TEXAS COURT OF APPEALS DISMISSES LAWSUIT BY FORMER CFO
Austin, TX (February 25, 2014) -
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 business unit serves our government and commercial satellite and spacecraft customers with pre-launch services on the eastern and western range. 1st Detect Corporation has developed a breakthrough miniature mass spectrometer, 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 forward-looking statements.
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