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Neptune Industries, Inc. Opens Joint Venture Discussions.

BOCA RATON, Fla. -- Neptune Industries, Inc. (Pink Sheets - NPNI), Boca Raton, Florida, today released information that it has signed a letter of Intent with Sweetwater Shrimp Farms, Inc. of St. Cloud, Florida to pursue joint venture possibilities.

Ernest Papadoyianis, President, of Neptune stated, "Following a recent visit to Sweetwater's facilities and meeting with its principals, the management of Neptune has concluded that a joint venture with Sweetwater may be beneficial to the Company. Sweetwater is currently licensed to produce Barramundi, an Australian relative of the Florida Snook. This is a species we have looked into farming and its popularity is growing very rapidly here in the USA. We will now begin our due diligence process to verify the feasibility and profit potential resulting in a joint venture. Completion of this joint venture would provide Neptune with additional production space and a very desirable species to offer its customers."

Neptune Industries, Inc. is a diversified seafood company specializing in farmed production, processing, distribution, value-added products, and alternative energy technology for worldwide applications. The Company is a leading producer of hybrid striped bass which it markets internationally as "Everglades Striped Bass".

Sweetwater Shrimp, Inc. is a Florida enterprise founded in 2003 to farm raise shrimp and finfish on a 60 acre site in central Florida. Sweetwater has invested several million dollars designing and building a state-of-the art facility and has grown initial crops of several popular Australian species.

For further information, visit the Company's website at www.neptuneindustries.net or call Sal Cherch at 561-638-5974.

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.
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Publication:Business Wire
Date:Mar 3, 2005
Words:380
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