DELRAY BEACH, Fla., Oct. 22, 2012 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (OTCBB:PSID), an emerging growth company and developer of airborne bio-threat detection systems for America's homeland defense industry as well as advanced technologies for diabetes management and rapid medical testing, today provided a third quarter 2012 business update to its stockholders. The Company continues to focus on the BioWatch Generation 3, Phase II procurement. In September, the Department of Homeland Security ("DHS") announced a revised procurement strategy for BioWatch Generation 3, Phase II, which will consist of a two-stage procurement including two to three years of testing estimated at $89 million. A draft request for proposal ("RFP") for the first stage is scheduled to be released in the fourth quarter of calendar 2012.
William J. Caragol, Chairman and CEO of PositiveID, stated, "To position the Company for the first stage of the revised procurement strategy for BioWatch Generation 3, Phase II, we are actively involved in discussions with several potential strategic partners, including both manufacturing partners and systems integration partners. We are focused on trying to bring those discussions to a strategic agreement during the fourth quarter. We also plan in the coming weeks to update stockholders on the progress of our second half of 2012 goals, which we announced in our mid-year update."
With its acquisition of Microfluidic Systems in May 2011, PositiveID added airborne pathogen detection, rapid clinical diagnostics and sample preparation applications to its business. PositiveID's M-BAND (Microfluidics-based Bioagent Networked Detector) is a bioaerosol monitor with fully integrated systems with sample collection, processing and detection modules that continuously analyze air samples for the detection of bacteria, viruses, and toxins with results in as little as two hours. M-BAND was developed under a competitive award from the DHS Science & Technology Directorate ("S&T") and was the only system of its kind demonstrated previously in the field under the DHS S&T BAND Program.
The total procurement for BioWatch Generation 3, Phase II, is estimated at $3.1 billion. The goal of BioWatch Generation 3, Phase II is to obtain a fully autonomous networked biodetection capability that will be deployed, operated, and sustained, both indoor and outdoor, in selected U.S. BioWatch jurisdictions to continuously monitor the air for agents of biological concern. The revised strategy for BioWatch Generation 3, Phase II, will consist of a two-stage procurement. Stage 1 will 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 will be a separate competition for Low Rate Initial Production, Operational Testing and Evaluation, Full Rate Production, Deployment, Sustainment and Disposal. To be considered for the Stage 2 award, a company will need to demonstrate a design maturity and data set equivalent to that of Stage 1 participants.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and developer of airborne bio-threat detection systems for America's homeland defense industry as well as advanced technologies for diabetes management and rapid medical testing. Its wholly-owned subsidiary, Microfluidic Systems, 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.
The PositiveID Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7717
For more information on PositiveID, please visit http://www.PositiveIDCorp.com.
Statements about PositiveID's future expectations, including the likelihood that the revised procurement strategy for BioWatch Generation 3, Phase II will consist of a two-stage procurement including two to three years of testing estimated at $89 million; the likelihood that a draft RFP for the first stage is scheduled to be released in the fourth quarter of calendar 2012; the likelihood that the Company's active discussions with several potential strategic partners, including both manufacturing partners and systems integration partners, will position the Company for the first stage of the revised procurement strategy for BioWatch Generation 3, Phase II; the likelihood that the Company will bring those discussions to a strategic agreement during the fourth quarter; the likelihood that the Company will in the coming weeks update stockholders on the progress of its second half of 2012 goals, which it announced in its mid-year update; the likelihood that the Company has made progress on these goals; the likelihood that the total procurement for BioWatch Generation 3, Phase II, is estimated at $3.1 billion; the likelihood that the revised strategy for BioWatch Generation 3, Phase II, will consist of a two-stage procurement; the likelihood that Stage 1 will 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; the likelihood that Stage 2 will be a separate competition for Low Rate Initial Production, Operational Testing and Evaluation, Full Rate Production, Deployment, Sustainment and Disposal; the likelihood that to be considered for the Stage 2 award, a company will need to demonstrate a design maturity and data set equivalent to that of Stage 1 participants; 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 bid for the Stage 1 or Stage 2 procurement of BioWatch Generation 3, Phase II; the Company's ability to commercialize its M-BAND system; the Company's ability to attract strategic partners; the Company's ability to bring discussions with partners to strategic agreement during this quarter; 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, as amended on May 4, 2012, and 10-Qs filed on August 20, 2012, as amended on September 12, 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.