DELRAY BEACH, FL,– November 16, 2009 – PositiveID Corporation, formerly known as VeriChip Corporation (NASDAQ: PSID), announced today that it has formed a new animal health division, PositiveID Animal Health, to focus on diagnostic/clinical response and source food safety products and applications. Randolph K. Geissler, founder of Destron Fearing and former CEO of Digital Angel Corporation, has agreed to assume the role of CEO of PositiveID Animal Health. Mr. Geissler specializes in managing companies and technologies involved in the veterinary science field by selectively discovering or creating technologies and strategically introducing those assets to the markets. His vision and implementation are directly responsible for bringing the implantable microchip from "just an idea" to its highly successful current status of more than 80,000,000 RFID microchips implanted in animals worldwide for identification and tracking.
PositiveID Animal Health will address the growing concern of animal health through diagnostic/clinical response products, applications and test kits. It will expand PositiveID's relationship with RECEPTORS LLC by applying its Patent No. 7,125,382 entitled "Embedded Bio-Sensor System," in conjunction with its exclusive license to RECEPTORS' Patent No. 7,504,364 titled "Methods of Making Arrays and Artificial Receptors" and Patent No. 7,469,076 "Sensors Employing Combinatorial Artificial Receptors," to develop an in vivo glucose-sensing radio frequency microchip (and other sensor applications) for animals, including, but not limited to, pets and livestock.
Using similar technology to the Company's recent virus triage detection system for H1N1 and other pandemic viruses in humans, PositiveID Animal Health will focus on providing similar products, applications and test kits to the animal world. Specifically, (pandemic) virus outbreaks are not limited to humans. Kennel outbreaks ranging from kennel cough to Canine Respiratory Coronavirus Disease, also known as dog flu, affect thousands of pets annually in the kennel populations. Also, virus outbreaks can greatly affect the food chain (livestock). Diseases ranging from bird flu to mad cow disease have greatly affected the availability and quality of global food supply over the last several decades.
Commenting on the formation of PositiveID Animal Health, PositiveID's Chairman and CEO Scott R. Silverman, stated, "As the breadth of our overall Health ID platform evolves, it becomes apparent that our relationship with RECEPTORS and its intellectual property can add similar benefits to the animal world, as well as the existing human applications. Glucose-sensor applications and early virus detection systems form the foundation of a much larger swath of products and applications for the animal world. Under the leadership of Randy Geissler, we expect PositiveID Animal Health to grow quickly and assume a leadership role in this unique space."
About PositiveID Corporation
PositiveID Corporation provides unique health and security identification tools to protect consumers and businesses. PositiveID operates in two main divisions: HealthID and ID Security. For more information on PositiveID, please visit www.PositiveIDCorp.com.
Forward Looking Statements
Statements about the Company's future expectations, including its ability to address the growing concern of animal health through diagnostic/clinical response products, applications and test kits, its ability to expand it relationship with RECEPTORS to develop an in vivo glucose-sensing radio frequency microchip (and other sensor applications) for animals, including, but not limited to, pets and livestock, its ability to focus on providing similar products, applications and test kits to the animal world, the expectation that the Company’s relationship with RECEPTORS and its intellectual property can add similar benefits to the animal world, as well as existing human applications, the expectation that the Company will grow quickly and assume a leadership role in this unique space, 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 the Company's actual results could differ materially from expected results. These risks and uncertainties include the Company’s ability to successfully develop and commercialize the Animal Health diagnostic/clinical response products, applications and test kits (its “Technologies”), the Company’s and RECEPTORS’ ability to develop its Technologies, the validity, scope and enforceability of the Company’s patents and those related to its Technologies, the protection afforded by the Company’s patents and those related to its Technologies, government regulations relating to its Technologies, the Company’s ability to fund the continued development of its Technologies, the timing and success of submission, acceptance and approval of required regulatory filings, uncertainty as to its working capital requirements over the next 12 to 24 months, competitive and economic influences, 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 February 12, 2009, 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.