AUSTIN, Texas, April 30, 2014 (GLOBE NEWSWIRE) -- 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 ASO business unit serves our government and commercial satellite and spacecraft customers with pre-launch services on the eastern and western range. 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.