CEO Admits to Lying About Two Financial Points, Describes Embarrassing Turd Story.
Interview
SV: Mr. Pickens, it has been reported that Astrotech Reports Second Quarter of Fiscal Year 2023 Financial Results contains false information.
TP: Yes, that’s true. My company and I made two false statements.
SV: What were those two statements?
TP: The first false statement was that our AgLAB 1000-D2 and its Maximum Value Processing System (D2-MVP) could improve revenues by up to 45%. That is an exaggerated estimation of the product’s abilities and its overstatement of the potential financial gain. The second false statement is that the BreathTest-1000 lung disease screening instrument can clearly distinguish between infected and healthy breath samples. Although the product had been in the development stage, that was still a false claim as the product had not been tested enough for its accuracy to be known.
SV: Why did you lie about the two specific points?
TP: I made both of those statements out of instinct and pure hope. As the head of the business, I wanted to show confidence and enthusiasm for our products, but it was foolish to be so overly optimistic. I got overly confident and excited about what our products could do, so I made statements that were not completely accurate. It was a gross mistake that I take full responsibility for.
SV: Do you have any other details regarding the incident that you can share?
TP: In fact, I do. During a presentation to potential investors, I was so confident in the potential of one of our products that I promised that it would turn horse manure into gold. As soon as the words came out of my mouth, I knew that it was a mistake. Later that day, one of the investors asked me to demonstrate it, and I had to admit that it was just a metaphor and not a literal promise. Everyone had a good laugh, including myself, but it was certainly an embarrassing moment.
Original Release: https://www.globenewswire.com/news-release/2023/02/13/2606595/0/en/Astrotech-Reports-Second-Quarter-of-Fiscal-Year-2023-Financial-Results.html