The revised strategy, released by DHS two weeks ago, would consist of a two-stage procurement using a competitive down-selection between stages. Stage 1 would be for Performance Testing of candidate systems and may result in the award of multiple contracts depending on the technical merits of proposals submitted and the availability of funding. Stage 2 would be a separate competition and result in the award of a single contract for LRIP, OT&E, Full Rate Production, Deployment, Sustainment and Disposal. To be considered for the Stage 2 award, a company would need to demonstrate a design maturity and data set equivalent to that of Stage 1 participants.
William J. Caragol, Chairman and CEO of PositiveID, stated, "We believe the revised strategy for BioWatch, allowing for performance testing of qualifying systems in preparation for the full roll-out of the $3.1 billion procurement, provides us an opportunity to prove our M-BAND system, the only system of its kind that was demonstrated previously in the field under the DHS S&T BAND Program. Additionally, we continue to have discussions with potential strategic partners to prepare the Company for success in BioWatch Gen-3, Phase II."
About PositiveID Corporation OTCBB:PSID)
PositiveID Corporation is an emerging growth developer of advanced technologies for diabetes management and rapid medical testing, as well as airborne bio-threat detection systems for America's homeland defense industry. Its wholly-owned subsidiary, Microfluidic Systems, or MFS, is focused on the development of microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats at high-value locations, as well as analyze samples in a medical environment.
For more information on PositiveID, please visit http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations, including the likelihood that it has made significant progress realigning its business with a focus on its molecular diagnostics platform; the likelihood that the Company also continues to make strong progress in the diabetes management segment of its business; the likelihood that the Company will enter into strategic partnerships and/or teaming agreements with large government contractors for M-BAND manufacturing and system integration for BioWatch Gen-3; the likelihood that the Company will submit a proposal upon release of the final BioWatch Gen 3 RFP, currently scheduled for release in the fourth quarter of calendar 2012, from Department of Homeland Security for the $3.1 billion BioWatch Gen-3 procurement; the likelihood that the Company will commence the second stage of Easy Check clinical study at Schneider Children's Medical Center in Israel; the likelihood that the Company will complete a bench-top unit of the GlucoChip glucose-sensor and initiate strategic partnerships; the likelihood that the Company will continue development of its Dragonfly Rapid MDx Cartridge-based diagnostic system for point-of-care diagnostics; the likelihood that the Company will complete the license and/or sale of the VeriChip and iglucose product lines to position them with the best partners for market exploitation and monetization; the likelihood that the Company will complete a strategic financing to capitalize the Company to execute on these opportunities; the likelihood that significant opportunities that lie ahead, including BioWatch Gen 3 and the continued development of the Company's innovative Dragonfly system; the likelihood that the Company will continue to execute its plan, described above; the likelihood that the Company is well positioned to capitalize on the BioWatch Gen 3 opportunity and to make meaningful steps in the commercialization of our diabetes management products; the likelihood that that progress, in conjunction with a strategic financing to fully capitalize the Company, will allow the Company to unlock value for stockholders; 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 successfully commercialize its M-BAND system and Dragonfly system, as well as its diabetes management products; the Company's ability to complete the license and/or sale of the VeriChip and iglucose product lines to position them with the best partners for market exploitation and monetization; the Company's ability to attract strategic partners; the Company's ability to complete a strategic financing; 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 28, 2012, and 10-Qs filed on August 20, 2012, May 14, 2012, and November 14, 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
PositiveID Corporation (OTCBB:PSID) is a featured biotech company on Investorideas.com
Visit the company profile: http://www.investorideas.com/CO/PSID/
Disclaimer/ Disclosure: Disclaimer: Our sites do
not make recommendations. Nothing on our sites should be construed as an
offer or solicitation to buy or sell products or securities. We attempt
to research thoroughly, but we offer no guarantees as to the accuracy
of information presented. All Information relating to featured companies
is sourced from public documents and/ or the company and is not the
opinion of our web sites. This site is currently compensated by featured
companies, news submissions and online advertising. More info: www.InvestorIdeas.com/About/Disclaimer.asp
and disclosures: PositiveID Corporation compensates Investorideas.com
for news release publication, syndication on blogs and related sites and
email distribution and company profile: renewed July 2012 -3500 cash
and five hundred thousand shares for three months http://www.investorideas.com/About/News/Clientspecifics.aspVisit the company profile: http://www.investorideas.com/CO/PSID/
BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894