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NEPTUNE RECEIVES LETTER OF INTENT TO PURCHASE ENTO- PROTEIN™

BOCA RATON, FL. June 11, 2008
Neptune Industries, Inc. (OTCBB: NPDI), a world leader in the development of sustainable solutions for aquaculture, headquartered here, said today it has received a Letter of Intent to purchase over 40 tons per month of its Ento-Protein™, insect-based alternative to fishmeal from Zeigler Bros, Inc. of Gardners, PA.

Ento-Protein™ is a high quality sustainable protein derived from insects, which is intended to be a replacement for the rapidly depleting fishmeal made from wild caught feedstock species, for which there is currently a $7 billion worldwide market. Founded in 1935, privately held Ziegler Bros is a leading manufacturer of high quality animal feeds. Ziegler was one the first to manufacture feeds for aquaculture in 1955, the first to commercialize a stable form of vitamin C in 1988, and most recently the first developer of aquatic diets for use in biomedical research.

Neptune plans on opening the first of its production facilities in late 2008. 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 the end of this year. He said, “The reception Neptune has received from around the world since introducing the product is extremely encouraging. Several other major feed producers have already requested samples and we expect more letters of intent to be forthcoming.

Papadoyianis said that recently issued guidelines and recommendations by the USDA Panel on organic standards for seafood, “Make me quite optimistic that standards will be promulgated for organic fishmeal. As the ‘first mover’ in this new product catagory, we have every reason to believe that Ento-Protein will then qualify for an organic designation.”

The company began a research and testing program for Ento-Protein with Mississippi State University in 2007, and recently completed it’s the third stage of validation trials. The company filed a provisional process patent in the Production and Processing of Select Insects into Protein Meal for Fish and Animal Diets in February 2006.

About Neptune Industries
Neptune Industries is a technology company which from inception has been committed to achieving sustainable, eco-friendly aquaculture by innovating and pioneering a "total and comprehensive integrated systems solution" approach to the mission critical challenges facing the Aquaculture Industry today. Dwindling supplies of wild caught stocks used for fishmeal, and the continued environmental damage, escapism, and disease caused by self-polluting net pen systems, have severely restricted Industry growth on a global basis.

Our mission is to utilize our expanding production operations base of all-natural, sustainable farm raised seafood products, as the working platform for the development of innovative, next-generation technologies to dissolve current industry bottlenecks. Further, our commitment is one of systems integration that targets “zero waste”. Fish, organic produce, and waste-to-energy systems synergize to form a production model with multi-revenue streams.

Thus far, the Company has applied for patents and has made significant progress in the development of three technology platforms, one of which its calls “Ento- Protein”; the second of which it calls “Aqua-Sphere”, and the third of which it calls “Aquaponics”. Taken together as components of a whole – this total integrated system solution approach addresses what the company believes to be THE three critical problems hindering the growth of the Aquaculture industry which will invariably cause it to fall increasingly short of growing world wide demand.

Aqua-Sphere™ is a state-of-the-art scalable, modular, floating closed containment system that is capable of concentrating and removing solid waste, eliminating predation and escapement, utilizing alternative energy for remote applications, and isolating crop from the environment.

Aquaponics is the existing practice of integrating fish and plant production through soil-less culture (hydroponics) using the waste effluent as fertilizer. Neptune has advanced the methodology through the use of the Aqua-Sphere™. The hydroponic system provides a revenue stream off of the waste component of the fish production through very high quality organic herbs and vegetables. In addition, as another part of the water treatment and Aquaponics system a derivative product of algae is grown in floating socks, which is 30x more productive than corn on a per acre basis, for the production of bio-diesel.

Finally to validate and test Neptune’s solutions and technologies, the Company operates a sustainable fish farming facility in Florida City, Florida called Blue Heron Aqua Farms, Inc. Blue Heron Aqua Farms currently is one of the leading producers of hybrid striped bass, which it markets nationally and internationally as Everglades Striped Bass™. For further information, please visit the Company’s website at: www.neptuneindustries.net

Company Contact:
Daniel Hickey
Tel: (646) 723-6262
Email: dhickey@neptuneindustries.net

Investor Relations Contact:
Ira Weingarten
Equity Communications
Tel: (805) 897-1880
Fax: (805) 897-1883
Email: ira@equitycommunication.com

Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes", "expects", "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.

  
 
Aqua Biologics is a subsidary of Neptune

Technology must play a major role
in advancing commercial fish farming production, in order to have any chance at meeting world demand for seafood.
 
  Technology  
 

Aqua-Sphere™ and Aqua-Cell™

Changing the Way Seafood is Raised

ABI is on the cusp of revolutionizing technology for the aquaculture industry with its advanced, patent-pending, Aqua-Sphere™ system. Aqua-Sphere™ is an innovative, floating, semi-rigid containment system for intensive aquaculture production. The system features the world’s first jointed, articulating floating tank–the Aqua-Cell™. This disruptive technology was designed to provide an eco-friendly, energy efficient alternative to self-polluting cages and net pens. We are changing the way seafood is being raised.

An Evolution in Eco-friendly Production

A few of the many technological innovations of the Aqua-Sphere™ system include:

  • Aqua-Cell™ jointed tank technology – absorbs wave and wind impact
  • Solid waste recovery system – sustainable, non-polluting production
  • Energy efficient air-lift pumping system – cost effective operations
  • Uses alternative energy power – Clean and green
  • Patent-pending inter-tank fish transport system – Stress-free fish transport
  • Remote monitoring system – security
  • Solar-powered automatic feeding system – reduces manpower
Aqua-SphereAqua-Sphere™ is the way seafood will be produced in the future. Fully integrated and environmentally compliant, the Aqua-Sphere™ provides an ideal habitat for production of a wide variety of seafood products in salt and freshwater, as well as warm and coldwater. Aqua-Spheres™ will be manufactured in a variety of sizes to accommodate large scale commercial production down to small-scale private farming.

Aqua-Sphere™ is a complete floating fish production system whose nucleus is the world’s first jointed tank – the Aqua-Cell™. Aqua-Cells are available in a variety of sizes ranging from 20 feet to 60 feet in diameter, and all components are modular in design and can be easily assembled on-site. Every Aqua-Cell™ may be interconnected with patent-pending flexible pipe corridors which allow fish to be moved from one Aqua-Cell™ to another without handling. This reduces stress, abrasion, disease and mortality from transport. Each Aqua-Cell™ is connected to a flexible floating working platform that allows easy access to all tanks, provides secondary floatation and storage, and is anchored to the bottom. Primary floatation of each Aqua-Cell™ is accomplished through a unique, patent pending, self-regulating, air injection, floatation system incorporated into the walls of each Aqua-Cell™. The double-walled construction provides maximum durability and protection.

The Aqua-Sphere™ functions as both a nursery and grow-out production system, eliminating the need for costly land-based hatchery systems. With net pen systems that necessitate larger fish for initial stocking, these land based operation significantly increase production costs. With Aqua-Sphere™, fish can now be stocked at significantly smaller sizes, thereby saving on fingerling, labor, and transportation costs.

Shipping and transportation are simple and cost effective. Aqua-Sphere’s™ modular design, high-impact polyethylene, and articulating joints, allow for ease of use in a variety of settings, and with a variety of fish species. Aqua-Cell™ is manufactured to withstand environmental stressors without compromising the efficiency and efficacy of waste collection.

Aqua-Cell Aqua-Cell’s™ circular design provides the perfect environment for successful and rapid fish growth, while creating a natural flow of solids to the patent pending solid waste removal system. In this device, waste is automatically concentrated in preparation for usage. Recycling of wastes can be through an integrated anaerobic digester, hydroponics, or pelletization for fertilizers. ABI’s integrated approach leaves nothing to waste!
Fish feed voraciously in the clean, well oxygenated water of the Aqua-Sphere™
  

Aqua-Sphere™ provides security to the farmer in a number of ways. The farmer no longer has to be concerned with tears or holes in netting where fish escape and predators enter. Aqua-Sphere™ can easily be closed off from the exterior environment to isolate the fish from adverse environmental situations for example anoxic conditions due to lake inversion, toxic algae blooms, for disease treatment, etc.

Second and third generation systems are already in design for shellfish, flatfish, and seaweed production.

The paradigm shift has begun ! U.S and Canadian legislation and advisory groups have already started to call for the elimination of net pens for fish production. Aqua-Sphere™ technology serves as an economically and environmentally superior alternative to currently available cages and net pens.

Environmental Necessity Influences Change

Cages and net pens have been around for thousands of years. A simplistic method of confining fish in an open body of water, these systems allow waste and pollutants to readily flow into the environment. They also attract a host of predators that can stress, kill, and allow escapement of the crop, as well as damage the system. Net pens/cages exist in a variety of different sizes and shapes, with some that float and others that submerge, however they all have the same problems.

  
     
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