DELRAY BEACH, Fla., June 28, 2017 (GLOBE NEWSWIRE) -- PositiveID Corporation (OTCQB:PSID), a life sciences company focused on detection and diagnostics, announced today a summary of highlights for its mobile labs, molecular diagnostics, and medical device businesses for the first half of 2017.
- PositiveID closed a $1.5 million strategic investment in its mobile labs subsidiary, E-N-G Mobile Systems, Inc. (ENG), allowing the company to retire debt, continue the development of Firefly Dx, and for working capital
- The company created a new subsidiary, ExcitePCR Corporation, to position its Firefly Dx real-time, point-of-care pathogen detection system for the $19 billion global POC diagnostics market
- PositiveID's Thermomedics subsidiary, which markets the Caregiver® non-contact thermometer, completed development of a Bluetooth®-enabled version of Caregiver
- ExcitePCR named recognized biodefense expert Dr. Kimothy Smith, its Chief Science Officer
ENG received a $1.2 million purchase order for mobile labs from a single customer and expanded its service business to offer mobile maintenance and repair
- Thermomedics expanded distribution for Caregiver with National Distribution & Contracting and MedPro Associates
- PositiveID has reduced its convertible debt balances (principal and accrued interest) by $2 million since the middle of 2016 to mid-year 2017 from approximately $7.6 million to approximately $5.6 million
"PositiveID continues to make great progress on its strategy to unlock the value of its operating assets and reduce the balance of its convertible debt," stated William J. Caragol, Chairman and CEO of PositiveID. "From the recent $1.5 million investment into our ENG subsidiary, which comes from a strong and experienced partner with deep business development expertise, to the formation of ExcitePCR, which we believe will help us align with the right strategic partner or partners to capitalize our Firefly Dx assets, and through continued decreases in our outstanding debt, we are not only changing the face of the company for today, but also properly positioning it for future growth."
ENG, a specialty vehicle manufacturer, is a leader in the mobile laboratory market, which is a growing segment of the specialty vehicle market as concerns increase over food and environmental contamination, and biological and chemical weapons. ENG has built over 400 mobile labs, more than any other specialty vehicle
manufacturer, which are designed for chemical and biological detection, monitoring and analysis. ENG, which has been in business for 40 years, has built more than 1,500 specialty vehicles for customers around the world.
Caregiver is a clinical grade, infrared thermometer for measurement of forehead temperature in adults, children, and infants, without contact. It delivers an oral-equivalent temperature directly from the forehead in one to two seconds. Since there is no skin contact and Caregiver does not require probe cover supplies, it reduces the risk of cross-contamination, which is an increasing concern, and saves healthcare facilities the cost of covers (as much as $0.05 to $0.10 per temperature), storage space, and waste disposal costs. It is estimated that Caregiver can offer savings of $250 or more per year
per device in probe cover supplies alone.
ExcitePCR is developing the Firefly Dx prototype system to be a handheld, fully automated, lab quality, real-time device able to detect pathogens at the point of need. A design advantage of Firefly Dx is that it does not require additional equipment or separate steps for sample preparation and purification, unlike current lab-based equipment, thus reducing time to results as well as cost per test. Firefly's applications include point-of-need, lab-quality, detection of pathogenic organisms; agricultural and food screening in both domestic sectors and developing countries; and detection of biological agents associated with weapons of mass destruction.
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 (the "Company") future expectations, including the likelihood that the strategic
investment in ENG will allow the company to retire debt, and have working capital on hand for the development of Firefly Dx; the likelihood that the ExcitePCR will position Firefly Dx for the $19 billion global POC diagnostics market; the likelihood that the formation of ExcitePCR will help the Company align with the right strategic partner or partners to capitalize its Firefly Dx assets; the likelihood that through continued decreases in its outstanding debt, the Company is not only changing for today, but also properly positioning itself for future growth; the likelihood that Caregiver can offer savings of $250 or more per year per device in probe cover supplies alone; the likelihood that Firefly's applications include point-of-need, lab-quality, detection of pathogenic organisms; agricultural and food screening in both domestic sectors and developing
countries; and detection of biological agents associated with weapons of mass destruction; 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 professional healthcare market; the Company's ability to compete in the specialty vehicle industry; the Company's ability to attract and retain new customers; the Company's ability to fund and complete the testing and development of Firefly Dx; 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 May 15, 2017, November 18, 2016, and August 12, 2016, 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.
E & E Communications
Source: PositiveID Corporation
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