PositiveID Corporation Enters Into License Agreement and Teaming Agreement With The Boeing Company
December 20 2012 - 8:30AM
PositiveID Corporation ("PositiveID") (OTCBB:PSID), an emerging
growth company and developer of airborne bio-threat detection
systems for America's homeland defense industry as well as advanced
technologies for rapid medical testing and diabetes management,
today announced it has entered into a license agreement and a
teaming agreement with The Boeing Company ("Boeing"), including a
license fee to PositiveID of $2.5 million.
The license agreement provides Boeing the exclusive license to
manufacture and sell PositiveID's M-BAND (Microfluidics-based
Bioagent Networked Detector) airborne bio-threat detector for the
U.S. Department of Homeland Security's ("DHS") BioWatch Generation
3 opportunity, as well as other opportunities (government or
commercial) that may arise in the North American market. Under the
teaming agreement, PositiveID will retain exclusive rights to serve
as the reagent and assay supplier of the M-BAND systems to Boeing
in the U.S. market. PositiveID will also retain the right to sell
M-BAND units, reagents and assays in international markets.
PositiveID's M-BAND, developed under contract for DHS Science
and Technology Division, is a bioaerosol monitor with fully
integrated systems with sample collection, processing and detection
modules that continuously analyze air samples for the detection of
bacteria, viruses, and toxins. Results from individual M-BAND
instruments are reported via a secure wireless network in real time
to give an accurate and up to date status for fielded instruments
in the aggregate.
William J. Caragol, Chairman and CEO of PositiveID, stated, "We
are very proud to team with Boeing on the BioWatch opportunity and
look forward to being a part of a strong team that exceeds the
expectations of our customers."
A unit of The Boeing Company, Boeing Defense, Space &
Security is one of the world's largest defense, space and security
businesses specializing in innovative and capabilities-driven
customer solutions, and the world's largest and most versatile
manufacturer of military aircraft. Headquartered in St. Louis,
Boeing Defense, Space & Security is a $32 billion business with
60,000 employees worldwide. Follow us on Twitter:
@BoeingDefense.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and
developer of airborne bio-threat detection systems for America's
homeland defense industry as well as advanced technologies for
rapid medical testing and diabetes management. Its wholly-owned
subsidiary, Microfluidic Systems, is focused on the development of
microfluidic systems for the automated preparation of and
performance of biological assays in order to detect biological
threats at high-value locations, as well as analyze samples in a
medical environment.
For more information on PositiveID, please visit
http://www.PositiveIDCorp.com.
The PositiveID Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7717
Statements about PositiveID's future expectations, including
without limitation, all statements relating to the DHS BioWatch
Generation 3, Phase II opportunity; the likelihood that PositiveID
will be part of a strong team that exceeds the expectations of its
customers; and all statements in this press release are made solely
and exclusively by, and on behalf of, PositiveID and no other
entity, including without limitation, The Boeing Company, and
constitute "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 PositiveID's actual results could differ
materially from expected results. These risks and uncertainties
include, without limitation, PositiveID's ability to successfully
pursue the BioWatch Generation 3 opportunity; as well as 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 March 28,
2012, as amended on May 4, 2012, and 10-Qs filed on November 16,
2012, August 20, 2012, as amended on September 12, 2012, and May
14, 2012, 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.
CONTACT: PositiveID Corporation
Allison Tomek
561-805-8000
atomek@positiveidcorp.com