BlueOcean NutraSciences Inc.

BlueOcean NutraSciences Inc.

October 20, 2014 09:37 ET

BlueOcean and Neptune Sign Licensing Agreement

TORONTO, ONTARIO--(Marketwired - Oct. 20, 2014) - BlueOcean NutraSciences Inc. ("BlueOcean") (TSX VENTURE:BOC) announces the signing of an exclusive world-wide, royalty-bearing, non-transferable, License Agreement ("License") under Neptune's composition and extraction patents on the production and sale of marine derived oil products containing phospholipids. The License allows BlueOcean and its shrimp joint venture affiliate to produce and sell shrimp oil products extracted from three species of North Atlantic cold water shrimp (Pandalus borealis, Pandalus montagui, and Pandalus jordani) in the nutraceutical, dietary ingredients, natural health products, functional food and food supplements markets. The medical food, drugs and drug product markets are not included.

The commercial terms of the License include BlueOcean paying Neptune a minimum yearly cash royalty, and a royalty per unit of product sold. As well, an initial upfront payment will be made through the issuance of 3,750,000 shares of BlueOcean at a price of 0.20$ per share. Closing of the transaction is subject to the approval of the TSX Venture Exchange. The other financial terms of the license are confidential between the parties. Closing of the transaction is being done at arm's length. No finder's fee is being paid in connection with this transaction.

BlueOcean CEO, Gavin Bogle added, "Our shrimp oil product is innovative and targets the high value, high growth astaxanthin market. We are encouraged by Neptune's confidence in our product and Company, demonstrated by its willingness to receive the License upfront payment in equity. The global exclusive License also strengthens our market position by ensuring that our high astaxanthin and phospholipid shrimp oil is protected."

About BlueOcean NutraSciences Inc.

BlueOcean is a Canadian company that develops specialty oils using innovative product platforms targeted at the rapidly growing Health and Wellness and Animal Feed markets.

BlueOcean is developing three specialty oil products: AstaShrimp™, AlgaOmega™ and AstaTene™. BlueOcean owns 50% of the participating and voting rights in 70717 Newfoundland and Labrador Ltd, a joint venture with a major Atlantic Canada shrimp processor that provides the shrimp feedstock for the extraction of AstaShrimp™, and BlueOcean wholly owns its AlgaOmega product line.

The natural oils to be used in AstaShrimp™ contains very high levels of naturally occurring astaxanthin, phospholipids, and omega-3 EPA and DHA. AstaShrimp™ will be targeted at the high value and rapidly growing natural astaxanthin market which is expected to grow to over $700M by 2017.

Forward Looking Statements: BlueOcean

This news release may contain forward-looking statements that are based on BlueOcean's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Contact Information

  • Gavin Bogle

    Dil Vashi
    Manager Corporate Development