Astrotech Corporation to Sell Astrotech Space Operations Business to Lockheed
Martin for $61 Million
AUSTIN, Texas, May 29, 2014 (GLOBE NEWSWIRE) -- Astrotech Corporation
(Nasdaq:ASTC) today announced a major step in its strategic evolution with the
signing of a definitive agreement to sell the assets constituting its
Astrotech Space Operations business (ASO) to Lockheed Martin Corporation,
including the assets of its wholly owned subsidiary, Astrotech Space
Operations, for $61 million.
"We are very excited about what this transaction means for our shareholders,"
stated Thomas B. Pickens III, Chairman and Chief Executive Officer of
Astrotech Corporation. "This represents the beginning of a new era for
Astrotech Corporation as the company can now concentrate our efforts on high
growth business opportunities while having the needed resources to develop and
fulfill the potential of our 1^st Detect mass spectrometer product line."
Subject to the satisfaction of customary closing conditions, including the
approval by the Astrotech Corporation shareholders, the transaction is
expected to close in the third quarter of 2014. Upon closing, ASO will be
operated as a wholly-owned subsidiary of Lockheed Martin and managed by the
corporation's Space Systems business area.
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. 1^st Detect Corporation is developing what we believe is a breakthrough
miniaturized mass spectrometer, the MMS-1000™, while Astrogenetix, Inc. is a
biotechnology company utilizing microgravity as a research platform for drug
discovery and development.
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 Astrotech'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. Astrotech assumes no obligation to update these
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