PositiveID’s E-N-G Mobile Systems to Start 2017 with $3.9M of Orders in Backlog and Pipeline
DELRAY BEACH, Fla., Dec. 27, 2016 (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 subsidiary (“ENG”), a specialty vehicle manufacturer, will start 2017 with $3.9 million of backlog and pipeline.
Backlog orders are orders where ENG has received a signed purchase order. Pipeline opportunities are sales opportunities that have been qualified and ENG is working with the customer to complete the sale. Not all pipeline opportunities result in sales. More than half of the Company’s pipeline opportunities come from a diverse customer base including across the mobile laboratory sector, where ENG has more than 400 labs in the field.
“With the visibility we already have on ENG’s backlog and pipeline for next year, we believe ENG is positioned for a strong performance in 2017,” stated Lyle L. Probst, President of PositiveID. “Considering the roughly $4.2 million of revenues that ENG generated in the first nine months of 2016, we are focused on growing this business above its average revenues over the ten years prior to acquisition of $4 million per year.”
ENG utilizes its team of experienced, on-staff scientists and manufacturers to differentiate itself from competitors and create turnkey vehicles. ENG’s mobile labs address environmental/air quality testing, industrial chemical and biological detection, CBRN (chemical, biological, radiological, nuclear) threat detection and analysis education, and more, and can be customized for specific applications.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company with an extensive patent portfolio. PositiveID develops biological detection and diagnostics systems, specializing in the development of microfluidic systems for the automated preparation of and performance of biological assays. PositiveID is also a leader in the mobile technology vehicle market, with a focus on the laboratory market and homeland security. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID's future expectations, including the likelihood that ENG will start 2017 with $3.9 million of backlog and pipeline; the likelihood that the pipeline opportunities will result in purchase orders; the likelihood that ENG is positioned for a strong performance in 2017; the likelihood that the Company can grow ENG above its average revenues over the ten years prior to acquisition of $4 million per year; 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, the Company’s ability to target the specialty vehicle market; the Company’s ability to turn qualified pipeline opportunities into purchase orders; the possibility that a purchase order could be canceled; the Company’s ability to keep existing customers and attract new customers; 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 12, 2016, and 10-Qs filed on November 18, 2016, August 12, 2016, and May 16, 2016, 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.
Contacts: PositiveID Corporation Allison Tomek (561) 805-8044 email@example.com RedChip Companies Jon Cunningham (407) 644-4256 firstname.lastname@example.org
Released December 27, 2016