ASTROTECH CORPORATION SETTLES WITH FORMER CFO
Austin, TX (April 30, 2014) -
ASTROTECH CORPORATION, (NASDAQ: ASTC), a leading provider of commercial space services, announced today that it has resolved all claims asserted by John Porter, former Chief Financial Officer ("CFO ") of the Company.
On February 25th, 2014, the company reported that the Derivative Lawsuit, which Porter had asserted allegedly in a representative capacity, was dismissed. Astrotech denied any claims that were asserted in the Employment and Derivative Lawsuits. The company has reached a settlement of all claims asserted by Porter in the Employment lawsuit bringing a close to the proceedings.
"The Board is pleased to have this behind us," stated Thomas B. Pickens III, Chairman and Chief Executive Officer of Astrotech Corporation. "While we vehemently deny any claims by Mr. Porter, a settlement was in the best interest of the company and its shareholders given the costs associated with protracted litigation.”
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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