ASTROTECH INTERNATIONAL CORPORATION REACHES AGREEMENT TO PURCHASE TEXOMA TANK COMPANY, INC.
ASTROTECH INTERNATIONAL CORPORATION REACHES AGREEMENT TO PURCHASE TEXOMA TANK COMPANY, INC. PITTSBURGH, Dec. 16 /PRNewswire/ -- S. Kent Rockwell, Chairman and Chief Executive Officer of Astrotech International Corporation (AMEX: AIX), today announced that Astrotech has signed an agreement to purchase Texoma Tank Company, Inc., a privately held company located in Houston, Texas. It is expected that, subject to satisfaction of several remaining conditions, consummation of the transaction will occur on or about January 17, 1992. Texoma Tank Company, Inc., presently manufactures and leases mobile aboveground storage tanks used for the storage of fluids and wastes at refineries and petrochemical facilities, as well as environmental waste storage at petrochemical sites located primarily in Texas, Louisiana and Arkansas. Mr. Rockwell said that "the existence of our regional structure and operating facilities create a natural advantage for the marketing and logistics of these portable tanks. Texoma Tank Company will augment our operations by enabling us to offer additional services and equipment to the aboveground storage tank industry." 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, 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- 12/16/91 /CONTACT: Raymond T. Royko, vice president and secretary of Astrotech, 412-391-1896/ (AIX) CO: Astrotech International Corporation; Texoma Tank Company, Inc. ST: Pennsylvania, Texas IN: OIL SU: TNM
DM -- PG005 -- 2414 12/16/91 10:02 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 16, 1991|
|Previous Article:||GRANDMET ACQUIRES PREMIUM GOURMET SOUP BUSINESS FURTHER STRENGTHENING ITS POSITION IN GROWING GERMAN MARKET|
|Next Article:||PENNSYLVANIA TURNPIKE COMMISSION AND LIQUOR CONTROL BOARD WORK TOGETHER TO DETER DRINKING AND DRIVING|