It was established as a business to release albums and compilations for local bands, and to book shows at the Newtown Teen Center.
Over the next eight years, Asbestos Records released albums from Connecticut bands including Slackjaw, Grover Dill, and West Beverly, whose members went on to join bands such as Dropkick Murphys, In Pieces, Staring Back, and Punchline.
In 2007, the label began a project to reissue popular Third-Wave Ska albums from defunct labels, including albums by from The Mighty Mighty Bosstones, The Suicide Machines, The Slackers, Spring Heeled Jack, The Toasters, and Mustard Plug.
The label was also involved in reissuing the portion of They Might Be Giants' discography that was originally released on Elektra Records.
[1] In 2023, Asbestos Records released John Hinckley Jr.'s album, Redemption.