In the Region RailWorks shares can keep their Nasdaq...

BUSINESS DIGEST

May 22, 2001

In the Region

RailWorks shares can keep their Nasdaq listing

RailWorks Corp.'s shares will continue to be traded on the Nasdaq stock market, as a result of new listing standards being implemented by market officials in a pilot program.

The Baltimore County-based rail construction and services company had been told by market officials in March that it would need to achieve a minimum bid price of $5 per share by May 18 or face losing its Nasdaq listing. On May 4, the company's shareholders approved a reverse stock split in hopes of raising the company's share price.

The new market standards ease the minimum bid price requirement, allowing company officials to cancel plans for the reverse split, John Larkin, RailWorks' chief executive, said yesterday.

2012 Olympics group settles with Ganzi

The Washington-Baltimore Regional 2012 Coalition has reached a settlement with Elizabeth Ganzi and her Greater Washington Exploratory Committee regarding the region's bid to play host to the 2012 Olympic Games.

In a lawsuit filed in 1999, Ganzi sought compensation for the role she played in initiating Washington's effort to be one of the U.S. cities bidding for the games. Since her initial work, Washington and Baltimore have joined forces, and the coalition has headed the campaign. Terms of the settlement were not disclosed.

Guilford receives patent on Aquavan

Guilford Pharmaceuticals Inc. said yesterday that the U.S. Patent and Trademark Office issued a patent covering the company's Aquavan injection.

Aquavan, which recently completed Phase I clinical testing in Europe, could be used in hospitals and out-patient offices to anesthetize patients during surgery or keep them sedated, with fewer side effects, during medical procedures.

Aquavan is rapidly converted in the body into propofol, the most widely used general anesthetic in the world. Guilford said Phase Two studies of Aquavan are expected to begin later in the year.

Cresco, ATNET merge under former's name

Cresco Technologies Inc of Towson and ATNET Solutions Inc. of Bel Air, two small information-technology companies, have merged. The new company, with about 15 employees, will operate under the Cresco name in offices in Radio Park on East Joppa Road in Towson.

The merger came after discussions between Scott Willard, who will remain chief executive officer of Cresco, and Sean Dowling, CEO of ATNET. Dowling will become vice president of network services for Cresco.

Cresco, founded in 1998, specializes in Web design and development. ATNET, founded in 1994, concentrated on information-technology staffing and network integration systems.

Blakeslee lands new Dentsply account

Baltimore-based Blakeslee Group has been named agency of record for Dentsply Pharmaceutical, a new division of Dentsply International Inc., which is one of the world's oldest and largest suppliers of products and services to the international dental profession industry.

The new division, based in York, Pa., was formed as a result of Dentsply's acquisition of AstraZeneca local dental anesthetic division. Blakeslee also is agency of record for Dentsply International's Ceramco division. Billings for the new account were not disclosed.

Elsewhere

L. L. Bean goes out of the family for its new CEO

L. L. Bean Inc., the mail-order catalog giant known for its rubber-soled boots, plaid flannel shirts and easy return policy, said yesterday that it appointed a new chief executive to succeed Leon Gorman, who ran the family-owned business for more than 30 years.

The Freeport, Maine-based company elevated Chris McCormick to president and chief executive officer. A company veteran, McCormick, 45, is the first nonfamily member to run the 89-year-old company.

Gorman, 66, took over at L. L. Bean after his grandfather and company founder, Leon Leonwood Bean, died in 1967. During Gorman's tenure, L. L. Bean grew from four catalogs, one store and $5 million in annual sales to an international operation with $1.1 billion in annual sales.

Another fare raise spoiled by Northwest

A move by airlines to raise fares failed yesterday after No. 4 U.S. airline Northwest Airlines Corp., the habitual spoiler of such efforts, refused to play along.

America West Airlines, the No. 8 carrier, started late last week with a 5 percent increase on nondiscounted business fares and advance-purchase leisure fares, but rolled back its move yesterday.

At one point, all the major carriers other than Northwest had matched America West. American Airlines and Delta Air Lines Inc., the No. 1 and 3 U.S. carriers, respectively, pulled their increases after it was clear that Northwest was not going to participate.

Weyerhaeuser might raise bid for Willamette

Weyerhaeuser Co. said yesterday that it will consider raising its $5.5 billion offer for timber rival Willamette Industries.

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