Neptune addresses USDA on alternative feeds

Neptune Industries, Inc. headquartered in Boca Raton, Florida announced today that its executive officers attended the USDA's Alternative Feeds Initiative in Silver Springs, Maryland yesterday to discuss the results of the second stage of the Company's research on Ento-Protein(TM). Ento-Protein(TM) is a high quality, sustainable protein derived from the controlled mass production of select insects.

The feasibility, taste acceptance, and growth analyses on fish fed Ento-Protein(TM) based diets are being undertaken and sponsored by Neptune at Mississippi State University. The Company anticipates that this research will set the stage for commercial entrance into the $7 billion dollar market for fishmeal.

The Company has said that previous results confirm the first mover status of Ento-Protein(TM) as a sustainable alternative to the harvesting of wild caught baitfish including anchovy, herring, and menhaden. These species and others are rapidly being depleted for feed not only for farm raised seafood, but chickens, hogs and other livestock. If an alternative such as Ento-Protein(TM) is not made available, it could have a serious affect on wild seafood stocks as well as fish farming.

The USDA is currently in the process of developing standards for U.S. organic seafood certification. Current recommendations will not allow fish to be certified organic that are fed diets including fishmeal, following a suggested Sunset provision for the progressive elimination of this ingredient.

According to Ernest D. Papadoyianis, Neptune President and CEO, "The purpose of these meetings was to gauge the current state of alternative feed research, and suggest priorities for future research funding initiatives, in an effort to accelerate the development of alternative feeds. Potential solutions were offered by those in attendance for replacing fishmeal in fish and animal diets. Break-out groups were formed to evaluate suggestions for funding by NOAA and the USDA. We are extremely encouraged that the group ranked Ento-Protein(TM) as the second most potentially viable out of dozens of products proposed to resolve this industry bottleneck."