SOURCE: Neptune Industries, Inc.

March 21, 2007 08:00 ET

Neptune Industries, Inc. Announces Successful Completion of Offering

BOCA RATON, FL -- (MARKET WIRE) -- March 21, 2007 -- Neptune Industries, Inc. (OTCBB: NPDI) announced today that it successfully closed its private debenture offering on March 19, 2007. The original $2,000,000 offering was over-subscribed to a total of $2,713,000 through Dawson James Securities, Inc. of Boca Raton, Florida.

Mr. Sal Cherch, Chief Operating Officer, stated, "We are grateful that there was so much interest in our Company to warrant the over-subscription of this offering. The successful conclusion of this offering provides Neptune with sufficient funding to complete final testing, and initial marketing of its patent-pending Aqua Sphere™ technology. This funding will also enable us to expand operations of our Blue Heron Aqua Farms site, and continue our work with Mississippi State University on development of our patent-pending Ento-Protein™ diet. We are extremely pleased to have worked with Dawson James in this effort and look forward to a continuing relationship."

Based in Boca Raton, Florida, Neptune Industries, Inc. has developed a scalable, modular aquaculture technology called Aqua-Sphere™ and Aqua-Cell™ that successfully addresses the environmental concerns of most aquaculture operations by controlling and recycling all waste products, while ensuring 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 Aqua-Sphere™ System technology are intended to target the organic market as soon as organic certification of farm-raised seafood becomes available. The Company is also in development of an advanced dietary nutritional component called Ento-Protein™. Ento-Protein™ is a high quality sustainable protein derived from insects, and is intended to be a replacement for the scarce fish meal now used in fish and animal diets. For further information, please visit the Company's website at:

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.

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