Astrotech Board of Directors Extends Repurchase of Up to $5 Million of the Company's Outstanding Common Stock
December 09 2015 - 9:05AM
Business Wire
Astrotech Corporation (NASDAQ: ASTC) announced its Board of
Directors extended the share repurchase plan that was originally
announced on December 16, 2014, for another 12 months to December
31, 2016.
“Our strong balance sheet supports our commitment to return
capital to shareholders while we simultaneously invest in emerging,
disruptive technologies,” said Thomas B. Pickens III, Chairman and
CEO. “Extending our share repurchase program highlights our
confidence in our financial strength and our ability to increase
shareholder value, particularly as we extract the unrecognized
value of each of our businesses.”
The terms remain in place. 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 depending on market
conditions and business needs. 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.
To date, Astrotech repurchased 188 thousand shares at a cost of
$492 thousand. Astrotech had approximately 20,700,673 shares of
common stock outstanding as of December 9, 2015.
About Astrotech Corporation
Astrotech Corporation (NASDAQ: ASTC) identifies and
commercializes emerging disruptive technologies through its closely
held subsidiaries. Management sources investment opportunities from
various government laboratories, agencies, universities and
corporations, as well as through its own internal research. Sourced
from Oak Ridge Laboratory’s chemical analyzer research,
1st Detect develops, manufactures, and sells
chemical analyzers that streamline processes for industrial use in
the airport security, food and beverage, semiconductor,
pharmaceutical, research, and environmental markets, and the
military. Sourced from decades of image research from the
laboratories of IBM and Kodak combined with classified satellite
technology from government laboratories, Astral Images sells
film to digital image enhancement, defect removal and color
correction software and post processing services providing
economically feasible conversion of television and feature 35mm and
16mm films to the new 4K ultra-high definition (UHD), high-dynamic
range (HDR) format necessary for the new generation of digital
distribution. Sourced from NASA’s extensive microgravity research,
Astrogenetix is applying a fast-track on-orbit discovery
platform using the International Space Station to develop vaccines
and other therapeutics. Demonstrating its entrepreneurial strategy,
Astrotech management sold its state-of-the-art satellite servicing
operations to Lockheed Martin in August 2014. Astrotech has
operations throughout Texas and is headquartered in Austin. For
information please visit www.astrotechcorp.com.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151209005326/en/
LHACathy Mattison and Kirsten Chapman,
+1-415-433-3777ir@astrotechcorp.com
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