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Neptune Industries, Inc. Announces Formation of Canadian Subsidiary

CANADA - Neptune Industries, Inc. (OTCBB: NPDI) has announced that it has formed a Canadian subsidiary, Aqua Biologics of Canada, Ltd. which will be headquartered in British Columbia. The new subsidiary intends to establish coldwater pilot operations with its eco-friendly, closed containment system, Aqua-Sphere. British Columbia's salmon farming industry, estimated at close to $500 million/year, is being urged to transition from open net-cages to closed containment systems such as the Aqua-Sphere.

Mr. Ernest Papadoyianis, Chairman, stated, "Canada has been a major producer of coldwater seafood products for many years through its diversified fish and shellfish farming operations on both coastlines. New regulations have been proposed for future fish farming operations in British Columbia, which may significantly reduce or eliminate net pen operations, and transition them to closed containment systems. We believe our Aqua-Sphere™ technology can play a significant role in this transition, both economically and environmentally. Through our new Aqua Biologics Canada division, we look forward to working with the farmers and government to make the transition a successful one, as well as to expanding upon the existing industry."

Based in Boca Raton, Florida, Neptune Industries, Inc. has developed a scalable, modular aquaculture technology called Aqua-Sphere™ and Aqua-Cell™ that successfully address 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.

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