Astrotech Board of Directors Authorizes a Repurchase of up to $5 Million of the Company's Outstanding Common Stock
December 16 2014 - 9:30AM
Business Wire
Astrotech Corporation (NASDAQ: ASTC) a company that specializes
in the commercialization of valuable space and defense technologies
for uses in industrial process control, explosives detection,
research and healthcare markets, today announced that its Board of
Directors has approved a share repurchase program authorizing the
company to repurchase up to $5.0 million of its common stock
through December 31, 2015.
“Astrotech is committed to delivering shareholder returns,” said
Thomas B. Pickens III, Chairman and CEO. “Our Board of Directors
and our Management Team believe repurchasing stock at recent
trading levels represents compelling value,” Pickens added.
Repurchases under the share repurchase program may be made from
time to time through open market transactions, privately negotiated
transactions or otherwise, as determined by the company’s
management depending on market conditions and business needs, in
compliance with federal securities laws. The share repurchase
program does not obligate the Company to purchase any particular
amount of common shares, and it may be suspended, discontinued or
modified at any time at the Company’s discretion and without prior
notice.
Astrotech had approximately 19,697,627 shares of common stock
outstanding as of November 7, 2014.
About Astrotech Corporation
Astrotech is a leader in identifying and commercializing space
and defense technologies for terrestrial use. 1st Detect
Corporation is developing a breakthrough miniaturized mass
spectrometer, the MMS-1000™, while Astrogenetix, Inc. is a
biotechnology company utilizing microgravity on the International
Space Station 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, 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 the Company’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. The Company assumes no
obligation to update these forward-looking statements.
Astrotech CorporationEric Stober, 512-485-9530Chief Financial
Officer
Astrotech (NASDAQ:ASTC)
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