E-N-G Mobile Systems Receives $1 Million Purchase Order for Technical Vehicle
E-N-G has provided a diverse line of highly specialized vehicles for over 40 years
DELRAY BEACH, Fla., March 20, 2018 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTC:PSID), a life sciences company focused on detection and diagnostics, announced today that E-N-G Mobile Systems (“ENG”), a mobile laboratory and specialty vehicle manufacturer, has received a purchase order for a highly technical vehicle totaling approximately $1 million. Due to the nature of the vehicle, the customer is being kept confidential.
Building on its past achievements, ENG has become a leader in products for the diverse mobile technology marketplace. The fastest growing segment of ENG's business over the last decade is mobile labs, which include government and corporate laboratories for environmental, chemical, biological, nuclear, radiological and explosives testing in the field. In total, ENG has delivered more than 1,500 technical vehicle systems since its inception. In addition to mobile labs, these include communications/command centers, broadcast news vehicles, radio frequency monitoring, infrared monitoring and video communications vehicle systems, plus a wide range of mobile systems for emergency preparedness and threat response.
“By drawing on our vast expertise of building labs and other technical vehicles over the last 40 years, ENG has earned a reputation for innovation, reliability and creativity,” stated Lyle L. Probst, President of ENG. “This is a highly technical order for an advanced unit, and we are proud that ENG was chosen by this unique customer to address their specialized needs.”
PositiveID holds a significant equity interest in E-N-G (the Company currently owns 24% of the capital stock of ENG). On June 12, 2017, PositiveID sold 49% of its ownership in ENG, bringing its ownership to 51%. On January 30, 2018, ENG sold shares of its preferred stock, which reduced the Company’s ownership to 24% and resulted in the deconsolidation of a significant amount of the Company’s assets. The terms of the transactions were disclosed in Forms 8-K filed by the Company with the Securities and Exchange Commission.
About PositiveID Corporation
PositiveID Corporation is a holding company focused on life sciences tools and diagnostics. Through its ExcitePCR subsidiary, the Company specializes in the development of microfluidic systems for the automated preparation of and performance of biological assays. Through its Thermomedics subsidiary, the Company markets the Caregiver® non-contact infrared thermometer. PositiveID also owns an interest in E-N-G Mobile Systems, a specialty vehicle manufacturer focused on the mobile laboratory market. 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 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 raise capital; 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 March 31, 2017, and 10-Qs filed on November 13, 2017, August 14, 2017, and May 15, 2017, 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: PositiveID Corporation Allison Tomek (561) 805-8044 firstname.lastname@example.org
Released March 20, 2018