Lifeloc Technologies, Inc. Appoints Adam Kashenberg to its Board of Directors
Lifeloc Technologies appoints Adam Kashenberg to Board, raises $798K, secures $750K credit line for developing new drug testing products, targeting 2025 launch.
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 $3.80 per share, raising a total of $798,000 through private investment by EDCO Partners, LLLP, the Company’s biggest stockholder. EDCO now holds 77.5% of the Company’s common stock. The Company also obtained a $750,000 line of credit on July 19, 2024 with Citywide Banks.
“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.”