Companies expect to initiate Canadian roll-out in third quarter 2011
Canadian distributor to purchase a minimum of 28,000 units
DELRAY BEACH, Fla., June 15, 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 that it has partnered with CanCare Health Services Inc. ("CanCare") to launch PositiveID's iglucose mobile health solution for diabetes management in Canada. CanCare is a Canadian home healthcare service provider, offering nursing and personal support services for over 35 years. CanCare provides home healthcare services to over 4,000 patients through its skilled nursing and support staff.
CanCare serves patients throughout Southern Ontario including Hamilton and the Greater Toronto Area, and is a provider of contracted services of the Ontario Ministry of Health. CanCare's services are paid for privately by individual clients, or through community care access centers, insurance companies, and/or other funders.
The CanCare roll-out will be handled through PositiveID's distribution agreement with MobiCare Technologies Inc. ("MobiCare"), a specialized Canadian healthcare products distributor founded by CanCare's President, Eric Paul. MobiCare will be the distributor of iglucose in Canada for a period of two years and plans to purchase a minimum of 28,000 units. The companies will initiate the roll-out of iglucose in Canada in three markets: hosted diabetic case managed services via government, home care providers, hospitals and physicians; direct to consumers; and direct to family physicians.
Mr. Paul said, "We believe iglucose is an innovative solution that can offer significant value to people living with diabetes, and can also provide a more effective method for our caregivers to track the blood sugar readings of the patients we monitor, without the need for an in-person visit. By enabling our healthcare professionals to have more continuous remote monitoring of people with diabetes, we believe we will be able to improve their health outcomes, and reduce the effects of this costly, growing epidemic."
"PositiveID's announcement earlier this week of its partnership with Rogers Communications coupled with today's news provides a solid infrastructure to launch our iglucose product in Canada," said Scott R. Silverman, Chairman and CEO of PositiveID. "Like other areas throughout the world, Canada is seeing an increased incidence of diabetes and its associated costs, and Eric, with his proven track record, and his team see the opportunities presented by iglucose to decrease that burden."
PositiveID's iglucose mobile health wireless communication device is designed to facilitate diabetes management by automatically communicating a person's blood glucose readings from their data-capable glucometer to the iglucose database where automatic logbooks can be created and blood glucose readings can be shared with family members and healthcare professionals.
According to the Canadian Diabetes Association, more than 9 million Canadians are living with diabetes or pre-diabetes, and diabetes is a contributing factor in the deaths of approximately 41,500 Canadians each year. People with diabetes incur medical costs that are two to three times higher than those without diabetes. A person with diabetes can face direct costs for medication and supplies ranging from $1,000 to $15,000 a year. By 2020, it's estimated that diabetes will cost the Canadian healthcare system $16.9 billion a year.
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.
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Statements about PositiveID's future expectations, including its ability to launch the iglucose mobile health solution for diabetes management in Canada; the likelihood that MobiCare will purchase 28,000 units; the likelihood that PositiveID's partnership with Rogers Communications coupled with today's news provides a solid infrastructure to launch the iglucose product in Canada; the ability of iglucose to decrease the burden of an increased incidence of diabetes and its associated costs; 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 commercialize iglucose in Canada, 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-Q filed on May 13, 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.