Astrotech Completes Internal Reorganization to Own 100% of Subsidiary Equity
AUSTIN, Texas, June 11, 2014 (GLOBE NEWSWIRE) -- 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 1^st Detect Corporation ("1^st 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 1^st Detect and Astrogenetix, respectively.
In connection with the Annual Shareholders Meeting scheduled for June 26^th,
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. 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: FOR MORE INFORMATION:
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