AUSTIN, Texas--(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.