DELRAY BEACH, Fla., May 27, 2014 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today provided an update to stockholders on its 2014 progress. Year to date, the Company has achieved several key goals through the signing of agreements with large commercial and federal government organizations, including revenue generation.
In March, PositiveID entered into a contract with a large commercial partner to support a U.S. Department of Defense ("DoD") contract. The program will test and evaluate PositiveID's M-BAND (Microfluidics-based Bio-agent Autonomous Networked Detector) airborne bio-threat detector to provide the "best of breed" and most affordable options to protect the U.S. military. The Company expects to generate revenue of $841,000 from this contract during 2014.
The Company also announced one of its teaming partners was awarded a prime contract by the U.S. Defense Threat Reduction Agency to conduct research and development to combat weapons of mass destruction. The multiple-award indefinite delivery/indefinite quantity contract has a total value of up to $4 billion for all awardees, if all options are exercised. PositiveID will offer both its Firefly Dx handheld diagnostic system ("Firefly") as well as its M-BAND airborne bio-threat detector as part of the teaming agreement.
Most recently, the Company signed a Space Act Agreement with NASA's Ames Research Center. Under this Space Act Agreement, NASA will assess the Company's Firefly technology for potential ground and space applications, while PositiveID will assess the technology to improve its development of the Firefly hardware for extreme environments, such as DoD field applications.
The Company has also strengthened its management team this year with the appointment of Lyle L. Probst as the Company's president, and the addition of U.S. homeland security and counter-terrorism expert Thomas DiNanno and businessman Michael Campbell to its advisory board.
"We set out at the beginning of this year with the objective of entering into strategic agreements and contracts with multiple government and commercial partners to further product development and commence revenue generation," stated William J. Caragol, PositiveID's Chairman and CEO. "We are proud of the goals we have achieved especially our intermediate goal of revenue generation. We look forward to building on our recent success and continuing to grow our revenue backlog."
Caragol continued, "We believe we have lined up strong partners to bring our products to market, and we are currently preparing M-BAND units for testing and evaluation by DoD. Working with our customer and our operating partners, we have fully developed the M-BAND system which we believe will drastically shorten the detection time and operating costs of the current BioWatch system."
Mr. Caragol will be presenting at the Third Annual Marcum MicroCap Conference on Thursday, May 29, 2014 at 3:30 pm ET at the Grand Hyatt Hotel in New York City. To listen to a live webcast of his presentation, please go to http://wsw.com/webcast/marcum2/psid.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and developer of biological detection systems for America's homeland defense industry as well as rapid biological testing. PositiveID is focused on the development of microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats and analyze biological samples. For more information on PositiveID, please visit http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations constitute, including without limitation, the likelihood that the program with DoD will test and evaluate PositiveID's M-BAND to provide the "best of breed" and most affordable options to protect the U.S. military; the likelihood that the Company expects to generate revenue of $841,000 from this contract during 2014; the likelihood that PositiveID will offer both its Firefly as well as its M-BAND as part of the teaming agreement; the likelihood that NASA will assess the Company's Firefly technology for potential ground and space applications, while PositiveID will assess the technology to improve its development of the Firefly hardware for extreme environments, such as DoD field applications; the likelihood that the Company has lined up strong partners to bring its products to market, and is currently preparing M-BAND units for testing and evaluation by DoD; the likelihood that the M-BAND system will drastically shorten the detection time and operating costs of the current BioWatch system; 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. 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 April 11, 2014, and 10-Qs filed on May 20, 2014, November 19, 2013, and August 14, 2013, as amended August 19, 2013, 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.