STONY BROOK, NY--(Marketwired - February 16, 2017) - Applied DNA Sciences, Inc. ("Applied DNA") (NASDAQ: APDN), a provider of DNA-based supply chain, anti-counterfeiting and anti-theft technology, product genotyping and product authentication solutions, announced that the company's DNA marking product is now being offered by Swedish BMW dealers to prior purchasers of their luxury automobiles.
With growing support for DNA tagging in Scandinavia through multiple insurance and automobile brands, management expects revenues for automotive tagging to increase to over $750,000 in calendar year 2017.
Countrywide advertisements for the new service offer began appearing late last year. Dealers offer clients a service to mark and protect older vehicles, and also fit an alarm system during the time of routine maintenance. Vehicle owners are then handed the marking vial to use to protect other assets in their homes.
The program expansion follows Applied DNA's announcement last year that Swedish importers of BMW automobiles were using "smartDNA®" (the Scandinavian brand of the company's SigNature® DNA) in a program designed to provide the vehicle owners with a theft deterrent solution to protect their vehicle. Applied DNA's Swedish distributor, Safe Solution SmartDNA AB, was awarded a two-year contract for protecting a minimum of 2,000 vehicles per month. The program has proven effective in curbing thefts by over 80% and facilitating prosecution of "chop shop" criminals. Once marked with SigNature DNA, components can be traced back to a specific vehicle, and there have been numerous cases where this has assisted police already.
Said Dr. James Hayward, president and CEO of Applied DNA Sciences: "Police departments in the US and throughout Europe and the UK, have shown strong interest in DNA-based asset marking. We are gratified by the participation of the brands, legislators and insurers who have endorsed our programs. The use of our forensic evidence in effective prosecution adds to our reputation as an effective deterrent, and enhances our value proposition. We are working hard to grow this business vertical in additional geographies."
About Applied DNA Sciences
We make life real and safe by providing botanical-DNA based security and authentication solutions and services that can help protect products, brands, entire supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. Our patented DNA-based solutions can be used to identify, tag, track, and trace products, to help assure authenticity, traceability and quality of products. SigNature® DNA describes the platform ingredient that is at the heart of a family of uncopyable, security and authentication solutions such as SigNature® T and fiberTyping®, targeted toward textiles and apparel, DNAnet®, for anti-theft and loss prevention, and digitalDNA®, providing powerful track and trace. All provide a forensic chain of evidence, and can be used to prosecute perpetrators. We are also engaged in the large-scale production of specific DNA sequences using the polymerase chain reaction.
Go to adnas.com for more information, events and to learn more about how Applied DNA Sciences makes life real and safe. Common stock listed on NASDAQ under the symbol APDN, and warrants are listed under the symbol APDNW.
The statements made by APDN in this press release may be "forward-looking" in nature within the meaning of the Private Securities Litigation Act of 1995. Forward-looking statements describe APDN's future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of APDN. Actual results could differ materially from those projected due to our short operating history, limited financial resources, limited market acceptance, market competition and various other factors detailed from time to time in APDN's SEC reports and filings, including our Annual Report on Form 10-K filed on December 6, 2016 and our subsequent quarterly report on Form 10-Q filed on February 9, 2017, which are available at www.sec.gov. APDN undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events, unless otherwise required by law.