Published On: Tue, Aug 30th, 2016

PositiveID Corp (OTCMKTS:PSID) and ENSCO Inc. Awarded SenseNet Contract

PositiveID Corp (OTCMKTS:PSID) has announced that it has been awarded phase-2 contract, under the SenseNet Program, from the US Department of Interior. The company would be working on the project, with its partner ENSCO Inc. Together the two companies would be working towards the development of quick and inexpensive bio-threat detection systems. The goal would be to provide more security to these systems and increase their effectiveness.

The company has announced that it plans to use its current Firefly Dx system, to be a real-time, lab quality device, capable of detecting bio-threats in a matter of minutes, at the point of need. PSID also noted that its Firefly system is designed in way that sample preparation and purification does not require separate steps or even additional equipment. ENSCO would be responsible for integration and decision support part of the program, under the contract.

William J. Caragol, the CEO of PositiveID, that it was an honor to be awarded another prestigious contract, alongside ENSCO. He also noted that the contract demonstrates how robust the capabilities of the Firefly Dx are, with ENSCO’s scientific and engineering capabilities. Added to this, the company had also recently announced that it has completed the acquisition of Thermomedics Inc. The acquisition target is the developer of Caregiver, an infrared non-contact thermometer, which has already been cleared for use by the FDA.

PSID had already assumed complete operation control of Thermomedics, in December 2015, under an agreement granting the company management and control of the entity. As of August 26, the control agreement has been terminated and PSID has acquired the capital stock of the entity. Under the control of PositiveID, Thermomedics has developed distribution channels for the Caregiver and also initiated sales and marketing efforts. Mr. Caragol, claimed that this was the fastest growing segment of the global thermometer market and PSID would continue to capture a meaningful share of this market.

PositiveID Corp (OTCMKTS:PSID) had a trade volume of 5.84 million and move up by 8.96%, during the August 29 trading session, to reach a close at $0.073 per share.

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