1st Detect and Department of Homeland Security Enter Research & Development Agreement in Support of Transportation Security
Austin, TX - September 27, 2017 -
Astrotech (NASDAQ: ASTC) subsidiary 1st Detect has entered into a Cooperative Research and Development Agreement (CRADA) with the Department of Homeland Security (DHS) Science and Technology Directorate (S&T) Transportation Security Laboratory (TSL).
The TSL will assess 1st Detect’s explosives trace detection system, the TRACER 1000 MS-ETD. Using TSL’s credible, unbiased and objective development, test and evaluation (DT&E) process, TSL and 1st Detect will examine ways to improve trace detection capabilities in support of transportation security.
“We are excited to have reached this milestone, which is an important step toward deployment in airports, public buildings and sports venues worldwide.” said Thomas B. Pickens III, CEO of 1st Detect and parent company Astrotech.
“We are pleased to be collaborating with the TSL in validating our mass spectrometer-based explosives trace detection system, designed to protect passengers and our country’s infrastructure from evolving threats such as explosives and narcotics. With a reduced false positive rate and the unique ability to dynamically update its threat library, the TRACER 1000 is expected to enhance security while optimizing checkpoint efficiency,” added Raj Mellacheruvu, COO of 1st Detect and Astrotech.
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 to maximize shareholder value. Sourced from Oak Ridge Laboratory’s chemical analyzer research, 1st Detect develops, manufactures, and sells chemical analyzers for use in the security, defense, healthcare, food and beverage, and environmental markets. Sourced from decades of image research from the laboratories of IBM and Kodak, 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.
Cathy Mattison and Kirsten Chapman
LHA Investor Relations