March 22, 2007

US-based Neptune Industries raises US$2.7 million with its new aqua technology

Florida-based seafood company Neptune Industries, Inc. has raised US$2.7 million in its private debenture offering, US$700,000 more than it expected.

Neptune is raising funds to complete final testing, and initial marketing of its patent-pending Aqua Sphere technology.

The funds would also help expand operations of the company's Blue Heron Aqua Farms site and develop its patent-pending Ento-Protein diet, a sustainable protein derived from insects to replace fishmeal.

Based in Boca Raton, Florida, Neptune Industries, Inc. has developed a scalable, modular aquaculture technology called Aqua-Sphere and Aqua-Cell which is targeted at environmentally friendly aquaculture production.

The Company currently operates the Blue Heron Aqua Farms in Florida City and is a leading producer of hybrid striped bass.

The Company's current and future production, the latter using its new technology, would target the organic market as soon as organic certification of farm-raised seafood becomes available.