ASTROTECH REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 FINANCIAL RESULTS
Austin, TX (September 11, 2014) -
Company collaborates with Battelle to improve current military chemical detection solutions
1st Detect, a subsidiary of Astrotech (Nasdaq:ASTC), announced today its breakthrough technology has reached a key milestone in the military’s test and evaluation process for Multi-Sample Identifier Detector (MSID) solutions, by being awarded one of the competitive prototype contracts for the Next Generation Chemical Detector (NGCD) program.
“1st Detect is well positioned to be rapidly matured into a tactical sensor solution for defense and security applications along with our strategic teammate, Battelle, the prime contractor,” said Thomas B. Pickens III, Chairman and CEO of Astrotech. Battelle brings 25 years of chemical and biological defense expertise. “We believe this collaboration, in alignment with government direction, will contribute to an accelerated development timeline for NGCD because the efficacy of product design iterations can be immediately vetted with actual chemical warfare agents” he said.
“We are very excited about the award,” Pickens said. “1st Detect’s disruptive technology will allow us to provide our military with the proper technology needed to save lives.”
1st Detect Corporation has developed an instrument that revolutionizes the chemical detection and analysis market by delivering lab performance mass spectrometry in a small, affordable and easily portable package. The 1st Detect mass spectrometer 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 abilities 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 spectrometer 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 is a leader in identifying and commercializing space technology for terrestrial use. 1st Detect Corporation is developing what we believe is a breakthrough miniaturized mass spectrometer, the MMS-1000™, while Astrogenetix, Inc. is a biotechnology company utilizing microgravity as a research platform for drug discovery and development. Astral Images provides an advanced film scanning and digital defect removal solution. All are wholly owned subsidiaries of the parent.
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, continued government support and funding for key space programs, product performance and market acceptance of 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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