Astrotech Completes Internal Reorganization to Own 100% of Subsidiary Equity
June 11 2014 - 1:27PM
Astrotech Corporation (Nasdaq:ASTC), a leading provider of
commercial aerospace services, today announced that it has
completed an internal reorganization and will now own 100% of its
subsidiary companies 1st Detect Corporation ("1st Detect") and
Astrogenetix Inc. ("Astrogenetix"), in which it had previously
issued equity grants to employees.
"This transaction was the right thing to do for our
shareholders," said Thomas B. Pickens III, Chairman and CEO of
Astrotech. "The subsidiary equity grants were meant to incentivize
our employees, however we found that it caused confusion and
uncertainty among our shareholders, so we have now simplified our
corporate structure."
This transaction will restore the ownership by Astrotech
shareholders of 100% of the subsidiary companies. Previously,
Astrotech Corporation owned 86.4% and 83.6% of 1st Detect and
Astrogenetix, respectively.
In connection with the Annual Shareholders Meeting scheduled for
June 26th, the company asked its shareholder to authorize
additional shares in Astrotech Corporation to be used for future
incentive compensation. Many of these shares will be used to
compensate those hardworking employees who will no longer own stock
in 1st Detect and Astrogenetix.
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
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: FOR MORE INFORMATION:
Joshua Elbaum
Astrotech Corporation
512.485.9530
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