DELRAY BEACH, Fla., May 01, 2017 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a life sciences company focused on detection and diagnostics, announced today a summary of its highlights for the first quarter of 2017, within its E-N-G Mobile Systems, Inc. (“ENG”) and Thermomedics, Inc. (“Thermomedics”) subsidiaries. The Company plans to announce its first quarter financial results when it files its Form 10-Q with the SEC in mid-May.
Highlights
- ENG received a purchase order from a single customer for multiple mobile chemistry laboratories totaling more than $1.2 million, with delivery expected in the second half of 2017
- ENG bookings for the first quarter of 2017 totaled $1.9 million, an increase of more than 200 percent over total bookings in the fourth quarter of 2016
- ENG expanded its service offering to include mobile support and repairs on-call or under a service contract to help its customers minimize vehicle downtime
- Multiple samples and tests continue to be performed on the Firefly Dx breadboard platform
- Continued progress on the Department of Homeland Security SenseNet program for the development of indoor monitoring for biological threats using Firefly Dx technology
- Further optimization to the Firefly Dx system resulting in reduced overall runtime while maintaining laboratory equivalent results
- Thermomedics entered into a distribution agreement with National Distribution & Contracting, Inc. (“NDC”), under which NDC will purchase units of Caregiver to distribute to its member distributors serving the acute care, alternate site, long-term care and home health segments
- Thermomedics entered into a distribution agreement with MedPro Associates, a national contracted sales firm, to market Caregiver to the alternate site and long-term care markets, along with targeted acute care facilities
“Over the last year, PositiveID has fundamentally grown from a niche molecular diagnostics company, to a horizontally integrated, detection and diagnostics company with product offerings across multiple industries,” stated William J. Caragol, Chairman and CEO of PositiveID. “Our first quarter highlights demonstrate the progress we continue to make in ENG and Thermomedics, which are integral components of the Company. We will stay focused on organically growing these revenue-producing businesses, and at the same time look to further expand PositiveID through additional potential strategic acquisitions.”
“Meanwhile, we stay focused on our roots and the exciting value proposition of Firefly Dx,” continued Caragol. “We are determined to complete the development and testing of Firefly Dx to bring this product to the point-of-need testing market. We are in active discussions to solidify a partnership with the right strategic entity to help us fund and complete the Firefly Dx development,” concluded Caragol.
ENG, a specialty vehicle manufacturer, is a leader in the mobile laboratory market, which is a growing segment of the specialty vehicle market as concerns increase over food and environmental contamination, and biological and chemical weapons. ENG has built over 400 mobile labs, more than any other specialty vehicle manufacturer, which are designed for chemical and biological detection, monitoring and analysis. ENG, which has been in business for 40 years, has built more than 1,500 specialty vehicles for customers around the world.
Caregiver is a clinical grade, infrared thermometer for measurement of forehead temperature in adults, children, and infants, without contact. It delivers an oral-equivalent temperature directly from the forehead in one to two seconds. Since there is no skin contact and Caregiver does not require probe cover supplies, it reduces the risk of cross-contamination, which is an increasing concern, and saves healthcare facilities the cost of covers (as much as $0.05 to $0.10 per temperature), storage space, and waste disposal costs. It is estimated that Caregiver can offer savings of $250 or more per year per device in probe cover supplies alone.
PositiveID is developing the Firefly Dx prototype system to be a handheld, fully automated, lab quality, real-time device able to detect pathogens at the point of need. A design advantage of Firefly Dx is that it does not require additional equipment or separate steps for sample preparation and purification, unlike current lab-based equipment, thus reducing time to results as well as cost per test. Firefly's applications include point-of-need, lab-quality, detection of pathogenic organisms; agricultural and food screening in both domestic sectors and developing countries; and detection of biological agents associated with weapons of mass destruction.
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, with a focus on the laboratory market and homeland security. 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 Company plans to announce its first quarter financial results when it files its Form 10-Q with the SEC in the mid-May; the likelihood that the Company will stay focused on organically growing its revenue-producing businesses, and at the same time look to further expand PositiveID through additional potential strategic acquisitions; the likelihood that the Company will complete the development and testing of Firefly Dx to bring this product to the point-of-need testing market; the likelihood that the Company will solidify a partnership with the right strategic entity to help it fund and complete the Firefly Dx development; the likelihood that Caregiver can offer savings of $250 or more per year per device in probe cover supplies alone; 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 professional healthcare market; the Company’s ability to compete in the specialty vehicle industry; the Company’s ability to attract and retain new customers; the Company’s ability to fund and complete the testing and development of Firefly Dx; 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 31, 2017, and 10-Qs filed on November 18, 2016, August 12, 2016, and May 16, 2016, 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.