Lifeloc Technologies, Inc. Appoints Adam Kashenberg to its Board of Directors
Rhea-AI Summary
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.
Positive
- 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
Negative
- 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
News Market Reaction
On the day this news was published, LCTC gained 15.79%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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.
View the original press release on accesswire.com
FAQ
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