NEPTUNE INDUSTRIES, INC. Files SEC form 8-K, Completion of Acquisition or Disposition of Assets, Change in Directors

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (a)-(b) Departure of Directors and Certain Officers As a result of the bankruptcy, on or about March 16, 2009, each of the following officers and directors of the Company resigned from all of their respective positions with the Company: Ernest D. Papadoyianis, Chairman, President and Chief Executive Officer; Xavier T. Sal Cherch, Chief Operating Officer, Secretary/Treasurer and Director; William H. Ryan, Director; and James M. Harvey, Director. On or about March 19, 2009, Don C. Tewksbury resigned as a director of the Company. The resignations were not the result of any disagreements between the Company and the respective directors and executive officers. Following these resignations, the Company was left without any officers and directors. (c) Election of Executive Officer On July 15, 2009, in order to appoint an interim executive officer to manage the affairs of the Company while it actively seeks a chief executive officer and chief financial officer, the Majority Shareholders executed a written consent appointing Mr. Steve Carbone as Interim Executive Chairman of the Company. Mr. Carbone, age 57, has served as a consultant to the Company through his firm, Southeastern Associates, since June 30, 3009, concentrating on customer, vendor, shareholder and noteholder relations and acting as an overseer of the Company's financial restructuring. In January 2008, Mr. Carbone founded and now operates Southeastern Associates in Fort Lauderdale, Florida. He serves in the capacity of Chief Executive Officer and operates the company as business consultants with clients worldwide participating in business opportunities in the Southeastern United States. The firm pursues opportunities with the Department of Defense utilizing contract vehicles such as R23G (rapid response government contract), ETOSS (government contract ...
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NEPTUNE INDUSTRIES, INC. Financials

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NEPTUNE INDUSTRIES, INC. Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...
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NEPTUNE INDUSTRIES, INC. Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...
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Neptune Industries Announces Recapitalization Plan

BOCA RATON, Fla., Jan. 22, 2009 (GLOBE NEWSWIRE) -- Neptune Industries, Inc. (OTC BB:NPDI.OB - News) 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. Ernest Papadoyianis, CEO of Neptune Industries, Inc., stated, ``After months of unsuccessfully seeking additional working capital for the Company and its operating subsidiaries, continued operating losses and negative cash flows from the aquaculture facility, lack of funds to continue the fish farm and feed the current stock of fish at the farm, and the imminent maturity of the toxic convertible debentures issued in 2006 and 2007, it is necessary to cut on-going costs to a minimum and to provide a mechanism to eliminate all debt from the balance sheet. If approved and successfully implemented, the Plan will put Neptune in the position of having no continuing operating expenses, minimal cash needs, and a more realistic opportunity to seek new funding to develop its Ento-Protein technology and to acquire or merge with other operating compa...
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NEPTUNE INDUSTRIES, INC. Files SEC form 10-Q, Quarterly Report

Item 2. Management Discussion and Analysis or Plan of Operation. FORWARD LOOKING STATEMENTS In connection with, and because we desire to take advantage of, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward looking statements in the previous discussion and elsewhere in this report and in any other statement made by, or on behalf of our Company, whether or not in future filings with the Securities and Exchange Commission. Forward looking statements are statements not based on Historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, our Company. We disclaim any obligation to update forward looking statements. Neptune Industries, Inc. was incorporated in the State of Florida on May 8, 1998. We operate on a June 30 fiscal year. Our common shares are traded on the OTC Bulletin Board under the symbol NPDI. Since our inception, we have been engaged in aquaculture (fish farming)and in the development of new technologies, systems and products that directly address some of the key challenges faced by the aquaculture industry today. Neptune Industries has been a fish-farming and technology company which 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. Dwindlin...
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NEPTUNE INDUSTRIES, INC. Files SEC form 10-Q, Quarterly Report

Item 2. Management Discussion and Analysis or Plan of Operation. FORWARD LOOKING STATEMENTS In connection with, and because we desire to take advantage of, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward looking statements in the previous discussion and elsewhere in this report and in any other statement made by, or on behalf of our Company, whether or not in future filings with the Securities and Exchange Commission. Forward looking statements are statements not based on Historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, our Company. We disclaim any obligation to update forward looking statements. Neptune Industries, Inc. was incorporated in the State of Florida on May 8, 1998. We operate on a June 30 fiscal year. Our common shares are traded on the OTC Bulletin Board under the symbol NPDI. Since our inception, we have been engaged in aquaculture (fish farming)and in the development of new technologies, systems and products that directly address some of the key challenges faced by the aquaculture industry today. Neptune Industries has been a fish-farming and technology company which 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. Dwindlin...
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