Maybe everybody has seen it already, but here's a piece of government's analysis on BioWatch program.
In October 2008, after determining that before it could be fully deployed as an interim solution, APDS would need nearly as much time in testing as the BAND-based technology, DHS decided
that both technologies should be tested simultaneously. In the same period, language in
the committee print accompanying the DHS appropriation act called for a competitive bid
process for the first testing phase of the Gen-3 acquisition. Staff of House Comm. On
Appropriations, 110th Cong. 656 (Comm. Print 2009). Five vendors responded to the
request for proposal and DHS awarded contracts to two—the vendor that manufactured
BAND (now known as M-BAND) and the vendor that used the APDS-based system (now
known as the Next Generation Automated Detection System, or NG-ADS). At this point,
both became Gen-3 candidate technologies, but only NG-ADS completed the first round of
testing.
If interested the whole document can be found here: www.gao.gov/products/GAO-12-810
IMHO it seems PSID is not so "well positioned" after all.
Moreover, 10-Q states:
"On August 28, 2012, we entered into an Asset Purchase Agreement with VeriTeQ (the "VeriTeQ Asset Purchase Agreement"), whereby VeriTeQ purchased all of the intellectual property, including patents and patents pending, related to our embedded biosensor portfolio of intellectual property. There were no proceeds received in connection with this sale and the intellectual property had a book value of nil. Under the VeriTeQ Asset Purchase Agreement, we are to receive royalties in the amount of ten percent (10%) on all gross revenues arising out of or relating to VeriTeQ's sale of products, whether by license or otherwise, specifically relating to the embedded biosensor intellectual property, to be calculated quarterly with royalty payments due within 30 days of each quarter end."
IMHO this basically means that former CFO's own company is picking up the same business elsewhere. And its not very hard to do as far as the whole business of PSID is basically IP only. And IP rights, as we all very well know, can be transferred with a single signature.
If interested the whole document can be found here: www.marketwatch.com/story/10-q-positiveid-corp-2012-11-16
And finally, the biggest red flag to me is when a company can not pay its own lawyers any more. And PSID is way past that already. How can you negotiate new funding when you don't have proper council any more....
I do hope I'm vastly mistaken translating the above mentioned bits and pieces.
