PositiveID
Aug 23, 2011
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PositiveID Corporation Announces Second Quarter 2011 Accomplishments and Mid-Year Update

Mid-year highlights include the submission of iglucose 510(k) to the FDA and U.S. Department of Homeland Security validation of the Company's recently launched multiplex biothreat assay

Additional highlights include the acquisition of MicroFluidic Systems, financing commitments for up to $13.8 million, and the divestiture of a non-core business

DELRAY BEACH, Fla., Aug. 23, 2011 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (Nasdaq:PSID), a developer of medical technologies for diabetes management, clinical diagnostics and bio-threat detection, announced today its second quarter 2011 operational highlights and continued execution of its business plan, including the acquisition of MicroFluidic Systems, exit from a non-core business and FDA submission of its first diabetes management product.

Second quarter/mid-year 2011 operational highlights include:

iglucose™ mobile health system for diabetes management

Easy Check™ non-invasive breath glucose detection device

GlucoChip™ continuous glucose-sensing implantable microchip for patients with diabetes

MicroFluidic Systems ("MFS")

Corporate Initiatives

William J. Caragol, President of PositiveID, said, "Looking back over the past few months, we are very proud of our many significant accomplishments. We have submitted our first diabetes management system, iglucose, to the FDA and continue to achieve important milestones in the development of our other diabetes management products, including achieving the proof-of-science for our GlucoChip microchip. We also made a key acquisition with our purchase of MicroFluidic Systems, a company with leading technology, a solid intellectual property portfolio and a proven success record. With the financing commitments in place to potentially fund our Company beyond 2012, we believe these transformative events have not only improved our Company fundamentally for today, but importantly position us for sustained growth in the years ahead."

The Company filed its Form 10-Q for the quarter ended June 30, 2011, on August 15, 2011.

About PositiveID Corporation

PositiveID Corporation develops unique medical devices and biological detection systems, focused primarily on diabetes management, rapid medical testing and airborne bio-threat detection. Its wholly-owned subsidiary, MFSI, is focused on the development of microfluidic systems for automated preparation of and performance of biological assays. For more information on PositiveID, please visit www.PositiveIDCorp.com.

The PositiveID Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7717

Statements about PositiveID's future expectations, including the likelihood that the Company's relationship with Rogers Communications, Canada's largest wireless provider, can improve diabetes management through mobile technology in Canada; the likelihood that PositiveID will launch iglucose in Canada with MobiCare Technologies and CanCare Health Services Inc.; the ability of the Company to work with a glucometer manufacturer to finalize the development of the iGlucometer, blood glucose meter with "iglucose inside"; the likelihood that the Company's positive results from Easy Check in preliminary laboratory testing are within acceptable industry standards; the ability of PositiveID to successfully create and lab-test a stable and reproducible, closed-cycle continuous glucose-sensing system to be used in GlucoChip; the likelihood that PositiveID will be awarded any potential new government contract opportunities for its MFS subsidiary; the likelihood that PositiveID will complete strategic financings with Ironridge Global Technology for up to $13.8 million, with the potential to fund the Company beyond 2012; the likelihood that PositiveID's exit from a non-core business, its National Credit Report.com LLC subsidiary, will enable management to increase its focus on its key areas of growth; the likelihood that PositiveID will continue to achieve important milestones in the development of its other diabetes management products, including achieving the proof-of-science for its GlucoChip microchip; the likelihood that PositiveID made a key acquisition with its purchase of MicroFluidic Systems; the likelihood that MFS is a company with leading technology, a solid intellectual property portfolio and a proven success record; the likelihood that the Company has the financing commitments in place to potentially fund it beyond 2012; and the likelihood that these transformative events have not only improved the Company fundamentally for today, but importantly position it for sustained growth in the years ahead; 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 iglucose in the U.S. or in Canada; the Company's ability to commercialize the iGlucometer; the Company's ability to complete its development of and commercialize Easy Check; the Company's ability to complete its development of and commercialize GlucoChip; the likelihood that PositiveID will be awarded any potential new government contract opportunities for its MFS subsidiary; the likelihood that PositiveID will complete strategic financings with Ironridge Global Technology for up to $13.8 million; 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 25, 2011, and 10-Qs filed on May 13, 2011 and August 15, 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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Source: PositiveID Corporation

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