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|
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