PositiveID Issues First-Ever Revenue Guidance of $4-10 Million Over Next 18 Months as Government Procurements for Bio-Threat ...
June 06 2014 - 8:30AM
PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a
developer of biological detection and diagnostics solutions,
announced today that it has submitted bids and proposals in
conjunction with several large commercial partners in response to a
pick-up in new U.S. government procurements for bio-threat
detection. As a result, PositiveID is issuing its first-ever
revenue guidance of $4-10 million over the next 18 months, $3.3
million of which is already in backlog.
The Company has submitted for contract opportunities across
multiple agencies, including the U.S. Department of Defense, U.S.
Department of Homeland Security and Department of Health and Human
Services, to deploy, test, evaluate and/or develop the Company's
M-BAND and Firefly Dx systems.
"As more attention is being paid to the serious need for
bio-threat detection technologies and programs, we continue to
pursue opportunities with the U.S. government and other
organizations to employ the critically important capabilities of
our M-BAND and Firefly systems, which, we believe, offer accurate
biological detection more rapidly than existing systems," stated
William J. Caragol, PositiveID's Chairman and CEO. "It has been
proven that faster identification of bio-threats enables
countermeasures to be instituted more quickly, ultimately reducing
casualties and saving lives."
About M-BAND
PositiveID's M-BAND (Microfluidic Bio-agent Autonomous Networked
Detector) continuously and autonomously analyzes air samples for
the detection of biological airborne threats in the form of
bacteria, viruses, and toxins. The technology was developed under
contract with the U.S. Department of Homeland Security ("DHS")
Science & Technology directorate, which included $30 million of
contract funding, to detect an attack with a biological weapon.
About Firefly
PositiveID's Firefly Dx is a point-of-need, handheld system
designed to deliver molecular diagnostic results from a sample in
less than 20 minutes at the point of need, compared to two to four
hours for a lab device, using real-time TaqMan® PCR (polymerase
chain reaction) chemistry. Firefly is being developed to meet the
growing need for more rapid and accurate point-of-need diagnostics
that will enable hospitals, first responders, and other providers
to save lives.
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, including
without limitation, the likelihood that PositiveID will generate
revenue of $4-10 million over the next 18 months, $3.3 million of
which is already in backlog; the likelihood that M-BAND and Firefly
offer accurate biological detection more rapidly than existing
systems; 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, including the
likelihood that PositiveID will be successful with its submissions
for bids and proposals in conjunction with several large commercial
partners in response to a pick-up in new U.S. government
procurements for bio-threat detection, 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