Total Consideration Amounts to $61.0 million
Astrotech Corporation (NASDAQ:ASTC) received an indemnity payment of
$6.1 million on February 25, 2016, which was held in escrow until the
18-month anniversary of the sale of its Astrotech Space Operations (ASO)
business unit to a wholly-owned subsidiary of Lockheed Martin
Corporation in August 2014. As of February 25, 2016, Astrotech received
a total of $61 million for the sale of the ASO business. No claims were
asserted against the indemnity escrow account, and all monies held in
escrow related to the sale by Astrotech of the ASO business have been
paid to Astrotech.
“This payment is the final installment of the sale of ASO and was a
holdback required by the buyer should any unforeseen charges and
expenses be identified after the conclusion of the sale. Both Astrotech
and Lockheed Martin have worked very diligently and successfully in
handing-over the operations and accounting of the ASO business unit, and
this payment represents a very smooth transition and a satisfied
customer,” stated Thomas B. Pickens III, Chairman and Chief Executive
Officer of Astrotech Corporation. “We have now redefined Astrotech as a
business accelerator that is successfully identifying and monetizing
opportunities. Our other business units are on-track in both their value
development and monetization strategies.
“1st Detect is redefining the chemical detection marketplace by
improving the performance of explosive and chemical weapon detection
instruments while improving the throughput and efficiency of industrial
processing. 1st Detect announced last year being selected under the JPM
NBC CA (Joint Program Manager for Nuclear, Biological and Chemical
Contamination Avoidance) program with Battelle. We are currently in the
development cycle of this program and continue to meet all deliverable
and performance requirements.
“Astral Images is commercializing identified government funded satellite
image correction technologies and, in March 2015, we acquired film
correction software first developed by IBM and Kodak. Astral Images
recently completed a contract with a large post-production house and is
in discussions with additional leading studios and museum archives.
Additionally, Astral is now finalizing the development of our new high
dynamic range technology that inexpensively delivers a digital to HDR
standard recently published by the Ultra High Definition Alliance.
“The Astrogenetix unit continues to pursue an investigational new drug
application with the Food and Drug Administration for Salmonella
in conjunction with NASA,” Pickens concluded.
About Astrotech Corporation
Astrotech Corporation (NASDAQ:ASTC) identifies and commercializes
emerging disruptive technologies through its closely held subsidiaries.
Management sources investment opportunities from various government
laboratories, agencies, universities, and corporations, as well as
through its own internal research. Sourced from Oak Ridge Laboratory’s
chemical analyzer research, 1st Detect
develops, manufactures, and sells chemical analyzers that streamline
processes for industrial use in the airport security, food and beverage,
semiconductor, pharmaceutical, research and environmental markets, and
the military. Sourced from decades of image research from the
laboratories of IBM and Kodak combined with classified satellite
technology from government laboratories, Astral Images sells film
to digital image enhancement, defect removal and color correction
software, and post processing services providing economically feasible
conversion of television and feature 35mm and 16mm films to the new 4K
ultra-high definition (UHD), high-dynamic range (HDR) format necessary
for the new generation of digital distribution. Sourced from NASA’s
extensive microgravity research, Astrogenetix is applying a
fast-track on-orbit discovery platform using the International Space
Station to develop vaccines and other therapeutics. Demonstrating its
entrepreneurial strategy, Astrotech management sold its state-of-the-art
satellite servicing operations to Lockheed Martin in August 2014.
Astrotech has operations throughout Texas and is headquartered in
Austin. For information, please visit www.astrotechcorp.com.
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, whether we can
successfully develop our proprietary technologies and whether the market
will accept our products and services, as well as other risk factors and
business considerations described in the Company’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. The Company assumes no obligation
to update these forward-looking statements.
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