Astrotech Corporation Completes the Sale of Its Astrotech Space Operations Unit
August 22 2014 - 04:15PM
Business Wire
Astrotech Corporation (NASDAQ: ASTC) has completed the sale of
substantially all of the properties and assets related to or used
in its Astrotech Space Operations business unit to a wholly-owned
subsidiary of Lockheed Martin Corporation for $61 million. This
transformative transaction is an important step in the Company’s
strategic evolution that allows us to maximize the value of our
remaining operations, assets, and intellectual property.
"I would like to take this opportunity to thank our shareholders
for the continued support of our vision of the future for
Astrotech," stated Thomas B. Pickens III, Chairman and Chief
Executive Officer of Astrotech Corporation. "We are now better
positioned to focus on building shareholder value as a worldwide
leader in the application of mass spectrometry sensors to the
security, process control, laboratory and environmental markets. We
believe we have the fastest, smallest, highest performing and most
economical miniaturized mass spectrometer solution that is
versatile enough to be easily integrated within a wide variety of
markets."
About Astrotech Corporation
Astrotech is a leader in identifying and commercializing space
technology for terrestrial use. 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. Both are wholly owned
subsidiaries of the parent.
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, our ability to successfully develop our remaining
Spacetech business unit, our ability to develop and integrate our
miniaturized mass spectrometer, the MMS-1000™, 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.
Astrotech CorporationJoshua Elbaum, 512-485-9530
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