PositiveID Corporation Acquires E-N-G Mobile Systems, Inc.
E-N-G has averaged revenue of over $4 million per year for the past 10 years
E-N-G is a pioneer and leader in mobile labs, homeland security and communications vehicles, and TV news vehicles, with a long operating history of revenue generation
DELRAY BEACH, Fla., Dec. 29, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (PSID), life sciences tools and diagnostics company, announced today that it has acquired California-based E-N-G Mobile Systems, Inc. (“ENG”), a leader in mobile labs, homeland security and communications vehicles. The acquisition of ENG will bring additional revenue to PositiveID as well as a highly synergistic technology platform and customer base.
The largest and fastest growing aspect of E-N-G’s business over the last decade has been its mobile labs segment, which includes chemical, biological, nuclear, radiological and explosives testing in the field. By adding PositiveID’s bio-detection expertise to ENG’s proven mobile technology capabilities, the combined company will be able to offer customers a turnkey mobile lab system able to conduct analysis and testing at the point of sampling rather than having to take samples back to a central lab for testing.
ENG, which was founded in 1988, has a solid operating history both in the U.S. and internationally, and an extensive list of customers ranging from the U.S. military, Fortune 100 companies, the U.S. Department of Homeland Security, local and state governments, television broadcast outlets, and the nation’s foremost laboratories. Over the past 10 years, ENG has recorded average unaudited revenues annually of more than $4 million.
“This transformational acquisition strengthens our ability to execute our strategy of providing cutting-edge biological detection and diagnostics solutions to address large market needs,” stated William J. Caragol, Chairman and CEO of PositiveID. “The acquisition of ENG will broaden and diversify PositiveID’s revenue base and provide a strong foundation for future growth while we continue the development and testing of our real-time pathogen detection system, Firefly Dx. We believe the combination of the companies will improve our ability to deliver stockholder value,” continued Caragol.
Further details of the acquisition are described in a Form 8-K filed with the SEC by PositiveID on December 29, 2015.
