VeriTeQ Appoints Former U.S. Ambassador to its Board

VeriTeQ Corporation, a provider of implantable medical device identification and radiation dose measurement technologies, has appointed former U.S. Ambassador Ned L. Siegel to its board of directors, effective immediately.

Ambassador Siegel replaces Michael Krawitz, the company’s chief legal and financial officer, as a director. Krawitz is stepping down from the board to focus on his responsibilities as a company executive. Ambassador Siegel brings more than 30 years of business and government experience to VeriTeQ, and will help the company with its strategic development and financing needs.

“Ned’s business success speaks for itself and his reputation throughout commercial and government circles is second-to-none,” stated Scott R. Silverman, chairman/CEO of VeriTeQ. “I have known Ned for many years and VeriTeQ is honored to have him join our Board of Directors. We are confident that Ned’s broad relationships and expertise will contribute to VeriTeQ’s accomplishments and his strategic guidance will further enhance the company’s corporate governance.”

In 1997, Ambassador Siegel founded The Siegel Group Inc., an international business management advisory firm, specializing in real estate, energy, utilities, infrastructure, financial services, oil and gas, and cyber and security technologies, with its primary focus on the United States, Israel, the Caribbean and Latin America markets. The firm acquires and develops master plan residential communities, corporate office developments, industrial parks, and retail centers.

Ambassador Siegel was appointed by Florida Gov. Jeb Bush to serve as a member of the board of directors of Enterprise Florida, Inc., the state’s primary organization promoting statewide economic development through its public-private partnership. He served in this role for several years before being appointed by President George W. Bush to serve as a member of the board of directors of the Overseas Private Investment Corporation (OPIC), a development agency of the U.S. government to help U.S. businesses invest overseas. OPIC’s mission is to foster economic development in new and emerging markets, complement the private sector in managing the risks associated with foreign direct investment, and support U.S. foreign policy. Subsequently, Ambassador Siegel was appointed by President Bush to serve with Ambassador John R. Bolton at the United Nations in New York as senior advisor to the U.S. mission and representative of the United States to the 61st session of the United Nations General Assembly.

In October 2007, President Bush appointed Ambassador Siegel to serve as the U.S. ambassador to the Bahamas, where he served as the chief of mission and was responsible for all operations of the U.S. embassy in Nassau. His responsibilities included oversight and management of more than 200 U.S. State Department employees located in five separate locations throughout the Bahamas, representing seven different government agencies.

VeriTeQ develops proprietary radiofrequency identification (RFID) technologies for implantable medical device identification, and dosimeter technologies for use in radiation therapy treatment. VeriTeQ offers a U.S. Food and Drug Administration-cleared RFID microchip technology that can be used to identify implantable medical devices, in vivo, on demand, at the point of care. VeriTeQ’s dosimeters provide patient safety mechanisms while measuring and recording the dose of radiation delivered to a patient in real time.