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Construction: Alert - January 30, 2012

For almost 50 years, lessors have had the ability to limit their liability for liens that arose from improvements to the leasehold made by a lessee. However, in the most recent legislative session, the Florida Legislature enacted revisions to Florida Statute § 713.10 that provide a potential pitfall for lessors by inserting a provision that may allow a contractor to lien the lessor's interest even where there is a recorded document advising of the limitation of liens.

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Labor, Employment and Benefits: Alert - February 6, 2012

The U.S. Supreme Court recently denied an employer’s request for review of a decision by the U.S. Court of Appeals for the Eighth Circuit, which held that tipped employees spending more than 20 percent of their time performing related but non-tipped duties must be paid the full minimum wage for that time, without the tip credit.

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Press Releases

Holland & Knight Completes $25 Million Acquisition and $17.5 Million Financing for Client Applied Digital Solutions, Inc.
 
 June 17, 2005
 
Jason Hartley Barker - Portland
Tammy Knight- Ft Lauderdale

MIAMI – Holland & Knight has completed a $25 million acquisition on behalf of client Applied Digital Solutions, Inc. (NASDAQ: ADSX) of Delray Beach. The Holland & Knight mergers and acquisitions team, led by Miami partner Harvey Goldman, included Tammy Knight and Jason Barker.

Applied Digital Solutions' subsidiary, VeriChip Inc. entered into a Share Purchase Agreement to acquire 100 percent of the common stock of Ontario-based Instantel, Inc. Under the terms of the agreement, Instantel becomes a wholly-owned subsidiary of VeriChip.

VeriChip paid $22 million in cash and will issue up to an additional $3 million in the future in some combination of cash, VeriChip common stock and Applied Digital Solutions common stock, depending on whether and when VeriChip has an initial public offering of its common stock. Under the terms of a Registration Rights Agreement, the Company has certain future requirements to register shares of its common stock.

Instantel is a privately held Canadian company which manufactures high-quality remote monitoring products in the areas of healthcare security and vibration monitoring for a diverse customer base. The company’s Xmark® division specializes in smart tag technology for protecting people and assets in healthcare environments. Its Hugs® product line is a popular RFID system for preventing the abduction of newborn infants in hospitals, while the WatchMate® system is used in long-term care facilities to protect wander-prone residents.

In connection with this acquisition, Applied Digital Solutions issued, in a private placement, warrants and shares of preferred stock for $12.5 million. The preferred stock was purchased by Satellite Strategic Finance Associates, LLC and Satellite Strategic Finance Partners, Ltd., institutional investors. The preferred stock converts into Applied Digital Solution's common stock at a premium to the Company's current market price. Applied Digital Solutions also entered into a debt financing with the same institutional investors for $5 million.

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