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Martek Announces Fourth Quarter and FY 2007 Financial Results

had entered into a worldwide

distributorship agreement for Martek's DHA Gold(R) animal feed product

with Novus International, Inc, an affiliate of Mitsui and Co., Ltd. and

Nippon Soda Co., Ltd. Martek will serve as Novus's sole source

supplier of DHA for all of its poultry and swine feed and enrichment

products. All Novus products containing DHA Gold(R) will display the

DHA Gold(R) trademark. Martek's DHA Gold(R) biomass animal feed

ingredient is a dried, whole-cell algae product used to provide DHA

enrichment for commercially raised animals. Novus International, Inc.

is an industry leader in animal nutrition and health.

-- Settlement of OmegaTech Milestone Litigation -- In October 2007, Martek

announced that it had reached a settlement with the representative of

the former stockholders of OmegaTech in the ongoing litigation

regarding the disputed contingent consideration associated with certain

milestones included in the April 2002 merger agreement. In connection

with the settlement, Martek is issuing 340,946 shares of Martek common

stock to the former stockholders of OmegaTech. As part of the

settlement, the litigation has been dismissed and Martek received a

full release and discharge from any and all future claims by former

stockholders of OmegaTech. The settlement eliminates the potential for

any additional shares to be issued to the former OmegaTech

stockholders. The shares being issued to the former OmegaTech

securities holders resulted in the recognition of approximately $10

million of additional purchase price consideration which has been

recorded as goodwill by Martek.

-- Settlement of Securities Class Action Litigation -- In December 2007,

Martek announced that it had entered into a tentative settlement of all


SOURCE Martek Biosciences Corporation
Copyright©2007 PR Newswire.
All rights reserved

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