Mr. Robert Hipple, CFO and corporate counsel, said: "In 1998 the Company's founders, Mr. Ernest Papadoyianis, CEO, and Mr. X.T. 'Sal' Cherch, COO, entered into an agreement with Neptune granting the company the exclusive product rights to the Aqua-Sphere® technology for the North American aquaculture industry.
"During the past several years it has become evident that this technology, originally intended for use by the company in its own production facilities, has significant worldwide appeal and demand.
"This new agreement now enables the company to develop, manufacture, market, re-design and license others to use the technology, and to develop and market products using the technology, in whatever manner it may choose in the worldwide aquaculture market.
"Neptune is already in licensing discussions for Aqua-Sphere's® use with organizations outside of North America.
"The timing of this agreement places Neptune in a position to quickly capitalize on extraordinary market potential in the aquaculture industry, which is aggressively seeking new technology to satisfy the world's growing population."
Aqua-Sphere® is a closed containment system which successfully addresses the concerns of many environmentalists and aquaculture operations by controlling and recycling all waste products, while insuring the production of the highest quality fish at an affordable price.
Aqua-Sphere® also enables the production of organic herbs and vegetables, algae for bio-diesel fuels, methane gas to power on site equipment and fertilizers for sale to others, all using the fish waste products.
Based in Boca Raton, Florida, Neptune Industries, Inc. has also developed and is preparing to introduce "Ento-Protein®" which is a high protein fishmeal replacement derived from the controlled, mass production of select insect species, for use in fish and livestock diets.
The percentage of fishmeal used in fish and animal feed has declined due to diminishing supplies from wild sources. The company also currently operates Blue Heron Aquaculture, Inc. in Florida City, FL and is a leading producer of hybrid striped bass, which it markets internationally as Everglades Striped BassTM.
The company's current production at its Blue Heron farm, and future production with Aqua-SphereTM system technology are intended to target the organic market once such certification is available. For further information, please visit the Company's website at: www.neptuneindustries.net.
Neptune Industries Acquires Aqua Sphere
US - Neptune Industries is to acquire aquaculture technology company Aqua-Sphere from the company's two founders and principal officers, the original inventors of the technology.