Astrotech’s Subsidiary 1st Detect Surpasses $1 Million in Purchase Orders

Rhea-AI Summary

Astrotech Corporation (NASDAQ: ASTC) announced that its subsidiary, 1st Detect, has secured over $1 million in purchase orders and similar commitments for its TRACER 1000™ explosives trace detector. This technology is currently operational at multiple DHL locations across eight countries in Europe and Asia. The TRACER 1000 is distinguished as the only certified ETD utilizing mass spectrometry, having passed rigorous testing from regulatory bodies like the ECAC and TSA. Executives highlight the growth potential in the recovering transportation sector and areas where high-performance detection is critical.

Positive

• Secured over $1 million in purchase orders and service commitments for TRACER 1000.
• TRACER 1000 operational at DHL locations in 8 countries, demonstrating international trust.
• Unique certification as the only ETD using mass spectrometry, enhancing marketability.
• Positive remarks on growth potential due to a recovering transportation sector.

Negative

• None.

AUSTIN, Texas--(BUSINESS WIRE)--Astrotech Corporation (NASDAQ: ASTC) announced today that its 1^st Detect subsidiary has exceeded $1 million in purchase orders and an additional $1 million in future service & support commitments for its TRACER 1000™ mass-spectrometry based explosives trace detector (ETD). TRACER 1000 units are currently deployed at multiple locations in eight countries across Europe & Asia, including numerous DHL (Deutsche Post AG) locations.

“Achieving this milestone, especially during the COVID-19 pandemic which dramatically impacted the transportation sector, is a great validation of the unique value proposition that mass spectrometry technology brings to the aviation security industry. We are excited about the growth potential due to our expanding sales and service partner network and the recovering transportation sector,” stated Raj Mellacheruvu, Chief Executive Officer of 1^st Detect. “It gives us great pleasure to work with DHL and our other customers that put a high priority on the safety of their employees and customers,” he added.

“There is no more challenging environment for a mass spectrometer than an open air, dirty, air cargo facility that can be hot or cold. We have now proven that our Astrotech Mass Spectrometer Technology™ can perform extremely well in such harsh environments, providing further evidence of our superior technology,” said Thomas Pickens, the CEO of Astrotech Corporation. “Astrotech’s strategy is to continue to open new markets where fast, high performance, rugged, and easy to use mass spectrometry is in demand,” he added.

The TRACER 1000 is the only certified ETD that uses mass spectrometry, the world’s gold standard instrumentation used to identify complex chemical compounds. Certification was received from the European Civil Aviation Conference (ECAC) enabling TRACER 1000 sales in Europe and much of the rest of the world. Additionally, on September 9, 2020, the TRACER 1000 passed the non-detection testing of the U.S. Transportation Security Administration’s (TSA) Air Cargo Screening Technology Qualification Test (ACSQT). Upon successful completion of detection testing, which is the next and final phase, the TRACER 1000 will be added to the Air Cargo Screening Technology List (ACSTL) as an “approved” ETD for sales to the cargo screening market within the United States.

About Astrotech Corporation
Astrotech (NASDAQ: ASTC) is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. 1^st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. Astrotech is headquartered in Austin, Texas. 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.