E-N-G has averaged revenue of over $4 million per year for the past 10 years
E-N-G is a pioneer and leader in mobile labs, homeland security and communications vehicles, and TV news vehicles, with a long operating history of revenue generation
DELRAY BEACH, Fla., Dec. 29, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), life sciences tools and diagnostics company, announced today that it has acquired California-based E-N-G Mobile Systems, Inc. (“ENG”), a leader in mobile labs, homeland security and communications vehicles. The acquisition of ENG will bring additional revenue to PositiveID as well as a highly synergistic technology platform and customer base.
The largest and fastest growing aspect of E-N-G’s business over the last decade has been its mobile labs segment, which includes chemical, biological, nuclear, radiological and explosives testing in the field. By adding PositiveID’s bio-detection expertise to ENG’s proven mobile technology capabilities, the combined company will be able to offer customers a turnkey mobile lab system able to conduct analysis and testing at the point of sampling rather than having to take samples back to a central lab for testing.
ENG, which was founded in 1988, has a solid operating history both in the U.S. and internationally, and an extensive list of customers ranging from the U.S. military, Fortune 100 companies, the U.S. Department of Homeland Security, local and state governments, television broadcast outlets, and the nation’s foremost laboratories. Over the past 10 years, ENG has recorded average unaudited revenues annually of more than $4 million.
“This transformational acquisition strengthens our ability to execute our strategy of providing cutting-edge biological detection and diagnostics solutions to address large market needs,” stated William J. Caragol, Chairman and CEO of PositiveID. “The acquisition of ENG will broaden and diversify PositiveID’s revenue base and provide a strong foundation for future growth while we continue the development and testing of our real-time pathogen detection system, Firefly Dx. We believe the combination of the companies will improve our ability to deliver stockholder value,” continued Caragol.
Further details of the acquisition are described in a Form 8-K filed with the SEC by PositiveID on December 29, 2015.
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. 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 acquisition of ENG will bring additional revenue to PositiveID as well as a highly synergistic technology platform and customer base; the likelihood that by adding PositiveID’s bio-detection expertise to ENG’s proven mobile technology capabilities, the combined company will be able to offer customers a turnkey mobile lab system able to conduct analysis and testing at the point of sampling rather than having to take samples back to a central lab for testing; the likelihood that this acquisition strengthens PositiveID’s ability to execute its strategy of providing cutting-edge biological detection and diagnostics solutions to address large market needs; the likelihood that the acquisition of ENG will broaden and diversify PositiveID’s revenue base and provide a strong foundation for future growth while the Company continues the development and testing of Firefly Dx; the likelihood that the combination of the companies will improve PositiveID’s ability to deliver stockholder value; 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 bio-threat detection and rapid medical testing sectors; the Company’s ability to complete the development and commercialization of its Firefly Dx system; the Company’s ability to successfully integrate ENG into its operations; 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 30, 2015, and 10-Qs filed on November 12, 2015, August 13, 2015, and May 15, 2015, 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.