Astrotech Corporation to Sell Astrotech Space Operations Business to Lockheed Martin for $61 Million
May 29 2014 - 8:00AM
Astrotech Corporation (Nasdaq:ASTC) today announced a major step in
its strategic evolution with the signing of a definitive agreement
to sell the assets constituting its Astrotech Space Operations
business (ASO) to Lockheed Martin Corporation, including the assets
of its wholly owned subsidiary, Astrotech Space Operations, for $61
million.
"We are very excited about what this transaction means for our
shareholders," stated Thomas B. Pickens III, Chairman and Chief
Executive Officer of Astrotech Corporation. "This represents the
beginning of a new era for Astrotech Corporation as the company can
now concentrate our efforts on high growth business opportunities
while having the needed resources to develop and fulfill the
potential of our 1st Detect mass spectrometer product line."
Subject to the satisfaction of customary closing conditions,
including the approval by the Astrotech Corporation shareholders,
the transaction is expected to close in the third quarter of 2014.
Upon closing, ASO will be operated as a wholly-owned subsidiary of
Lockheed Martin and managed by the corporation's Space Systems
business area.
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 ASO business unit serves our
government and commercial satellite and spacecraft customers with
pre-launch services on the eastern and western range. 1st Detect
Corporation is developing what we believe is a breakthrough
miniaturized mass spectrometer, the MMS-1000™, while Astrogenetix,
Inc. is a biotechnology company utilizing microgravity as a
research platform for drug discovery and development.
This press release contains forward-looking statements that are
made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that
could cause actual results to be materially different from the
forward-looking statement. These factors include, but are not
limited to, continued government support and funding for key space
programs, product performance and market acceptance of products and
services, as well as other risk factors and business considerations
described in Astrotech's Securities and Exchange Commission filings
including the annual report on Form 10-K. Any forward-looking
statements in this document should be evaluated in light of these
important risk factors. Astrotech assumes no obligation to update
these forward-looking statements.
CONTACT: FOR MORE INFORMATION:
Eric Stober
Astrotech Corporation
512.485.9530
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