On August 22, 2014, Astrotech Corporation, a Washington corporation (the “Company”), in connection with the closing of the transactions contemplated by the Asset Purchase Agreement (as defined and described below), entered into a Transition Services Agreement (the “TSA”) with Lockheed Martin Corporation, a Maryland corporation (“Lockheed Martin”) and Lockheed Martin’s wholly-owned subsidiary Elroy Acquisition Company, LLC, a Delaware limited liability company (“Buyer” and, together with Lockheed Martin, the “Buyer Companies”), pursuant to which the Company and Buyer agreed to provide the other party with certain services, including, among others, services related to benefits, human resources and payroll administration, cash management, financial statements and compliance, each of a type currently provided by or for the Company or the ASO Business (as defined below), as applicable, after the consummation of the Asset Sale (as defined below).
The Company has agreed to provide services to Buyer for a period of up to one year and Buyer has agreed to provide services to the Company for a period of up to six months. Each party has the option to extend the term of the services provided by the other party for a period of one year. Services provided pursuant to the TSA may be terminated by the party receiving such services on an individual basis upon 30 days’ notice to the providing party. The party receiving services shall pay the providing party, as consideration for such services, on a time and materials basis, fees based upon a set fringe rate and fee rate and the salary of the employee of the providing party who is providing such services.
Company collaborates with Battelle to improve current military chemical detection solutions
1st Detect, a subsidiary of Astrotech (Nasdaq:ASTC), announced today its breakthrough technology has reached a key milestone in the military’s test and evaluation process for Multi-Sample Identifier Detector (MSID) solutions, by being awarded one of the competitive prototype contracts for the Next Generation Chemical Detector (NGCD) program.
“1st Detect is well positioned to be rapidly matured into a tactical sensor solution for defense and security applications along with our strategic teammate, Battelle, the prime contractor,” said Thomas B. Pickens III, Chairman and CEO of Astrotech. Battelle brings 25 years of chemical and biological defense expertise. “We believe this collaboration, in alignment with government direction, will contribute to an accelerated development timeline for NGCD because the efficacy of product design iterations can be immediately vetted with actual chemical warfare agents,” he said.
“We are very excited about the award,” Pickens said. “1st Detect’s disruptive technology will allow us to provide our military with the proper technology needed to save lives.”
1st Detect Corporation has developed an instrument that revolutionizes the chemical detection and analysis market by delivering lab performance mass spectrometry in a small, affordable and easily portable package. The 1st Detect mass spectrometer is capable of detecting a wide variety of chemicals including residues and vapors from explosives, chemical warfare agents, toxic chemicals, food and beverage contaminants, and pollutants. These abilities make it an ideal tool for a variety of applications in the research, security, industrial, process flow and healthcare markets.
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