DELRAY BEACH, Fla., Aug. 29, 2011 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (Nasdaq:PSID), a developer of medical technologies for diabetes management, clinical diagnostics and bio-threat detection, announced today that its Board of Directors (the “Board”) has appointed William J. Caragol Chief Executive Officer. Caragol has served as the Company’s President since May 2007 and as Chief Financial Officer since August 2006, and is a member of the Company’s Board. The Board has also appointed Bryan Happ Senior Vice President and Chief Financial Officer. Happ joined the Company as Senior Vice President of Finance in July 2011.
Caragol said, “I look forward to leading PositiveID to its next stage of growth and success, and I am confident that Bryan, with the experience and achievements he brings to the table, will be an integral component of making those goals a reality.”
“Since the formation of PositiveID in late 2009, we have assembled a very strong portfolio of intellectual property, products under development and companies, including our iglucose™ system for diabetes management, our Easy Check™ breath glucose detection device, our GlucoChip™ glucose-sensing microchip, and our MicroFluidic Systems subsidiary,” continued Caragol. “The Board and our senior management team fully believe in the potential of these assets, and we are committed to bringing value to stockholders.”
The Company will host a conference call on Wednesday, September 7, 2011, at 10:00 am ET to discuss management’s plan for growth and delivering stockholder value. To participate in the live call, please dial (888) 482-0024 within the U.S. or (617) 801-9702 internationally, and use passcode 82976738. Alternatively, a simultaneous webcast of the live conference call can be accessed through PositiveID’s website at www.positiveidcorp.com in the Investors & Media section under Events & Presentations. For those unable to participate in the conference call or the webcast, the webcast replay will be available on PositiveID’s website at www.positiveidcorp.com through the Investor Relations section under Events & Presentations.
PositiveID’s former Chief Executive Officer, Scott R. Silverman, will remain Chairman of the Company’s Board of Directors.
The Company plans to release the results of its annual meeting of stockholders, held on August 26, 2011, later today.
About PositiveID Corporation
PositiveID Corporation develops unique medical devices and biological detection systems, focused primarily on diabetes management, rapid medical testing and airborne bio-threat detection. Its wholly-owned subsidiary, MicroFluidic Systems, is focused on the development of microfluidic systems for automated preparation of and performance of biological assays. For more information on PositiveID, please visit www.PositiveIDCorp.com. The PositiveID Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7717
Statements about PositiveID’s future expectations, including the likelihood that the new management team focused on maximizing stockholder value through the successful completion of diabetes management products and government contract awards; the likelihood that the Company’s new chief executive officer will lead PositiveID to its next stage of growth and success; the likelihood that the Company’s new chief financial officer, with the experience and achievements he brings to the table, will be an integral component of making those goals a reality; the likelihood that the Board and management team believe in the potential of the Company’s assets and are committed to bringing value to stockholders; 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 commercialize the iglucose system for diabetes management, the Easy Check breath glucose detection device, the GlucoChip glucose-sensing microchip, and the performance of the Company’s MicroFluidic Systems subsidiary; 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 25, 2011, and 10-Qs filed on May 13, 2011 and August 15, 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.
CONTACT: Allison Tomek
561-805-8000
atomek@positiveidcorp.com
