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Biotech / Medical : New Brunswick Scientific Co., Inc. (NBSC) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (121)	8/10/2000 5:44:24 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 724

the write-down....... As previously described in the Company's Annual Report on Form 10-K and quarterly reports, the Chief Executive Officer of Organica, Inc. left in the Spring of 1999, after which operations were consolidated at its Pennsylvania production facility. There are continuing uncertainties as to the future direction of Organica and it has continued to generate net losses. As a result of recent developments, Organica has lost one of its key employees and part of its customer base and faces the possible departure of another key employee. Consequently, management has concluded that a significant writedown of the Company's investment in Organica was warranted. Accordingly, in the second quarter, the Company recorded an $800,000 writedown to reduce its minority investment to a book value of $150,000. Organica is involved in evaluating certain strategic alternatives which, based on the information presently available, management believes will enable the Company to recover its remaining investment.