DELRAY BEACH, Fla. - October 23, 2012 (Investorideas.com Newswire,
www.biodefensestocks.com) PositiveID Corporation (
OTCBB: PSID)
("PositiveID" or "Company") an emerging growth company and developer of
airborne bio-threat detection systems for America's homeland defense
industry as well as advanced technologies for diabetes management and
rapid medical testing, today provided a third quarter 2012 business
update to its stockholders. The Company continues to focus on the
BioWatch Generation 3, Phase II procurement. In September, the
Department of Homeland Security ("DHS") announced a revised procurement
strategy for BioWatch Generation 3, Phase II, which will consist of a
two-stage procurement including two to three years of testing estimated
at $89 million. A draft request for proposal ("RFP") for the first stage
is scheduled to be released in the fourth quarter of calendar 2012.
William J. Caragol, Chairman and CEO of PositiveID, stated, "To
position the Company for the first stage of the revised procurement
strategy for BioWatch Generation 3, Phase II, we are actively involved
in discussions with several potential strategic partners, including both
manufacturing partners and systems integration partners. We are focused
on trying to bring those discussions to a strategic agreement during
the fourth quarter. We also plan in the coming weeks to update
stockholders on the progress of our second half of 2012 goals, which we
announced in our mid-year update."
With its acquisition of Microfluidic Systems in May 2011,
PositiveID added airborne pathogen detection, rapid clinical diagnostics
and sample preparation applications to its business. PositiveID's
M-BAND (Microfluidics-based Bioagent Networked Detector) 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 with results in as
little as two hours. M-BAND was developed under a competitive award from
the DHS Science & Technology Directorate ("S&T") and was the
only system of its kind demonstrated previously in the field under the
DHS S&T
BAND
Program.
The total procurement for BioWatch Generation 3, Phase II, is
estimated at $3.1 billion. The goal of BioWatch Generation 3, Phase II
is to obtain a fully autonomous networked biodetection capability that
will be deployed, operated, and sustained, both indoor and outdoor, in
selected U.S. BioWatch jurisdictions to continuously monitor the air for
agents of biological concern. The revised strategy for BioWatch
Generation 3, Phase II, will consist of a two-stage procurement. Stage 1
will be for Performance Testing of candidate systems and may result in
the award of multiple contracts depending on the technical merits of
proposals submitted and the availability of funding. Stage 2 will be a
separate competition for Low Rate Initial Production, Operational
Testing and Evaluation, Full Rate Production, Deployment, Sustainment
and Disposal. To be considered for the Stage 2 award, a company will
need to demonstrate a design maturity and data set equivalent to that of
Stage 1 participants.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and developer
of advanced technologies for diabetes management and rapid medical
testing, as well as airborne bio-threat detection systems for America's
homeland defense. Its wholly-owned subsidiary, Microfluidic Systems, or
MFS, 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.
www.PositiveIDCorp.com.
The PositiveID Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7717
For more information on PositiveID, please visit
http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations, including the
likelihood that it has made significant progress realigning its business
with a focus on its molecular diagnostics platform; the likelihood that
the Company also continues to make strong progress in the diabetes
management segment of its business; the likelihood that the Company will
enter into strategic partnerships and/or teaming agreements with large
government contractors for M-BAND manufacturing and system integration
for BioWatch Gen-3; the likelihood that the Company will submit a
proposal upon release of the final BioWatch Gen 3 RFP, currently
scheduled for release in the fourth quarter of calendar 2012, from
Department of Homeland Security for the $3.1 billion BioWatch Gen-3
procurement; the likelihood that the Company will commence the second
stage of Easy Check clinical study at Schneider Children's Medical
Center in Israel; the likelihood that the Company will complete a
bench-top unit of the GlucoChip glucose-sensor and initiate strategic
partnerships; the likelihood that the Company will continue development
of its Dragonfly Rapid MDx Cartridge-based diagnostic system for
point-of-care diagnostics; the likelihood that the Company will complete
the license and/or sale of the VeriChip and iglucose product lines to
position them with the best partners for market exploitation and
monetization; the likelihood that the Company will complete a strategic
financing to capitalize the Company to execute on these opportunities;
the likelihood that significant opportunities that lie ahead, including
BioWatch Gen 3 and the continued development of the Company's innovative
Dragonfly system; the likelihood that the Company will continue to
execute its plan, described above; the likelihood that the Company is
well positioned to capitalize on the BioWatch Gen 3 opportunity and to
make meaningful steps in the commercialization of our diabetes
management products; the likelihood that that progress, in conjunction
with a strategic financing to fully capitalize the Company, will allow
the Company to unlock value for stockholders; and all other statements
in this press release other than historical facts are "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 PositiveID's ability to successfully commercialize its M-BAND
system and Dragonfly system, as well as its diabetes management
products; the Company's ability to complete the license and/or sale of
the VeriChip and iglucose product lines to position them with the best
partners for market exploitation and monetization; the Company's ability
to attract strategic partners; the Company's ability to complete a
strategic financing; as well as certain 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, and 10-Qs filed on August 20,
2012, May 14, 2012, and November 14, 2011, 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:
Allison Tomek
561-805-8000
atomek@positiveidcorp.com
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