Astrotech Corporation (NASDAQ: ASTC) operates as a science and technology development and commercialization company in the United States. Shares surged 27.34% on Wednesday, December 12, 2018. Over the past three months, Astrotech has seen an average daily volume of 179,060 shares. However, on Wednesday, 14.48 million shares traded hands, equating to $49.23 million in dollar volume.
Shares jumped Wednesday after Astrotech announced its wholly owned subsidiary, 1st Detect, has received notification from the European Civil Aviation Conference (ECAC) that its explosives trace detector (ETD), the TRACER 1000, has successfully passed the ECAC’s Common Evaluation Process (CEP). The Tracer 1000 is “the first mass spectrometry-based ETD to have passed ECAC’s stringent laboratory testing protocol.” Formal certification is expected to be received at the next meeting of the CEP Management Group. Raj Mellacheruvu, COO of 1st Detect and Astrotech, commented, “Our mass spectrometry-based ETD outperforms current systems by offering higher detection accuracy, near-zero false alarm rates, and a virtually unlimited threat library. These capabilities are critical for staying ahead of emerging threats.” Here is the full press release detailing the Tracer 1000 and its successful completion of ECAC’s CEP:
Astrotech Corporation Press Release:
AUSTIN, Texas–(BUSINESS WIRE)–Astrotech Corporation (ASTC) today announced that its wholly-owned subsidiary, 1st Detect, has received initial notice that its explosives trace detector (ETD), the TRACER 1000, has successfully passed the European Civil Aviation Conference (ECAC)’s Common Evaluation Process (CEP) for airport checkpoint screening of passengers. The TRACER 1000 is the first mass spectrometry-based ETD to have passed ECAC’s stringent laboratory testing protocol. It is expected that 1st Detect will receive formal certification at the CEP Management Group’s next meeting.
“ECAC’s support throughout this process demonstrates their commitment to setting the global standard of security by adopting the most advanced explosives detection technology. We look forward to improving the safety of the world’s air transportation systems with our high-quality instruments for many years to come,” stated Thomas B. Pickens III, CEO of 1st Detect and Astrotech.
“Passing ECAC’s CEP test for airport checkpoint screening of passengers is an important validation of our technology. The TRACER 1000 was designed to improve safety and enhance the airport experience for travelers and personnel by reducing wait times at security checkpoints. Our mass spectrometry-based ETD outperforms current systems by offering higher detection accuracy, near-zero false alarm rates, and a virtually unlimited threat library. These capabilities are critical for staying ahead of emerging threats,” added Raj Mellacheruvu, COO of 1st Detect and Astrotech.
About 1st Detect
1st Detect develops, manufactures, and sells chemical analyzers for use in the security, defense, healthcare, and environmental markets. For more information, visit www.1stdetect.com.
Headquartered in Austin, Texas, Astrotech 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. 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.
Article By: Andrew Rego