ASTROTECH INTERNATIONAL CORPORATION ANNOUNCES ACQUISITION OF TEXOMA TANK COMPANY, INC.
ASTROTECH INTERNATIONAL CORPORATION ANNOUNCES ACQUISITION OF TEXOMA TANK COMPANY, INC. PITTSBURGH, Jan. 17 /PRNewswire/ -- S. Kent Rockwell, Chairman and Chief Executive Officer of Astrotech International Corporation, (AMEX: AIX) today announced that Astrotech has completed the purchase of Texoma Tank Company, Inc. Texoma Tank Company, headquartered in Houston, Texas, leases mobile storage tanks used for the storage of fluids and wastes at refineries and petrochemical facilities, located primarily in Texas, Louisiana and Arkansas. Astrotech provides specialized construction services and related products for the maintenance or modification of large aboveground storage tanks for petroleum products at refineries, storage terminals and pipeline facilities. These services and products enable its customers to comply with increasingly stringent environmental regulations and to improve operating efficiencies. Astrotech's common stock, $1.20 cumulative convertible preferred stock and warrants currently trade on the American Stock Exchange under the symbols AIX, AIXpf and AIXws, respectively. Each outstanding share of preferred stock is entitled to an annual dividend of $1.20 payable quarterly, and is convertible, at the option of the holder, into shares of common stock during two remaining semiannual periods of five days each ending March 31 and September 30, 1992. On October 31, 1992, each share of preferred stock not previously converted into common stock will automatically be converted into 4.70 shares of common stock. -0- 1/17/92 /CONTACT: Raymond T. Royko, Vice President and Secretary of Astrotech International, 412-391-1896/ (AIX) CO: Astrotech International Corporation ST: Pennsylvania IN: OIL SU:
JT -- PG011 -- 0979 01/17/92 12:15 EST
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|Date:||Jan 17, 1992|
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