Company Also Reports Its Smallest Operating Loss From Continuing Operations Ever
DELRAY BEACH, Fla., Aug. 15, 2014 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today announced it has reported revenue and its smallest operating loss from continuing operations for the first time in the Company’s history. The Company’s Form 10-Q for the quarter ended June 30, 2014, can be found at: http://investors.positiveidcorp.com/secfiling.cfm?filingID=1144204-14-50143&CIK=1347022.
First Half of 2014 Highlights
- PositiveID issued its first-ever revenue guidance of $4-10 million over 2014 and 2015 (combined), and recognized revenue of $420,000 in the second quarter.
- PositiveID has reiterated its revenue guidance and currently has booked revenue (revenue recognized plus signed backlog) of $3.5 million.
- The Company signed a revenue-generating contract with a large government contractor to support a contract for the U.S. Department of Defense (“DoD”) to support the Joint United States Forces Korea Portal and Integrated Threat Recognition (“JUPITR”) Program, and received a follow-on purchase order.
- A PositiveID teaming partner was awarded a prime contract, with a total value of up to $4 billion for all awardees if all options are exercised, by the U.S. Defense Threat Reduction Agency to conduct research and development to combat weapons of mass destruction.
- PositiveID signed a Space Act Agreement with NASA’s Ames Research Center wherein NASA will assess the Company’s Firefly technology for potential ground and space applications, while PositiveID will assess the technology to improve its hardware development for extreme environments, such as DoD field applications.
- The Company 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.
“I am very proud that we have delivered on the promise we made to investors in early 2014 to enter into agreements related to our M-BAND and Firefly Dx bio-threat detection products with one or more large government and commercial partners in the first half the year,” said William J. Caragol, PositiveID’s Chairman and CEO. “It is clear that the steps we have taken to properly position the Company and our superior technology, both by aligning ourselves with strong partners and pursuing large market opportunities, are bearing fruit. As evidenced by our revenue guidance, we believe this is just the beginning of many accomplishments to come.”
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 Company will generate revenue of $4-10 million over 2014 and 2015 (combined); 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 hardware development for extreme environments, such as DoD field applications; the likelihood that as evidenced by PositiveID’s revenue guidance, this is just the beginning of many accomplishments to come; 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, PositiveID’s ability to target the bio-threat detection and rapid medical testing sectors, PositiveID’s ability to complete the development of the Firefly Dx system; PositiveID’s ability to raise capital; 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 April 11, 2014, and 10-Qs filed on August 14, 2014, May 20, 2014, and November 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.