Business Digest

BUSINESS DIGEST

October 07, 2004

In The Region

Columbia companies sign deal on exclusive use of bionutrients

Advanced BioNutrition Corp. of Columbia said yesterday that it has signed a deal with Martek Biosciences Corp., also of Columbia, for exclusive global rights to use Martek's nutrients as feed products for aquatic organisms.

The agreement also gives ABN the right to market those nutrients for use in products aimed at agricultural and performance animals, as well as for pets, the company said.

ABN said the agreement puts the company in position to move quickly into production of organic and cleaner animal feeds, including products that imbue fish raised on fish farms with the nutritional benefits of fish caught in the wild.

Home developer proposes 2nd Cumberland project

A developer who is nearing completion of Cumberland's first new apartment building in 35 years has announced plans to build 33 townhouses at another site in the city.

Kevin Bell of The Bell Group in Annapolis said the Decatur Street area, where his next project would go, is ripe for development. Bell and developer Brandon Reece would team up to build the project on the former Sacred Heart Hospital site. Bell said the homes would sell for $125,000 to $130,000.

Bell's first project is The Cascades, a 71-unit apartment building that he said will be ready for occupancy in January.

AmericasBank acquires uvm Mortgage Marketing

AmericasBank said yesterday that it has acquired uvm Mortgage Marketing Inc., a neighboring mortgage lender.

Towson-based AmericasBank said it will buy certain assets and assume some of uvm Mortgage's liabilities in exchange for cash and stock in AmericasBank Corp., the bank's parent.

Mortgage Marketing, which is also based in Towson, will operate as a division of AmericasBank focused on the Baltimore area.

Columbia Bancorp names Winn to board of directors

Columbia Bancorp's board of directors elected James J. Winn Jr. to the board yesterday.

Winn, who retired in June as a partner from the law firm of Piper Rudnick LLP, will serve until the next annual meeting of shareholders, the Columbia banking company said in a filing with the Securities and Exchange Commission.

Columbia Bancorp, parent of Columbia Bank, had $1.13 billion in assets June 30.

Elsewhere

Grand jury indicts 8 former executives of Peregrine Systems

A federal grand jury has indicted eight former Peregrine Systems Inc. executives for allegedly taking part in a huge conspiracy that inflated the San Diego software company's earnings and resulted in losses amounting to billions of dollars, Justice Department officials said yesterday.

The indictment charged former Peregrine chief executive Stephen Parker Gardner and its former president and chief operating officer, Gary Lenz, along with former sales, finance and accounting executives at the firm, and a former Arthur Andersen LLP audit partner. Gardner and Lenz face related charges from the SEC. A former outside auditor for Peregrine and two former business partners also were indicted.

Engineers at US Airways vote to cut pay, benefits

US Airways Group Inc.'s 24 flight-simulator engineers approved a plan yesterday to cut pay and benefits by $500,000 a year, part of $950 million in worker concessions the carrier is seeking under bankruptcy protection.

The engineers, represented by Transport Workers Union Local 546, voted 97 percent in favor of the accord, the airline said. Two other Transport Workers groups representing 216 crew trainers and flight dispatchers have approved concessions.

This column was compiled from reports by Sun staff writers, the Associated Press and Bloomberg News.

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