.com.

Statements about VeriChip`s future expectations, including that the Company is
properly aligned and prepared to re-establish its manufacturing capabilities,
that the name and reputation that ELCAN brings with it will benefit the Company,
the Company`s and RECEPTORS` ability to successfully develop a glucose-sensing
RFID microchip, that the companies expect the merger to close in the fourth
quarter of 2009, and all other statements in this press release other than
historical facts are "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as that term is defined in the Private Litigation Reform Act of 1995.
Such forward-looking statements involve risks and uncertainties and are subject
to change at any time, and VeriChip`s actual results could differ materially
from expected results. These risks and uncertainties include the Company`s
ability to successfully develop and commercialize the glucose-sensing microchip,
the market acceptance of the glucose-sensing microchip, the Company`s and
RECEPTORS` ability to develop a glucose-sensing microchip, the validity, scope
and enforceability of the Company`s patents and those related to the
glucose-sensing microchip, the protection afforded by the Company`s patents and
those related to the microchips, the Company`s ability to complete the
development phases in certain time frames, government regulations relating to
the microchips, the Company`s ability to fund the continued development of the
glucose-sensing microchip, the timing and success of submission, acceptance and
approval of required regulatory filings; as well as certain other risks.
Additional information about these and other factors that could affect the
Company`s business is set forth in the Company`s various filings with the
Securities and Exchange Commission, including those set forth in the Company`s
10-K filed on February 12, 2009, under the caption "Risk Factors." 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.

Additional Information and Where to Find It

On September 8, 2009, VeriChip and Steel Vault issued a joint press release
announcing the signing of an Agreement and Plan of Reorganization, among
VeriChip, Steel Vault and VeriChip Acquisition Corp., a Delaware corporation and
wholly-owned subsidiary of VeriChip (the "Acquisition Subsidiary"), pursuant to
which the Acquisition Subsidiary will be merged with and into Steel Vault, with
Steel Vault surviving and becoming a wholly-owned subsidiary of VeriChip (the
"Merger"). Upon the consummation of the Merger, each outstanding share of Steel
Vault`s common stock will be converted into 0.5 shares of VeriChip common stock.

In connection with the Merger, VeriChip filed with the Securities and Exchange
Commission ("SEC") a Registration Statement on Form S-4 that will contain a
Joint Proxy Statement/Prospectus of VeriChip and Steel Vault. Investors and
security holders are urged to read the Registration Statement and the Joint
Proxy Statement/Prospectus carefully because they contain important information
about VeriChip, Steel Vault and the proposed transaction. The Joint Proxy
Statement/Prospectus and other relevant materials (when they become available),
and any other documents filed with the SEC, may be obtained free of charge at
the SEC`s web site (www.sec.gov). In addition, investors and security holders
may obtain a free copy of other documents filed by VeriChip or Steel Vault by
directing a written request, as appropriate, to VeriChip at 1690 South Congress
Avenue, Suite 200 Delray Beach, Florida 33445, Attention: Investor Relations, or
to Steel Vault at 1690 South Congress Avenue, Suite 200 Delray Beach, Florida
33445, Attention: Investor Relations. Investors and security holders are urged
to read the Joint Proxy Statement/Prospectus and the other relevant materials
before making any voting or investment decision with respect to the proposed
transaction.

VeriChip, Steel Vault and their respective directors and executive officers may
be deemed to be participants in the solicitation of proxies in connection with
the proposed transaction.

Information regarding the interests of these directors and executive officers in
the proposed transaction will be included in the Joint Proxy
Statement/Prospectus referred to above. Additional information regarding the
directors and executive officers of VeriChip is also included in VeriChip's Form
10-K, which was filed with the SEC on February 12, 2009. Additional information
regarding the directors and executive officers of Steel Vault is also included
in Steel Vault's proxy statement (Form DEF 14A) for the 2009 annual meeting of
Steel Vault's stockholders, which was filed with the SEC on February 9, 2009, as
amended. These documents are available free of charge at the SEC`s website
(www.sec.gov) and by contacting Investor Relations at the addresses above.

VeriChip Corporation
Allison Tomek, 561-805-8000
atomek@verichipcorp.com

Copyright Business Wire 2009