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Martek Reorganizes Sales DivisionMartek Reorganizes Sales Division

August 26, 2002

1 Min Read
Martek Reorganizes Sales Division

Martek Reorganizes Sales Division

COLUMBIA, Md.--Martek Biosciences Corp. consolidated all salesactivities for the food and beverage industry into its headquarters here. JerryKeller, senior vice president of sales and marketing, will be responsible forall Martek sales and marketing activities. Approximately 10 corporate/consultantpositions will be eliminated, including that of Mark Braman, executive vicepresident and head of sales to the food/beverage industry.

Martek (www.martekbio.com) expects torecord a one-time charge of approximately $1.5 million in the third quarter(ending July 31) to account for severance and other costs associated with therestructuring. While projected revenues for the quarter are expected to be closeto $14 million, net losses should reach almost $4 million, which includes the$1.5 million charge.

Also, because of the restructuring, Martek revised its purchase priceprovisions for its OmegaTech acquisition, completed in April 2002. Thecontingent share portion of the purchase price that is tied to net sales andgross profit objectives over the next 24 months has been extended by six months.

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