PositiveID Receives New Order to Support M-BAND System for U.S. Government Contract
July 17 2014 - 7:00AM
PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a
developer of biological detection and diagnostics solutions, today
announced that it has received a new order from a large government
contractor for the continued testing and evaluation of PositiveID's
M-BAND (Microfluidic Bioagent Autonomous Networked Detector) in
support of an existing U.S. government contract. In keeping with
contractual obligations the contractor and program have not been
named. As a result of this new purchase order, the company has
increased its 2014/2015 revenue and backlog (backlog added to
revenue recognized) estimate from $3.3 million to $3.5 million, and
is reiterating its revenue guidance of $4-10 million through the
end of 2015 (2014 and 2015 combined).
"We view this latest purchase order as another validation of not
only our technical capabilities, but also our ability to
collaborate with large commercial and government partners, while
continuing to execute our strategy," stated William J. Caragol,
Chairman and CEO of PositiveID. "We are very pleased to continue
the testing of our M-BAND units to protect our nation's warfighters
and defenders."
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 at high-value locations, as well
as analyze samples in a medical environment. For more information
on PositiveID, please visit http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations, including,
without limitation, the likelihood that the Company will generate
revenue through the end of 2015 of $4-10 million (2014 and 2015
combined), $3.5 million of which is currently in backlog; the
likelihood that testing of the Company's M-BAND units will
continue; and all statements in this press release 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,
the Company's ability to target the bio-threat detection and rapid
medical testing sectors; 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 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