SOURCE: Neptune Industries Inc.

June 22, 2006 11:58 ET

Neptune Industries, Inc. Announces Escrow Release in Current Offering

BOCA RATON, FL -- (MARKET WIRE) -- June 22, 2006 -- Neptune Industries, Inc. (OTCBB: NPDI), announced today that it has met the initial minimum investment amount in its Convertible Debenture offering, currently being offered through Dawson James Securities, Inc. The remainder of the $2,000,000 offering is anticipated to be completed over the next 30 days.

Ernest Papadoyianis, President, of Neptune stated, "We are very encouraged that Dawson James was able to raise the initial funds to open the escrow so quickly. We have been assured that the balance of the offering should be placed over the next 30 days. Proceeds from this offering will be immediately utilized in bringing the S.A.F.E.™ technology to a market-ready status; expanding our existing operations to double our fish production; and utilizing the completed S.A.F.E.™ System to develop the first of six quarry aqua-farms in South Florida. Once the S.A.F.E.™ System has been fully tested and implemented, we intend to produce fish that are able to meet any organic production requirements that are established for the seafood industry, and in an environmentally friendly process."

Based in Boca Raton, Florida, Neptune Industries, Inc. has developed a scalable, modular aquaculture technology called S.A.F.E.™ that successfully addresses the environmental concerns of most aquaculture operations by controlling and recycling all waste products, while insuring the production of the highest quality fish at an affordable price. The company currently operates the Blue Heron Aqua Farms in Florida City, FL and is a leading producer of hybrid striped bass, which it markets internationally as Everglades Striped Bass™. The company's current production at its Blue Heron farm, and future production with S.A.F.E.™ System technology are intended to target the organic market once such certification is available. S.A.F.E.™

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