Published on September 8, 2010 at 9:34 AM
PositiveID Corporation ("PositiveID" or the "Company") (Nasdaq:PSID) announced today that it has agreed to sell its Health Link personal health record business for $1 million to Health Plexus, LLC. The Company will also retain the right to royalties on future Health Link revenues. Health Link is the Company's web-based personal health record (PHR), which is non-core to the Company's primary HealthID division. HealthID develops and markets unique medical devices, with a focus on diabetes management, and rapid medical testing products.
Scott R. Silverman, Chairman and CEO of PositiveID, said, "Since 2004, we have been a player in the PHR market. Although we believe in the eventual migration to electronic health records and expect that we will see increased use by individuals, this is a non-core asset that requires significant resources to operate. Instead, we believe we have received fair value for the business today, which has produced minimal revenue, and will have a potential upside interest based on future adoption of PHRs."
The $1 million purchase price of the Health Link business will be structured in the form of a Note.
SOURCE PositiveID Corporation