Neptune Reorganizes Management Following Tragedy

QUEBECNeptune Technologies & Bioressources announced reorganization of its management as the company plans to resume production following its November facility explosion. As of January 23, 2013, Henri Harland, president and CEO, will take over Michel Chartrand's role as COO. Chartrand will remain his membership on the company's board of directors.

Michel and I came to the conclusion that until Neptune resumes operations at its production plant; it was in Neptunes best interest to abolish the office of Chief Operating Officer for an interim period of time. We believe that Michel will better serve Neptunes interests by focusing on his responsibilities as director of the company during his mandate," Harland said.

During the reorganization, directors, senior management and employees are taking a 20-percent salary cut.

Neptune also announced the U.S. Patent & Trademark Office allowed a second continuation patent application for two prior patents (Nos. 8,030,348 and 8,278,351). The continuation application covers a single claim for a capsule containing Antarctic krill oil extract comprising phospholipid suitable for human consumption. The claim covers most krill oil products currently sold in the U.S.