inTEST Thermal Solutions and Stellar Scientific Partner to Provide North Sciences Ultra-Low Temperature Biomedical Storage Solutions to U.S. Government Agencies

Rhea-AI Summary

inTEST Corporation (NYSE American: INTT) announced a partnership between its subsidiary, inTEST Thermal Solutions, and Stellar Scientific. This collaboration aims to distribute inTEST’s Ultra-Low Temperature (ULT) biomedical freezers, enhancing opportunities in the U.S. government market through Stellar's General Services Administration (GSA) contract. The North Sciences ULT freezers are crucial for preserving biomedical samples at -86°C, ensuring research integrity. Leaders from both companies expressed optimism about expanding their reach and offerings, particularly within the life sciences and defense sectors. This initiative aligns with inTEST's strategic focus on innovative solutions in critical temperature control.

Positive

• Partnership with Stellar Scientific expands market opportunities for North Sciences ULT biomedical freezers.
• Access to U.S. government market through Stellar's GSA contract may increase sales.
• North Sciences ULT freezers address critical needs in biomedical research and integrity.

Negative

• None.

MT. LAUREL, N.J.--(BUSINESS WIRE)-- inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive, defense/aerospace, industrial, life sciences, security, and semiconductor (“semi”), today announced its wholly owned subsidiary, inTEST Thermal Solutions, has partnered with Stellar Scientific (“Stellar”), an equipment supplier to the scientific community focused on research and development, as a distributor for its products. With this partnership, Stellar Scientific and inTEST Thermal Solutions will provide customers with a comprehensive selection of inTEST’s North Sciences Ultra-Low Temperature (ULT) biomedical freezers. Importantly, the partnership expands market opportunities for North Sciences products through Stellar’s U.S. General Services Administration (GSA) contract to serve U.S. government agencies.

Lee Jay Lowenstein, President of Stellar Scientific, said, "We are excited to expand our offerings to include North Sciences ULT storage solutions. This collaboration allows us to offer our customers a wider range of high-quality products and services and, under our GSA Schedule contract, we expect to increase market penetration in the U.S. government market with North Science ULT solutions."

Jean Fallacara, Managing Director Life Sciences of inTEST Thermal Solutions, added, "This is an ideal relationship with Stellar Scientific who can further the reach of North Sciences products throughout its long-established customer relationships in the life sciences industry as well as to government agencies through the GSA. We believe our joint efforts will enable us to provide the defense industry and other government agencies with innovative solutions that meet their unique needs."

The North Sciences Ultra-Low Temperature (ULT) biomedical freezers are designed for -86°C cold storage of biomedical samples, vaccines, and research materials. For life sciences applications, maintaining critical temperatures is paramount for the integrity of the samples and the research that depends on them. Compromised samples can lead to incalculable losses both in terms of dollars and research hours. North Sciences provides highly reliable solutions that include redundant controls in order to avoid these issues.

Stellar Scientific and inTEST Thermal Solutions are both leaders in the industry, with a reputation for providing high-quality products and exceptional customer service. The partnership will allow the companies to leverage their respective strengths to better serve their customers and expand their reach into a broad spectrum of the government market.

About Stellar Scientific
Stellar Scientific is a leading supplier of high-quality laboratory equipment, supplies, and services. Stellar supports scientific research globally, partnering with biotechnology firms, pharmaceutical companies, government agencies, the military, academic institutions, food and petroleum product companies, high schools and more. Based in Baltimore, Maryland, Stellar Scientific has been providing innovative solutions to the scientific community since 2014.

About inTEST Corporation
inTEST Corporation is a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive, defense/aerospace, industrial, life sciences, and security, as well as both the front-end and back-end of the semiconductor manufacturing industry. Backed by decades of engineering expertise and a culture of operational excellence, inTEST solves difficult thermal, mechanical, and electronic challenges for customers worldwide while generating strong cash flow and profits. inTEST’s strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, and market expansion. For more information, visit www.intest.com.

About inTEST Thermal Solutions
inTEST Thermal Solutions (iTS) specializes in the design and manufacture of thermal test, process cooling, and biomedical cold storage systems. Our breadth of products and in-house engineering capabilities allow us to be a single-partner-solution for critical temperature control applications. We are recognized globally for our expertise in precise control of extreme thermal environments, from -185 to +500°C, with rapid transitions or long dwell times. The iTS family includes four product brands: Temptronic, Thermonics, Sigma Systems, and North Sciences. inTEST Thermal Solutions is a wholly owned subsidiary of inTEST Corp, Mount Laurel, New Jersey, USA (NYSE America: INTT).

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management's current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” “plans,” “projects,” “forecasts,” “outlook,” “anticipates,” “targets,” “estimates,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its 5-Point Strategy, realize the potential benefits of acquisitions and successfully integrate any acquired operations, grow the Company’s presence in its key target and international markets, manage supply chain challenges, convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; the impact of the COVID-19 pandemic on the Company’s business, liquidity, financial condition and results of operations; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally including rising interest rates and fluctuation in foreign currency exchange rates; changes in the demand for semiconductors; access to capital and the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230418005265/en/

inTEST Corporation

Duncan Gilmour

Chief Financial Officer and Treasurer

Tel: (856) 505-8999



Investors:

Deborah K. Pawlowski, Laura Kiernan

Kei Advisors LLC

dpawlowski@keiadvisors.com

lkiernan@keiadvisors.com

Tel: (716) 843-3908, (914) 598-7733

Source: inTEST Corporation

FAQ

What is the recent partnership involving inTEST Corporation (INTT)?

inTEST Corporation has partnered with Stellar Scientific to distribute its Ultra-Low Temperature (ULT) biomedical freezers, targeting the U.S. government market.

How will the partnership with Stellar Scientific affect inTEST Corporation (INTT)?

The partnership is expected to enhance inTEST's market reach and sales opportunities, particularly within government and life sciences sectors.

What are North Sciences ULT biomedical freezers designed for?

These freezers are designed for -86°C cold storage, essential for preserving biomedical samples and ensuring research integrity.

When was the partnership between inTEST Thermal Solutions and Stellar Scientific announced?

The partnership was announced in a press release dated April 18, 2023.