Neptune is Actively Working on Action Plan; Sets Up Special Victims' Fund
LAVAL, Quebec, Nov. 16, 2012 (GLOBE NEWSWIRE) -- Neptune Technologies &
Bioressources Inc. ("Neptune") (Nasdaq:NEPT) (TSX:NTB) wishes to provide an
update to the market, one week after the incident that occurred at its
production plant located in Sherbrooke, Québec.
Neptune is actively working on its action plan going forward to ultimately
allow it to resume production and meet client demands. The development of such
plan is by nature multi-faceted. Neptune is seeking to announce its plan
within the best possible delays, while also aiming to put forward a plan that
is as comprehensive as possible in the circumstances with respect to its
future operations. Neptune's plan will also need to be reviewed prior to its
announcement by the NASDAQ Stock Market ("NASDAQ") and the Toronto Stock
Exchange (the "TSX").
As announced earlier this week at a press conference with the Québec media,
Neptune is also setting up a special victims' fund. Such fund will provide
assistance for the employees and families most affected by the incident.
As previously indicated, trading of Neptune's common shares on NASDAQ and the
TSX has currently been halted indefinitely, pending further information. A
trading halt is imposed at the discretion of the stock exchanges (or their
regulatory arms), and lifting of a trading halt is equally subject to their
discretion. Neptune currently anticipates that the trading halt on its common
shares will not be lifted until such time when additional information is
disclosed on Neptune's future plans and NASDAQ and the TSX are satisfied that
investors have sufficient information to make an informed investment decision.
About Neptune Technologies & Bioressources Inc.
Neptune is a biotechnology company engaged primarily in the development,
manufacture and commercialization of marine-derived omega-3 polyunsaturated
fatty acids, or PUFAs. Neptune produces omega-3 PUFAs through its patented
process of extracting oils from Antarctic krill, which omega-3 PUFAs are then
principally sold as bulk oil to Neptune's distributors who commercialize them
under their private label primarily in the U.S., European and Australian
nutraceutical markets. Neptune's lead products, Neptune Krill Oil (NKO®) and
ECOKRILL Oil (EKO™), generally come in capsule form and serve as a dietary
supplement to consumers.
Through its subsidiaries Acasti Pharma Inc. ("Acasti") (TSXV: APO) and
NeuroBioPharm Inc. ("NeuroBio"), in which Neptune respectively holds 57% and
96% of the voting rights, Neptune is also pursuing opportunities in the
medical food and prescription drug markets. Acasti and NeuroBio respectively
focus on the research and development of safe and therapeutically effective
compounds for highly prevalent atherosclerotic conditions, such as
cardiometabolic disorders and cardiovascular diseases, and for
neurodegenerative and inflammation related conditions. Acasti's lead
prescription drug candidate is CaPre®, a purified high omega-3 phospholipid
concentrate derived from Neptune krill oil being developed to address the
prevention and treatment of cardiometabolic disorders, including
hypertriglyceridemia, which is characterized by abnormally high levels of
Forward Looking Statements
Certain statements included in this press release may be considered
forward-looking information within the meaning of Canadian securities laws and
forward-looking statements within the meaning of U.S. federal securities laws,
both of which we refer to as forward-looking statements. Such statements
involve known and unknown risks, uncertainties and other factors that may
cause results, performance or achievements to be materially different from
those implied by such statements, and therefore these statements should not be
read as guarantees of future performance or results. All forward-looking
statements are based on Neptune's current beliefs as well as assumptions made
by and information currently available to Neptune and relate to, among other
things, Neptune's intention to resume production in the future, extent of
insurance coverage relating to the tragedy, strategy, strategic goals,
research and development activities, research and clinical testing outcome,
future operations, future financial position, future revenues/results,
projected costs, prospects and plans and objectives of management.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Due to
risks and uncertainties, including the risks and uncertainties identified by
Neptune in its amended and restated annual information form dated September
11, 2012 and in its public securities filings available at www.sedar.com and
www.sec.gov/edgar.shtml, actual events may differ materially from current
expectations. Except as required by law, Neptune disclaims any intention or
obligation to update or revise any forward-looking statements.
CONTACT: Neptune Contact:
Neptune Technologies & Bioressources Inc.
Andre Godin, CFO
Howard Group Contact:
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