Gen (Ret.) Lance Lord Resigns From Astrotech's Board of Directors
AUSTIN, Texas, June 17, 2010 (GLOBE NEWSWIRE) -- Astrotech Corporation
(Nasdaq:ASTC) today announced that General (Ret.) Lance W. Lord has resigned
as a Member of the Board of Directors of Astrotech Corporation and as Chief
Executive Officer, Astrotech Space Operations (ASO) effective June 18, 2010.
"It has been an honor working with the entire Astrotech team over the last
several years," General (Ret.) Lance Lord said. "I have accomplished what I
set out to do with Astrotech.I'm convinced the ASO business is in great hands
and will continue to be successful."
"General Lord has been an extraordinary asset to Astrotech Corporation through
his leadership on the Board of Directors and especially with our ASO
subsidiary," said Thomas B. Pickens III, Astrotech Corporation's Chairman and
Chief Executive Officer."General Lord was hired to help the Company with our
restructuring efforts and he proved to be instrumental in the successful
execution of that now completed strategy.On behalf of the entire Board, I
express my gratitude for General Lord's tremendous contributions to the
Company and for the role he played in creating the positive direction for
Astrotech.We wish him every success in his future endeavors."
The vacancy on the Board of Directors created by General Lord's resignation is
expected to remain unfilled until the next annual meeting.The role of Chief
Executive Officer, ASO, will remain open pending a review of internal and
About Astrotech Corporation
Astrotech Corporation (Nasdaq:ASTC) is a commercial aerospace company that
provides spacecraft payload processing and government services, designs and
manufactures space hardware, and commercializes space technologies for use on
Earth. The Company serves our government and commercial satellite and
spacecraft customers with our pre-launch services from our Astrotech Space
Operations (ASO) subsidiary and incubates space technology businesses now
focusing on two companies:1^st Detect Corporation, which is developing a
mini-mass spectrometer first developed for the International Space Station;
and Astrogenetix, Inc., which is developing biotech products in space and has
recently developed a vaccine candidate for Salmonella.
The Astrotech Corporation logo is available at
The statements in this document may contain 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 & 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.
CONTACT: Astrotech Corporation
Corporate Marketing and Communications
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