Astrotech Corporation (NASDAQ:ASTC) shares slightly up in early trading session as it declared that its financial results for the Q4 and fiscal year ended June 30, 2019. Astrotech’s 1st Detect subsidiary persists to generate interest after its official release of the TRACER 1000 explosives trace detector (ETD) on June 26, 2019, because of its advantages over current generation ETDs.
Chairman and CEO of Astrotech, Thomas B. Pickens III stated that Fiscal 2019 was an excellent year in terms of product development and endorsement. Pickens added that development of the TRACER 1000 is now basically complete as they shifted their focus toward certification testing in the airport market and achieved European Civil Aviation Conference (ECAC) certification for both checkpoint and cargo earlier in the year. It has likewise given them the opportunity to explore other market opportunities with their versatile core technology and they contained found a significant opportunity in the agriculture market. They recently released the AG-LAB-1000, which is uniquely capable of solving a significant pain point, exactly in the hemp and cannabis market.
Astrotech revealed on September 20, 2019 that it revealed Agriculture Technology Corporation (AG-TECH) and the AG-LAB-1000 series of mass spectrometers to address the requires of the agriculture market. The firm considers that pesticide detection endures to be a major issue for farmers, especially in the hemp and cannabis market where certain pesticides turn into cyanide and other harmful toxic and carcinogenic compounds at what time smoked. Jurisdictions where hemp and cannabis are legal are so progressively requiring sophisticated trace detection analysis to ensure products do not contain illegal levels of certain pesticides.
The firm reported that this analysis can take 5-8 days before results are available. While awaiting results, additional batches processed using the similar equipment become contaminated, leading to possible millions of dollars of wasted product. They believe that no other product currently exists on the market that can detect these pesticides in real-time like the AG-LAB-1000.