COLUMBIA, Md., Sept. 25 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation announced today that Joe Buron will join the company in November 2006 as Vice President of Sales and Marketing. Mr. Buron has an extensive background in sales and marketing in the food and beverage industry gained from a 20-year career at The Hershey Company. As Martek’s Vice President of Sales and Marketing, Mr. Buron will be responsible for the Company’s food and beverage efforts.
“We welcome Joe to Martek. His knowledge and experience will provide Martek with senior-level industry experience to further our sales efforts in the food and beverage sector,” said Steve Dubin, Chief Executive Officer of Martek Biosciences.
In addition, title changes have been made to more accurately reflect Martek’s current corporate structure. The changes follow recent developments at the company, including Steve Dubin assuming the role of CEO after the retirement of former CEO Pete Linsert on June 30, 2006, and the increasing growth of the company. The following members of the executive team, who will continue to report directly to Mr. Dubin, will now assume the following titles:
* David Abramson has been named President to more accurately reflect his current role which includes responsibility for all commercial activities. His former title was Senior Vice President for Corporate Development. * Pete Buzy has been named Executive Vice President for Finance and Administration in addition to his current titles as Chief Financial Officer and Treasurer to more accurately reflect his current responsibilities for all finance and administrative activities of the Company. * Peter Nitze has been named Executive Vice President in addition to his current title as Chief Operating Officer to more accurately reflect his current responsibilities for all research, development and operations of the company.
Martek also announced today that, at its meeting on September 21, 2006, the company’s Board of Directors adopted bylaw amendments that provide that directors in uncontested elections will be elected by majority vote of stockholders, rather than the previous plurality vote standard. The changes to director elections will apply to the Company’s next annual meeting to be held in March 2007. The change was made to show the strong commitment of Martek’s board to the principles of sound corporate governance and adherence to recent best practices.
Martek Biosciences Corporation is a leader in the innovation and development of DHA Omega-3 products that promote health and wellness through every stage of life. The Company produces life’sDHA(TM), a vegetarian source of the omega-3 fatty acid DHA (docosahexaenoic acid), for use in foods and beverages, infant formula, and supplements, and ARA (arachidonic acid), an omega-6 fatty acid, for use in infant formula. For more information on Martek Biosciences, visit http://www.martek.com.
Sections of this release contain forward-looking statements concerning, among other things, expectations regarding personnel changes and corporate governance actions. These statements are based upon numerous assumptions which Martek cannot control and involve risks and uncertainties that could cause actual results to differ. These statements should be understood in light of the risk factors set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, Part II, Item 1A of the Company’s Form 10-Q for the fiscal quarter ended July 31, 2006 and other filed reports on Form 10-K, Form 10-K/A, Form 10-Q and Form 8-K.
CONTACT: Cassie France-Kelly, Public Relations, +1-443-542-2116, media@martek.com, or Kyle Stults, Investor Relations, +1-410-740-0081, investors@martek.com, both of Martek Biosciences Corporation.
Martek Biosciences Corporation
CONTACT: Cassie France-Kelly, Public Relations, +1-443-542-2116,media@martek.com, or Kyle Stults, Investor Relations, +1-410-740-0081,investors@martek.com, both of Martek Biosciences Corporation
Web site: http://www.martek.com/
