DELRAY BEACH, Fla., June 2, 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 its newly acquired subsidiary MicroFluidic Systems ("MFSI"), a leader in biological testing and sample preparation applications, has qualified and submitted a new government contract proposal, bringing the Company's total pipeline of potential new government contracts to over $37 million. The majority of the contracts MFSI has submitted for, or is in the process of submitting for, are scheduled to be awarded in 2011. The recent submission proposes a cartridge-based radiation dosimeter based on MFSI's Dragonfly technology.
Founded in 2001, MFSI specializes in the production of automated instruments for a wide range of applications in the detection and processing of biological samples. Since its inception, MFSI has received over $45 million in government contracts, the majority of which have come from the Department of Homeland Security. In addition to the Department of Homeland Security, MFSI has also submitted proposals to Health and Human Services and the Department of Defense.
MFSI's two main products are its Dragonfly and M-BAND (Microfluidics-based Bioagent Autonomous Networked Detector) and Dragonfly solutions. MFSI's Dragonfly product consists of small microfluidic cartridges for biological sample processing and detection for clinical sample processing and detection, ranging from clinical samples such as human papilloma virus, antibiotic-resistant bacteria such as MRSA, and forensic applications, to environmental bacteria such as E. coli, and bio-threat agents.
The M-Band pathogen detection system is a highly-sensitive, fully autonomous bio-aerosol monitor that serves as an early warning system for a biological attack, continuously analyzing air samples for the detection of bacteria, viruses and toxins with results in as little as two hours.
Scott R. Silverman, Chairman and CEO of PositiveID, said, "The quality of MFSI's technologies and pipeline is something we are very proud of, and that quality is a primary reason we made the decision to acquire MFSI. We believe that with their history of winning government contracts, their strong and continually expanding pipeline for future government contract opportunities, and a broad range of commercial applications for their unique clinical diagnostic technology going forward, MFSI provides many benefits for PositiveID, both from an operational and financial standpoint."
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 .
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Statements about PositiveID's future expectations, including the likelihood that PositiveID will be awarded the government contract for its new proposal; the likelihood that the Company's will win any of the potential new government contracts for which it has submitted, totaling $37 million; the likelihood that the majority of the contracts MFSI has submitted for, or is in the process of submitting for, are scheduled to be awarded in 2011; the likelihood that with their history of winning government contracts, their strong and continually expanding pipeline for future government contract opportunities, and a broad range of commercial applications for their unique clinical diagnostic technology going forward, MFSI provides many benefits for PositiveID, both from an operational and financial standpoint; 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 the likelihood that PositiveID will be awarded the government contract for its new proposal; the likelihood that the Company's will win any of the potential new government contracts for which it has submitted, totaling $37 million; the likelihood that the majority of the contracts MFSI has submitted for, or is in the process of submitting for, are scheduled to be awarded in 2011; 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.
CONTACT: Allison Tomek 561-805-8000 atomek@positiveidcorp.com Dan Schustack CEOcast 212-732-4300 dschustack@ceocast.com
