Neptune Industries, Inc. (OTCBB: NPDI), aworld leader in the development of sustainable solutions for aquaculture,headquartered here, said today it has received a Letter of Intent topurchase over 40 tons per month of its Ento-Protein(TM), an insect-basedalternative to fishmeal, from Zeigler Bros, Inc. of Gardners, PA.
Ento-Protein(TM) is a high quality sustainable protein derived frominsects, which is intended to be a replacement for the rapidly depletingfishmeal made from wild caught feedstock species, for which there iscurrently a $7 billion worldwide market. Founded in 1935, privately heldZiegler Bros is a leading manufacturer of high quality animal feeds.Ziegler was the first to manufacture feeds for aquaculture in 1955, thefirst to commercialize a stable form of vitamin C in 1988, and mostrecently the first developer of aquatic diets for use in biomedicalresearch.
Neptune plans on opening the first of its production facilities in late2008. Deliveries are expected to begin by the end of this calendar year,following the establishment of pilot operations.
Neptune CEO Ernest D. Papadoyianis characterized the Ziegler LOI as a"major step forward" for achieving product launch of Ento-Protein by theend of this year. He said, "The reception Neptune has received from aroundthe world since introducing the product is extremely encouraging. Severalother major feed producers have already requested samples and we expectmore letters of intent to be forthcoming."
Papadoyianis said that recently issued guidelines and recommendations bythe USDA Panel on organic standards for seafood, "Make me quite optimisticthat standards will be promulgated for organic fishmeal. As the 'firstmover' in this new product category, we have every reason to believe thatEnto-Protein will then qualify for an organic designation."
The company began a research and testing program for Ento-Protein withMississippi State University in 2007, and recently completed the thirdstage of validation trials. The company filed a provisional process patentin the Production and Processing of Select Insects into Protein Meal forFish and Animal Diets in February 2006.
About Neptune Industries
Neptune Industries is a technology company which from inception has beencommitted to achieving sustainable, eco-friendly aquaculture by innovatingand pioneering a "total and comprehensive integrated systems solution"approach to the mission critical challenges facing the Aquaculture Industrytoday.
