Texas Court of Appeals Dismisses Lawsuit by Former CFO
February 25 2014 - 7:00AM
ASTROTECH CORPORATION, (Nasdaq:ASTC), a leading provider of
commercial space services, today announced that the Texas Court of
Appeals, Third District, has dismissed a lawsuit filed by a former
employee against the company's CEO and the members of its Board of
Directors.
"We are pleased by the decision of the Texas Court of Appeals
dismissing a lawsuit filed by a former employee," stated Astrotech
Chairman and CEO, Thomas B. Pickens, III. "Our directors felt this
claim was improper from the outset. Astrotech has never wavered on
its commitment to introduce innovative products into strong growth
industry sectors to build value for our shareholders."
August 7, 2013, the trial court Judge questioned the plaintiff's
legal standing and ruled that the lawsuit failed to meet certain
statutory requirements, rendering the suit deficient, but
nevertheless permitted him to engage in "targeted discovery."
Astrotech argued that once the Court concluded that the lawsuit was
deficient, the only remedy was to dismiss the suit and not permit
discovery. The Texas Court of Appeals agreed with Astrotech's
position and found that the lower court should have dismissed the
case period.
About Astrotech Corporation
Astrotech is one of the first space commerce companies and
remains a strong entrepreneurial force in the aerospace industry.
We are leaders in identifying, developing and marketing space
technology for commercial use. Our Astrotech Space Operations (ASO)
has been a global satellite processing leader since 1981. With more
than 300 successful spacecraft missions to date, Astrotech
continues to provide adaptable and flexible services for its
government and commercial customers. Astrotech Space
Operations provides all support necessary for successful spacecraft
processing to prepare for launch on a variety of domestic and
foreign launch vehicles. Spacecraft undergo pre-launch hardware
integration and testing, satellite encapsulation, and fueling
before transport to the pad. Astrotech Space Operations
business unit serves our satellite and spacecraft customers with
pre-launch services on the Eastern (Kennedy Space Center) and
Western (Vandenberg Air Force Base) Ranges. 1st Detect Corporation
is developing what we believe is a breakthrough miniature mass
spectrometer, the MMS-1000™, while Astrogenetix, Inc. is a
biotechnology company utilizing microgravity as a research platform
for drug discovery and development.
CONTACT: Joshua Elbaum
Astrotech Corporation
512.485.9530
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