PositiveID Corporation (OTCQB:PSID)Posted on October 23, 2017
PositiveID Corporation (OTCQB:PSID) is a U.S. life sciences and technology company who primarily focuses on the homeland security and healthcare markets by operating through the molecular diagnostics, mobile labs, and medical devices segments.
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PositiveID Corporation (PSID) is a U.S. life sciences and technology company who primarily focuses on the homeland security and healthcare markets by operating through the molecular diagnostics, mobile labs, and medical devices segments.
With a $30 million contract funding from the United States Department of Homeland Security,PSID developed a bio-aerosol monitor, known as the M-BAND, which uses industry gold standard polymerase chain reaction (PCR) chemistry to test for airborne bio-threats in high traffic locations. Due to its fast detection, The Boeing Company, the world’s largest aerospace company and leading manufacturer of commercial airplanes, rocket, satellites and more, purchased a license from PSID for exclusive manufacturing and distribution rights in North America.
Using the same underlying intellectual property of M-BAND, the company also developed another rapid, point-of-need testing known as the Firefly Dx. The Firefly Dx is a handheld device designed to provide accurate biological detection in less than 30 minutes instead of taking a sample back to a central lab for confirmatory results that require additional time and money. After successfully detecting Zika, Ebola, E.coli, influenza, MRSA, MSSA, and more,PSID gained strong partners with contracts with NASA, ENSCO, and the United States Special Operations Command (USSOCOM). Additionally, the company has also generated agreements with leading healthcare product distributors and operates in the healthcare market with its FDA-cleared, clinical grade, infrared thermometer that measures forehead temperature in adults, children, and infants without contact, known as “Caregiver.” PSID’s Caregiver will reduce contamination risk and save facilities the cost of probe covers and disposal costs as well as storage space.
Moreover, PSID’s subsidiary E-N-G Mobile Systems is a leader in the mobile technology vehicle market that provides mobile laboratories, homeland security command and communication vehicles, and TV and broadcast vans. Coincidentally, the fastest growing segment of the specialty vehicles is the mobile labs, which includes chemical, nuclear, biological, radiological, and explosives testing in the field. Looking to improve their specialty vehicles, the company recently announced it will begin to use advanced drone technologyto offer all-inclusive command and control centers as well as real-time communication capabilities for its utility operations vehicles. In doing so, a customer who would need to spend nearly $3,300 for a four-man crew or $3,500 for a helicopter to do an inspection or repair job for a hydroelectric generator can reduce the cost to as low as $300 with the use of a drone.
PositiveID’s E-N-G Mobile Systems’ Announces Incorporation of Advanced Drone Technology
DELRAY BEACH, Fla., Oct. 17, 2017 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID or “Company”) (OTCQB:PSID), a life sciences company focused on detection and diagnostics, announced today that its E-N-G Mobile Systems, Inc. (“ENG”) subsidiary, a specialty vehicle manufacturer, now uses advanced drone technology to offer all-inclusive command and control centers and utility operations vehicles with real-time communication capabilities.
“Using drones in conjunction with our command and communications vehicles and trailers is another example of ENG’s ability to innovate through emerging technologies to offer best-in-class solutions,” said Kent Murray, Chief Operating Officer of ENG. “Although ENG has been in business for 40 years, ENG’s skilled team of engineers and fabricators continually seeks the newest, most advanced products to be the premier supplier of value-added, specialty vehicles.”
Among other applications such as surveying construction sites and disaster areas, ENG’s emerging technologies group is now designing and building vehicles that incorporate drones for the utilities industry to inspect power transmission lines, communication lines and pipelines. ENG is also developing mobile command and control vehicles to be used in conjunction with its drone deployment system, which can be incorporated into an existing vehicle or trailer. To help ensure customer satisfaction and adoption, ENG provides technical support to field personnel through training and education programs to ensure its customers are fully versed on a vehicle’s full potential.
ENG’s use of drone technology is an effort to stay on top of industry trends as the market may be ripe for adoption. According to a January 2017 report by Electric Light & Power magazine, “Traditional activities performed by utilities organizations include line inspections and maintenance, storm damage assessment and more. These assessments were at one point performed by helicopters and third-party inspection services. Not anymore. With tight profit margins and safety an utmost concern, drones ensure both efficiency and situational awareness, as well as the ability to identify easily avoidable problems on the horizon, such as loosening electrical cables, missing screws and more.”
A May 2017 article from Droneblog.com notes that it can cost as much as $3,500 for a helicopter or $3,300 for a four-man crew to do an inspection or repair job for a hydroelectric generator under difficult conditions. However, with a drone, the cost can be as low as $300 by comparison. As such, ENG is making this proactive move to incorporate new technological solutions to help gain a market edge.
Moreover, ENG intends to deliver other products using drone functionality in the near term as the drone market continues to expand. A recent research report from Goldman Sachs predicts drone market growth will significantly accelerate in coming years, reaching a global annual sales footprint of $100 billion by 2020. The report states, “The fastest growth opportunity comes from businesses and civil governments. They’re just beginning to explore the possibilities, but we (Goldman Sachs) expect they’ll spend $13 billion on drones between now and 2020, putting thousands of them in the sky.”
ENG, which has posted a video on its website showcasing its new drone-incorporation capabilities, designs and builds mobile laboratories, wireless support vehicles (cell-on-wheels and cell-on-light-trucks), radio frequency (“RF”) test platforms, custom vehicles for utility companies, broadcast news vehicles, and other technical vehicles. It also offers service and maintenance, including mobile support and repairs on-call or under service contracts to help minimize vehicle downtime.
ENG has delivered more than 1,500 specialty vehicles to customers around the globe, including more than 400 mobile laboratories, 600 broadcast news vehicles, and more than 400 vehicles for cellular, RF, infrared, utilities, and other applications.
About PositiveID Corporation
PositiveID Corporation is a holding company focused on life sciences, diagnostics, mobile laboratories, and medical devices. PositiveID’s ExcitePCRsubsidiary is developing the FireflyDX family of pathogen detection systems, portable devices offering rapid sample-to-result detection in less than 30 minutes using real-time polymerase chain reaction chemistry. PositiveID’s E-N-G Mobile Systems™ subsidiary is a leader in the mobile technology vehicle market, with a focus on the laboratory market and homeland security. PositiveID’s Thermomedics™ subsidiary markets the FDA-cleared Caregiver® non-contact thermometer for clinical use. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, or Facebook
Statements about PositiveID’s future expectations, including the likelihood that enable real-time communication in challenging environments and help deliver market edge; the likelihood that using drones in conjunction with ENG’s command and communications vehicles and trailers is another example of its ability to innovate through emerging technologies to offer best-in-class solutions; the likelihood that ENG’s use of drone technology is an effort to stay on top of industry trends and the market may be ripe for adoption; the likelihood that ENG intends to deliver other products using drone functionality in the near term; 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 raise capital; PositiveID’s ability to attract and retain customers; as well as other risks. Additional information about these and other factors that could affect PositiveID’s business is set forth in its various filings with the Securities and Exchange Commission, including those set forth in its 10-K filed on March 31, 2017, and 10-Qs filed on August 14, 2017, May 15, 2017, and November 18, 2016, under the caption “Risk Factors.” PositiveID 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.
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