ASTROTECH CORPORATION

(ASTC)
Delayed Nasdaq  -  03:48 2022-08-11 pm EDT
0.4823 USD   -1.17%
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ASTROTECH : HIRES INDUSTRY VETERAN JOE LEVINTHAL TO LEAD AGLAB'S SCIENCE TEAM

08/06/2021 | 05:43am EDT

Austin, TX -

Astrotech Corporation (NASDAQ: ASTC) announced today that its AgLAB Inc. subsidiary has hired Joe Levinthal, a hemp and cannabis industry veteran and an expert in mass spectrometry, as its Chief Science Officer, to help lead AgLAB's product development team.

Joe brings an extensive background in applying highly complex scientific instrumentation to develop products derived from hemp and cannabis, and he has worked with some of the leading companies in the industry.

"As a consultant to AgLAB, I was highly intrigued with the game changing technology that the AgLAB team developed. I am excited to join the team to help AgLAB refine its technology further and to launch multiple products that will be highly valuable additions to any hemp and cannabis extraction and distillation laboratory," stated Mr. Levinthal.

AgLAB has developed the AgLAB-1000-D2 to optimize the distillation of hemp and cannabis concentrates. Early results show that we can help improve yield during the distillation process by providing near real-time information to the processor to help them make necessary adjustments. Other technologies are limited in their ability to provide information during the distillation process and traditional methods rely on a very non-exact recipe to process a batch, often leading to lower yields.

"We are excited to have Joe join our AgLAB team," said Thomas B. Pickens III, Chairman and Chief Executive Officer of AgLAB and Astrotech. "Joe has been a highly respected resource of ours during the early stages of our development, and he is a key addition to our team."

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. AgLAB is developing chemical analyzers for use in the agriculture 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.

Company Contact: Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530

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(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials ()
Sales 2021 0,33 M - -
Net income 2021 -7,60 M - -
Net cash 2021 60,5 M - -
P/E ratio 2021 -3,85x
Yield 2021 -
Capitalization 24,4 M 24,4 M -
EV / Sales 2020 45,6x
EV / Sales 2021 16,0x
Nbr of Employees 12
Free-Float 91,4%
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Thomas Boone Pickens Chairman & Chief Executive Officer
Jaime Hinojosa Chief Financial Officer, Secretary & Treasurer
Daniel T. Russler Independent Director
Thomas Wiley Wilkinson Lead Independent Director
Jim Becker Independent Director
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