AUSTIN, Texas, Feb. 25, 2014 (GLOBE NEWSWIRE) -- 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 (ASO) has been a global satellite processing leader since 1981. With more than 300 successful spacecraft missions to date, Astrotech continues to provide adaptable and flexible services for its government and commercial customers. Astrotech Space Operations provides all support necessary for successful spacecraft processing to prepare for launch on a variety of domestic and foreign launch vehicles. Spacecraft undergo pre-launch hardware integration and testing, satellite encapsulation, and fueling before transport to the pad. Astrotech Space Operations business unit serves our satellite and spacecraft customers with pre-launch services on the Eastern (Kennedy Space Center) and Western (Vandenberg Air Force Base) Ranges. 1st 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: Joshua Elbaum Astrotech Corporation 512.485.9530