Lifeloc Technologies, Inc. Appoints Adam Kashenberg to its Board of Directors
Lifeloc Technologies, Inc. (OTC PINK:LCTC), a leader in breath alcohol testing devices, has appointed Adam Kashenberg to its Board of Directors, effective July 23, 2024. Kashenberg, president and CEO of Colorado Biolabs, Inc., brings expertise in sales, social media marketing, finance, and management. He replaces Bob Greenlee, who resigned after serving since 1989.
The company also completed a private placement at $3.80 per share, raising $798,000 from EDCO Partners, LLLP, now owning 77.5% of LCTC's common stock. Additionally, LCTC secured a $750,000 line of credit with Citywide Banks on July 19, 2024.
These funds will support LCTC's ongoing R&D efforts, particularly the development of SpinDx, a saliva testing system for delta-9-THC. Beta testing is expected to begin this year, with a commercial launch targeted for 2025.
Lifeloc Technologies, Inc. (OTC PINK:LCTC), leader nei dispositivi per il test dell'alcol nel respiro, ha nominato Adam Kashenberg nel suo Consiglio di Amministrazione, con effetto dal 23 luglio 2024. Kashenberg, presidente e CEO di Colorado Biolabs, Inc., porta con sé competenze in vendite, marketing sui social media, finanza e gestione. Sostituisce Bob Greenlee, che si è dimesso dopo aver servito dal 1989.
La società ha anche completato una collocazione privata a 3,80 dollari per azione, raccogliendo 798.000 dollari da EDCO Partners, LLLP, che ora possiede il 77,5% delle azioni ordinarie di LCTC. Inoltre, LCTC ha ottenuto una linea di credito di 750.000 dollari con Citywide Banks il 19 luglio 2024.
Questi fondi supporteranno gli sforzi di R&S in corso di LCTC, in particolare lo sviluppo di SpinDx, un sistema di test della saliva per il delta-9-THC. Si prevede che i test beta inizieranno quest'anno, con un lancio commerciale previsto per il 2025.
Lifeloc Technologies, Inc. (OTC PINK:LCTC), líder en dispositivos de prueba de alcohol en el aliento, ha nombrado a Adam Kashenberg en su Junta Directiva, con efecto a partir del 23 de julio de 2024. Kashenberg, presidente y CEO de Colorado Biolabs, Inc., aporta experiencia en ventas, marketing en redes sociales, finanzas y gestión. Reemplaza a Bob Greenlee, quien renunció después de servir desde 1989.
La empresa también completó un colocación privada a 3,80 dólares por acción, recaudando 798.000 dólares de EDCO Partners, LLLP, que ahora posee el 77,5% de las acciones ordinarias de LCTC. Además, LCTC aseguró una línea de crédito de 750.000 dólares con Citywide Banks el 19 de julio de 2024.
Estos fondos apoyarán los esfuerzos de I+D en curso de LCTC, en particular el desarrollo de SpinDx, un sistema de pruebas de saliva para delta-9-THC. Se espera que las pruebas beta comiencen este año, con un lanzamiento comercial previsto para 2025.
Lifeloc Technologies, Inc. (OTC PINK:LCTC)는 호흡 알코올 검측 장치의 선두주자로서 Adam Kashenberg를 이사회에 임명했습니다. 이 임명은 2024년 7월 23일자로 효력이 발생합니다. Kashenberg는 Colorado Biolabs, Inc.의 회장 겸 CEO로서 판매, 소셜 미디어 마케팅, 재무 및 관리 분야에서의 전문성을 가지고 있습니다. 그는 1989년부터 재직해온 Bob Greenlee를 대신합니다.
회사는 또한 주당 3.80달러에 사모펀드를 완료하여 EDCO Partners, LLLP로부터 798,000달러를 조달했으며, 이제 LCTC의 보통주 77.5%를 소유하고 있습니다. 추가로 LCTC는 2024년 7월 19일 Citywide Banks와 750,000달러 신용 한도를 확보했습니다.
이 자금은 LCTC의 진행 중인 연구개발 노력을 지원하며, 특히 delta-9-THC에 대한 침샘 검사 시스템인 SpinDx 개발을 위한 것입니다. 베타 테스트는 올해 시작될 것으로 예상되며, 상업적 출시는 2025년으로 목표하고 있습니다.
Lifeloc Technologies, Inc. (OTC PINK:LCTC), un leader dans les dispositifs de test d'alcool par la respiration, a nommé Adam Kashenberg à son Conseil d'Administration, avec effet au 23 juillet 2024. Kashenberg, président et CEO de Colorado Biolabs, Inc., apporte son expertise dans les ventes, le marketing sur les réseaux sociaux, la finance et la gestion. Il remplace Bob Greenlee, qui a démissionné après avoir servi depuis 1989.
La société a également complété un placement privé à 3,80 dollars par action, recueillant 798.000 dollars auprès d'EDCO Partners, LLLP, qui possède maintenant 77,5 % des actions ordinaires de LCTC. De plus, LCTC a obtenu une ligne de crédit de 750.000 dollars auprès de Citywide Banks le 19 juillet 2024.
Ces fonds soutiendront les efforts de R&D en cours de LCTC, en particulier le développement de SpinDx, un système de test de salive pour le delta-9-THC. Les tests bêta devraient commencer cette année, avec un lancement commercial prévu pour 2025.
Lifeloc Technologies, Inc. (OTC PINK:LCTC), ein führendes Unternehmen im Bereich der Atemalkoholtestgeräte, hat Adam Kashenberg mit Wirkung zum 23. Juli 2024 in seinen Vorstand berufen. Kashenberg, Präsident und CEO von Colorado Biolabs, Inc., bringt Expertise in den Bereichen Vertrieb, Social-Media-Marketing, Finanzen und Management mit. Er ersetzt Bob Greenlee, der nach langjähriger Tätigkeit seit 1989 zurückgetreten ist.
Das Unternehmen hat außerdem eine Private Placement zum Preis von 3,80 USD pro Aktie abgeschlossen und 798.000 USD von EDCO Partners, LLLP, gesammelt, der nun 77,5% der Stammaktien von LCTC besitzt. Darüber hinaus hat LCTC am 19. Juli 2024 eine Kreditlinie über 750.000 USD bei Citywide Banks gesichert.
Diese Mittel werden die laufenden F&E-Bemühungen von LCTC unterstützen, insbesondere die Entwicklung von SpinDx, einem Speicheltestsystem für Delta-9-THC. Beta-Tests sollen noch in diesem Jahr beginnen, mit einem kommerziellen Markteintritt, der für 2025 anvisiert ist.
- Appointment of Adam Kashenberg to the Board, bringing valuable expertise in sales, marketing, and management
- Successful private placement raising $798,000 at $3.80 per share
- Secured $750,000 line of credit with Citywide Banks
- Advancing development of SpinDx, a new saliva testing system for cannabis detection
- Planned beta testing of SpinDx in 2024, with commercial launch targeted for 2025
- Resignation of long-serving board member Bob Greenlee
- Increased ownership concentration with EDCO Partners now holding 77.5% of common stock
- Potential dilution of existing shareholders due to private placement
WHEAT RIDGE, CO / ACCESSWIRE / July 26, 2024 / Lifeloc Technologies, Inc. (OTC PINK:LCTC) (the "Company"), a global leader in the development and manufacturing of breath alcohol testing devices, has announced the appointment of Adam Kashenberg, president and CEO of Colorado Biolabs, Inc., to its Board of Directors (the "Board"), effective July 23, 2024.
"We are pleased to welcome Adam to Lifeloc's board," said Vern Kornelsen, Lifeloc's Chief Financial Officer and Board chair. "Adam is an accomplished sales leader, with a strong background in social media sales and marketing, as well as strong finance and management skills. We expect that he will offer strong insights for the next phase of Lifeloc's growth strategy."
Mr. Kashenberg was appointed to fill a vacancy on both the Board and the Company's audit committee created by the resignation of Bob Greenlee, who had been a director of the Company since 1989.
"Bob contributed meaningfully to Lifeloc's progress," said Mr. Kornelsen. "His will be a voice we will miss."
Lifeloc has also recently consummated a private placement transaction priced at
"For the past several years, we have been pursuing an aggressive research and development plan focused on the development of a new product line to detect drugs of abuse," said Wayne Willkomm, PhD, the Company's Chief Executive Officer. "This year we expect to begin initial beta testing of our saliva testing system for delta-9-THC, the primary psychoactive substance in cannabis, targeting a commercial launch in 2025. The capital injection and line of credit will be applied primarily to the development and market introduction of SpinDx."
About Lifeloc Technologies
Lifeloc Technologies, Inc. (OTC: LCTC) is a trusted U.S. manufacturer of evidential breath alcohol testers and related training and supplies for workplace, law enforcement, corrections and international customers. Lifeloc stock trades over-the-counter under the symbol LCTC. We are a fully reporting Company with our SEC filings available on our web site, www.lifeloc.com/investor.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements expressed or implied in this press release, including statements about our strategies, expectations about new and existing products, market demand, acceptance of new and existing products, technologies and opportunities, market size and growth, and return on investments in products and market, are based on information available to us on the date of this document, and we assume no obligation to update such forward-looking statements. Investors are strongly encouraged to review the section titled "Risk Factors" in our SEC filings.
Amy Evans
Lifeloc Technologies, Inc.
http://www.lifeloc.com
(303) 431-9500
SOURCE: Lifeloc Technologies, Inc.
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