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Neptune Industries Inc.
Neptune Industries Announces Recapitalization Plan
BOCA RATON, Fla., Jan. 22, 2009 (GLOBE NEWSWIRE) -- Neptune Industries, Inc. (OTCBB:NPDI) announced today that its Board of Directors has approved a Plan of Recapitalization for the Company and directed that the Plan be submitted to the shareholders of the Company as soon as possible for consideration and approval. The general terms of the Plan provide for the sale of the current farming operation assets to a third party, pursuant to a purchase offer received by the Board, for total consideration offered in excess of $900,000, the disposition of other, non-working assets, and the capitalization of all other remaining debt of the Company into common stock.