SOURCE: Neptune Industries, Inc.

June 21, 2005 12:01 ET

Neptune Industries, Inc. Announces $900,000 Reduction of Debt

BOCA RATON, FL -- (MARKET WIRE) -- June 21, 2005 -- Neptune Industries, Inc. (OTC: NPDI), (formerly OTC: NPNI), announced today its key executives have agreed to convert over $900,000 in salaries, notes, and expenses accrued over the past five years into preferred stock. The Company said that Ernest D. Papadoyianis, CEO, and Xavier T. Cherch, COO, accepted a stock exchange plan proposed by the Board of Directors and approved by shareholders.

According to Robert Hipple, Neptune's Chief Financial Officer, "The transaction reduces the Company's outstanding debt from approximately $1,450,000 to approximately $500,000 and reflects the deep commitment of this management team to the future of Neptune Industries and to its shareholders. The move will improve the Balance Sheet prior to the Company listing on the Over The Counter Bulletin Board as a fully reporting corporation."

Based in Boca Raton, Florida, Neptune Industries, Inc. is developing a scalable modular aquaculture technology called SAFE that successfully addresses concerns for a safe environment and for the highest quality fish at an affordable price. The company currently operates the Blue Heron Aqua Farm in Florida City, FL and is a leading producer of hybrid striped bass, which it markets internationally as Everglades Striped Bass.

For further information, please visit the Company's website at: www.neptuneindustries.net

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.

Contact Information

  • Contact:

    Sal Cherch
    561-638-5974 or

    Investor Relations:
    Jack Eversull
    Email Contact
    972-991-1672