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8-K - FORM 8-K - ASTROTECH Corp | c07226e8vk.htm |
EX-10.1 - EXHIBIT 10.1 - ASTROTECH Corp | c07226exv10w1.htm |
Exhibit 99.1
Astrotech Corporation 401 Congress, Suite 1650 Austin, Texas 512.485.9530 fax: 512.485.9531 www.astrotechcorp.com |
FOR IMMEDIATE RELEASE
ASTROTECH ENTERS INTO $10.0 MILLION LOAN AGREEMENT
$5.1 Million of Senior Subordinated Notes Paid at Maturity
$5.1 Million of Senior Subordinated Notes Paid at Maturity
Austin, Texas, October 26, 2010 Astrotech Corporation (NASDAQ: ASTC) (the Company), a leading
provider of commercial aerospace services, today announced that Astrotech Space Operations, Inc.
(ASO), its wholly-owned subsidiary, entered into a loan agreement on October 21, 2010 with
American Bank, N.A. that allows ASO to borrow up to $10.0 million. The proceeds will be used to
pay off existing commercial debt and fund future working capital needs.
The loan agreement includes a $7.0 million term loan and a $3.0 million revolving credit facility,
both at floating rates of bank prime plus 0.25% (with a 4.00% floor). ASO is required to make
monthly principal and interest payments on the term loan, with the remaining principal due on
October 21, 2015. The revolving credit facility is payable to ASO in multiple advances not to
exceed $3.0 million, based on eligible accounts receivable, and expires on October 21, 2012. No
funds have been drawn on the revolving credit facility to date.
Additionally, the Company announced that it has paid off the $5.1 million of its senior convertible
notes which matured on October 15, 2010.
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) 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 chemical detector, 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, the ability to expand ASO, product
performance and market acceptance of products and services, as well as other risk factors and
business considerations described in the Companys 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.
FOR MORE INFORMATION:
Scott Haywood
Corporate Marketing and Communications
Astrotech Corporation
512.485.9520
shaywood@astrotechcorp.com
Scott Haywood
Corporate Marketing and Communications
Astrotech Corporation
512.485.9520
shaywood@astrotechcorp.com
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