ENG’s mobile labs represent the fastest growing segment of ENG’s specialty vehicle business
DELRAY BEACH, Fla., Jan. 17, 2018 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTC:PSID), a life sciences company focused on detection and diagnostics, announced today that 2017 bookings for its E-N-G Mobile Systems (“ENG”) subsidiary increased over 100% from 2016, driven primarily by growth in ENG’s mobile labs bookings.
Since PositiveID’s acquisition of ENG in December 2015, ENG has focused strategically on growing the mobile labs segment of its business, with mobile lab bookings representing approximately 40% of overall bookings in 2017. Bookings represent signed purchase orders or contracts received from customers. The Company recognizes revenue on booked contracts once the vehicle is built and delivered to the customer.
“We are very proud of the significant year-over-year growth in ENG’s overall business, and specifically the strength of the mobile labs segment, where we differentiate ourselves from the competition due to our team of off-staff scientists and industry experts,” stated William J. Caragol, PositiveID’s Chairman and CEO. “We are also pleased to report that we believe the strength in ENG’s business will continue for the foreseeable future, and have projected continued year-over-year growth in the 2017 fourth quarter (for which we have not yet reported financial results), 2018 and beyond. We will continue to update the investor community as we get more insight into ENG’s future bookings,” continued Caragol.
ENG has delivered more than 1,500 specialty vehicles to customers around the globe, including more than 400 mobile laboratories, 600 broadcast news vehicles, and more than 400 vehicles for cellular, RF, infrared, and other applications. ENG’s MobiLab™ line, mobile laboratories for chemical and biological detection, monitoring and analysis, bring these capabilities to the field where they are needed most, with applications ranging from general purpose and chemistry labs to BSL3-ready and full CBRNE (chemical, biological, radiological, nuclear and explosives) threat detection and analysis.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company with an extensive patent portfolio. PositiveID develops biological detection and diagnostics systems, specializing in the development of microfluidic systems for the automated preparation of and performance of biological assays. PositiveID is also a leader in the mobile technology vehicle market, with a focus on the laboratory market and homeland security. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID's future expectations, including the likelihood that the strength in ENG’s business will continue for the foreseeable future; the likelihood of continued year-over-year growth in the 2017 fourth quarter, 2018 and beyond; the likelihood that the Company will continue to update the investor community as it gets more insight into ENG’s future bookings; 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 specialty vehicle market; the Company’s ability to attract new customers and retain existing customers; the likelihood that all bookings will be recognized as revenue; the Company’s ability to raise capital; 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 31, 2017, and 10-Qs filed on November 13, 2017, August 14, 2017, and May 15, 2017, 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.
PositiveID CorporationAllison Tomek
Source: PositiveID Corporation