ASTROTECH'S 1ST DETECT ANNOUNCES ENTRANCE INTO ANOTHER MAJOR MARKET
Austin, TX (May 12, 2015) -
1st Detect, a subsidiary of Astrotech (NASDAQ:ASTC), is pleased to announce the receipt of an initial order for its disruptive mass spectrometry technology from one of the world's leading snack food producers. The unit will be used for quality control purposes.
"By incorporating our technology within their manufacturing process, this customer should realize greater yields on their raw materials and a higher quality end product," stated Bob Kibler, CEO of 1st Detect. "Having a market leader as our initial customer in the space should aid our future endeavors in this important target market," Kibler added.
1st Detect Corporation has developed an instrument that revolutionizes the chemical detection and analysis market by delivering laboratory performance mass spectrometry in a small, affordable and portable package. This versatile product has the flexibility to be adapted to each environment, and factory models are designed to communicate with standard Factory Management Software for easy implementation. The 1st Detect mass spectrometer utilizes core technology that is fast, highly sensitive and accurate. The unit is capable of detecting a wide variety of chemicals including residues and vapors from explosives, chemical warfare agents, toxic chemicals, food and beverage contaminants, and pollutants. These capabilities, combined in an economically priced solution, make it an ideal tool for a variety of applications in the research, security, industrial, process flow and healthcare markets.
About 1st Detect Corporation
1st Detect Corporation was formed by Astrotech Corporation (Nasdaq:ASTC) to develop and commercialize miniature mass spectrometry technology first developed under an agreement with NASA for use on the International Space Station. 1st Detect offers a breakthrough miniaturized mass spectrometer that fills an unmet need by being highly accurate, rapid, lightweight, and cost-effective. For more information on 1st Detect Corporation, please visit www.1stDetect.com.
About Astrotech Corporation
Astrotech Corporation is an Austin, TX based technology company that has evolved from over 30 years in the human spaceflight, Space Shuttle, and Department of Defense satellite programs. The company has become a leader in the commercialization of government sponsored advanced space technologies. In 2014, the company completed the sale of one of its businesses, Astrotech Space Operations, to Lockheed Martin for $61 million.
1st Detect Corporation was created to develop a mass spectrometer that was designed for use on the International Space Station. 1st Detect is a game-changing technology in the chemical detection and analysis market because it delivers laboratory performance of traditional mass spectrometry, but in a small, affordable and portable package. 1st Detect's technology is useful in the semiconductor, food and beverage processing, petrochemical, laboratory, process control, explosive detection, and chemical warfare markets.
Astrogenetix Corporation was formed as a result of over $4 billion spent by NASA over a 25 year period on experiments conducted in sustained microgravity, where results were only achieved while orbiting in space. Astrotech designed and flew 1,113 of these experiments in its Spacehab modules, and after an extensive review, discovered that microgravity greatly enhanced the discovery of valuable vaccines and therapeutics. The company has completed 12 successful biomarker discovery missions to the International Space Station and has identified a salmonella vaccine candidate, while ten additional discoveries are in the pipeline. NASA has awarded Astrogenetix 26 free flights to the $130 billion ISS National Laboratory, along with full crew support.
Astral Images, Inc. was launched to commercialize identified government funded satellite image correction technologies. Along with the acquisition of certain established defect correction technologies, first funded by IBM and Kodak, Astral is positioned to be the world leader in the technology required to convert and repair feature films and film based television series to the new digital Ultra-High Definition 4K standards.
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, our ability to successfully develop our remaining Spacetech business unit, our ability to develop and integrate our miniaturized mass spectrometer, the MMS-1000™, product performance, market acceptance of products and services, and our ability to identify, execute and integrate potential acquisitions, as well as other risk factors and business considerations. Any forward-looking statements in this document should be evaluated in light of these important risk factors. Astrotech assumes no obligation to update these forward-looking statements.
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