Lifeloc Technologies Inc. (OTC PINK:LCTC), a Wheat Ridge-based provider of breath alcohol testing devices, appointed Adam Kashenberg to its board of directors, effective July 23. Kashenberg is the president and CEO of Colorado Biolabs Inc.
“We are pleased to welcome Adam to Lifeloc’s board,” said Vern Kornelsen, Lifeloc’s CFO 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.”
Kashenberg fills a vacancy 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 Kornelsen. “His will be a voice we will miss.”
Lifeloc has also completed a private placement transaction priced at $3.80 per share, raising $798,000 through private investment by EDCO Partners LLLP, the company’s largest stockholder, which now holds 77.5% of the company’s common stock. Additionally, the company obtained a $750,000 line of credit with Citywide Banks on July 19.
“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, the company’s CEO. “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.”