Texas Court of Appeals Dismisses Lawsuit by Former CFO
AUSTIN, Texas, Feb. 25, 2014 (GLOBE NEWSWIRE) -- ASTROTECH CORPORATION,
(Nasdaq:ASTC), a leading provider of commercial space services, today
announced that the Texas Court of Appeals, Third District, has dismissed a
lawsuit filed by a former employee against the company's CEO and the members
of its Board of Directors.
"We are pleased by the decision of the Texas Court of Appeals dismissing a
lawsuit filed by a former employee," stated Astrotech Chairman and CEO, Thomas
B. Pickens, III. "Our directors felt this claim was improper from the outset.
Astrotech has never wavered on its commitment to introduce innovative products
into strong growth industry sectors to build value for our shareholders."
August 7, 2013, the trial court Judge questioned the plaintiff's legal
standing and ruled that the lawsuit failed to meet certain statutory
requirements, rendering the suit deficient, but nevertheless permitted him to
engage in "targeted discovery." Astrotech argued that once the Court concluded
that the lawsuit was deficient, the only remedy was to dismiss the suit and
not permit discovery. The Texas Court of Appeals agreed with Astrotech's
position and found that the lower court should have dismissed the case period.
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
Astrotech Space Operations (ASO) has been a global satellite processing leader
since 1981. With more than 300 successful spacecraft missions to date,
Astrotech continues to provide adaptable and flexible services for its
government and commercial customers.Astrotech Space Operations provides all
support necessary for successful spacecraft processing to prepare for launch
on a variety of domestic and foreign launch vehicles. Spacecraft undergo
pre-launch hardware integration and testing, satellite encapsulation, and
fueling before transport to the pad.Astrotech Space Operations business unit
serves our satellite and spacecraft customers with pre-launch services on the
Eastern (Kennedy Space Center) and Western (Vandenberg Air Force Base) Ranges.
1^st 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: Joshua Elbaum
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