PositiveID Corporation Updates Stockholders on 2014 Progress
May 27 2014 - 8:30AM
PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a
developer of biological detection and diagnostics solutions, today
provided an update to stockholders on its 2014 progress. Year to
date, the Company has achieved several key goals through the
signing of agreements with large commercial and federal government
organizations, including revenue generation.
In March, PositiveID entered into a contract with a large
commercial partner to support a U.S. Department of Defense ("DoD")
contract. The program will test and evaluate PositiveID's M-BAND
(Microfluidics-based Bio-agent Autonomous Networked Detector)
airborne bio-threat detector to provide the "best of breed" and
most affordable options to protect the U.S. military. The Company
expects to generate revenue of $841,000 from this contract during
2014.
The Company also announced one of its teaming partners was
awarded a prime contract by the U.S. Defense Threat Reduction
Agency to conduct research and development to combat weapons of
mass destruction. The multiple-award indefinite delivery/indefinite
quantity contract has a total value of up to $4 billion for all
awardees, if all options are exercised. PositiveID will offer both
its Firefly Dx handheld diagnostic system ("Firefly") as well as
its M-BAND airborne bio-threat detector as part of the teaming
agreement.
Most recently, the Company signed a Space Act Agreement with
NASA's Ames Research Center. Under this Space Act Agreement, NASA
will assess the Company's Firefly technology for potential ground
and space applications, while PositiveID will assess the technology
to improve its development of the Firefly hardware for extreme
environments, such as DoD field applications.
The Company has also strengthened its management team this year
with the appointment of Lyle L. Probst as the Company's president,
and the addition of U.S. homeland security and counter-terrorism
expert Thomas DiNanno and businessman Michael Campbell to its
advisory board.
"We set out at the beginning of this year with the objective of
entering into strategic agreements and contracts with multiple
government and commercial partners to further product development
and commence revenue generation," stated William J. Caragol,
PositiveID's Chairman and CEO. "We are proud of the goals we have
achieved especially our intermediate goal of revenue generation. We
look forward to building on our recent success and continuing to
grow our revenue backlog."
Caragol continued, "We believe we have lined up strong partners
to bring our products to market, and we are currently preparing
M-BAND units for testing and evaluation by DoD. Working with our
customer and our operating partners, we have fully developed the
M-BAND system which we believe will drastically shorten the
detection time and operating costs of the current BioWatch
system."
Mr. Caragol will be presenting at the Third Annual Marcum
MicroCap Conference on Thursday, May 29, 2014 at 3:30 pm ET at the
Grand Hyatt Hotel in New York City. To listen to a live
webcast of his presentation, please go to
http://wsw.com/webcast/marcum2/psid.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and
developer of biological detection systems for America's homeland
defense industry as well as rapid biological testing. PositiveID is
focused on the development of microfluidic systems for the
automated preparation of and performance of biological assays in
order to detect biological threats and analyze biological samples.
For more information on PositiveID, please visit
http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations constitute,
including without limitation, the likelihood that the program with
DoD will test and evaluate PositiveID's M-BAND to provide the "best
of breed" and most affordable options to protect the U.S. military;
the likelihood that the Company expects to generate revenue of
$841,000 from this contract during 2014; the likelihood that
PositiveID will offer both its Firefly as well as its M-BAND as
part of the teaming agreement; the likelihood that NASA will assess
the Company's Firefly technology for potential ground and space
applications, while PositiveID will assess the technology to
improve its development of the Firefly hardware for extreme
environments, such as DoD field applications; the likelihood that
the Company has lined up strong partners to bring its products to
market, and is currently preparing M-BAND units for testing and
evaluation by DoD; the likelihood that the M-BAND system will
drastically shorten the detection time and operating costs of the
current BioWatch system; 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. 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 April 11, 2014, and 10-Qs
filed on May 20, 2014, November 19, 2013, and August 14, 2013, as
amended August 19, 2013, 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