Astrotech Subsidiary 1st Detect to Pursue Strategic Alternatives
May 10 2017 - 5:24PM
Business Wire
Astrotech Corporation’s (NASDAQ: ASTC) board of directors and
management announce that they have engaged Chardan to advise on
strategic alternatives involving Astrotech subsidiary 1st Detect
Corporation, a manufacturer of advanced mass spectrometry
technology used to detect and analyze trace levels of explosives,
chemical warfare agents (CWAs), and volatile organic compounds
(VOCs). The range of alternatives which may be considered could
include strategic acquisitions, licensing partnerships, a sale of
some or all of the company, or a variety of other possible
transactions. 1st Detect’s proprietary technology enables a new
generation of laboratory performance instrumentation that is used
in the field for trace detection and real-time analytics in
security, defense, healthcare, food and beverage, and environmental
applications. 1st Detect is participating in two key technology
development contracts with the Department of Homeland Security
(DHS) and the U.S. Army, and has developed an extensive patent and
trade secret portfolio.
“1st Detect is disrupting the traditional explosives trace
detector (ETD) market by offering a lab performance mass
spectrometer, but at a fraction of the cost of any comparable
instrument,” said Thomas B. Pickens III, Chairman and CEO of
Astrotech Corporation. “The DHS has indicated that next-generation
explosive trace detectors need to be inexpensive yet capable of
detecting explosives instantly with near-zero false positives, as
well as updatable in the field with new threat libraries. We have
worked very hard for many years to meet these requirements, and are
now ready to introduce our technology to the market.”
The company does not intend to disclose additional details
unless and until it selects a course of action, and specifically
disclaims any obligation to provide further updates to the market,
except as specifically required by any applicable securities law or
regulation. The company cannot predict whether or when any
initiatives involving 1st Detect will occur, and there can be no
assurance that any will be consummated.
About Astrotech Corporation
Astrotech Corporation (NASDAQ: ASTC) is an innovative science
and technology company that invents, acquires, and commercializes
technological innovations sourced from research institutions,
laboratories, universities, and internally–and then funds, manages,
and builds proprietary, scalable start-up companies for profitable
divestiture to market leaders in order to maximize shareholder
value. Sourced from Oak Ridge Laboratory’s chemical analyzer
research, 1st Detect develops, manufactures, and sells powerful,
highly sensitive, and accurate mass spectrometers that can be used
in explosive and chemical warfare detection for the Department of
Homeland Security and the military. Sourced from decades of image
research from the laboratories of IBM and Kodak combined with
classified satellite technology from government laboratories,
Astral Images sells film-to-digital image enhancement, defect
removal and color correction software, and post processing services
providing economically feasible conversion of television and
feature 35mm and 16mm films to the new 4K ultra-high definition
(UHD), high-dynamic range (HDR) format necessary for the new
generation of digital distribution. Sourced from NASA’s extensive
microgravity research, Astrogenetix is applying a fast-track,
on-orbit discovery platform using the International Space Station
to develop vaccines and other therapeutics. Demonstrating its
entrepreneurial strategy, Astrotech management sold its
state-of-the-art satellite servicing operations to Lockheed Martin
in August 2014. Astrotech has operations throughout Texas and is
headquartered in Austin. For information, please visit
www.astrotechcorp.com.
This press release contains forward-looking statements that are
made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that
could cause actual results to be materially different from the
forward-looking statement. These factors include, but are not
limited to, whether we can successfully develop our proprietary
technologies and whether the market will accept our products and
services, as well as other risk factors and business considerations
described in the Company’s Securities and Exchange Commission
filings including the annual report on Form 10-K. Any
forward-looking statements in this document should be evaluated in
light of these important risk factors. The Company assumes no
obligation to update these forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170510006667/en/
Company Contact:Astrotech CorporationEric Stober,
512-485-9530Chief Financial OfficerorIR Contact:LHA Investor
RelationsCathy Mattison and Kirsten Chapman,
415-433-3777ir@astrotechcorp.comorChardan
Contact:ChardanMatthew Mrozinski and Michael Marrus,
646-465-9000
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