ASTROTECH SIGNS LETTER OF INTENT TO ACQUIRE BROWN-MINNEAPOLIS TANK & FABRICATING CO.
PITTSBURGH, Oct. 25 /PRNewswire/ -- S. Kent Rockwell, Chairman and Chief Executive Officer of Astrotech International Corporation (AMEX: AIX) today announced that Astrotech has executed a letter of intent to acquire Brown-Minneapolis Tank & Fabricating Co., a privately held company headquartered in St. Paul, Minnesota. Brown-Minneapolis is a full-range designer, fabricator and field erector of steel structures including storage tanks, bins, stacks, vessels and shop-built tanks (both underground and aboveground). Brown-Minneapolis Tank is a nationally recognized leader in steel storage tank technology operating throughout the United States with facilities in St. Paul, Minnesota; Provo, Utah; Birmingham, Alabama and Port Allen, Louisiana. During each of the last two fiscal years, Brown-Minneapolis Tank had revenues in excess of $45 million. The purchase price for Brown-Minneapolis Tank will consist of a combination of cash, subordinated convertible debentures, Astrotech common stock and an earn-out arrangement. The consummation of the transaction is conditional upon, among other things, execution of a definitive stock purchase agreement, obtaining requisite acquisition financing and completion of due diligence investigations. Mr. Rockwell said that "the addition of Brown-Minneapolis Tank to the Astrotech portfolio will substantially enhance our corporate strategy of providing total aboveground storage tank products and services to the major oil companies worldwide. It will also provide access to new growth opportunities in water and waste water treatment markets. Brown-Minneapolis Tank has demonstrated the ability to sustain reasonable industry margins and profitability." Astrotech is a leading supplier of proprietary products and services for the inspection, maintenance and repair of large aboveground storage tanks located primarily at petroleum and petrochemical terminals, refineries and pipeline facilities. These products and services enable its customers to comply with increasingly stringent environmental regulations and to improve operating efficiencies. Astrotech's Common Stock and Warrants currently trade on the American Stock Exchange under the symbols AIX and AIXws, respectively. -0- 10/25/93 /CONTACT: Raymond T. Royko, Vice President and Secretary, of Astrotech, 412-391-1896/ (AIX)
CO: Astrotech International Corporation ST: Pennsylvania IN: OIL SU:
CD -- PG018 -- 6518 10/25/93 16:36 EDT
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|Date:||Oct 25, 1993|
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