Neptune also announces that, effective January 23, 2013, Henri Harland, President and Chief Executive Officer of Neptune, will cumulate for an interim period of time, during the implementation of Neptune's plan to resume production, the functions and responsibilities held previously by Michel Chartrand, as Chief Operating Officer, who will continue to hold office as member of the Board of Director. "Michel and I came to the conclusion that until Neptune resumes operations at its production plant; it was in Neptune's best interest to abolish the office of Chief Operating Officer for an interim period of time. We believe that Michel will better serve Neptune's interests by focusing on his responsibilities as Director of the company during his mandate," said Henri Harland.
"On behalf of the Neptune family, I want to thank Michel for his relentless efforts and devotion to Neptune's employees and families most affected by the recent tragic events," he added.
As part of the management reorganizational efforts announced previously by Neptune in its action plan going forward, Neptune also wishes to confirm that its directors, senior management and employees have accepted salary reductions of 20% for an interim period during the implementation of Neptune's plan to resume production.About Neptune Technologies & Bioressources Inc. Neptune is a biotechnology company engaged primarily in the development and commercialization of marine-derived omega-3 polyunsaturated fatty acids, or PUFAs. Neptune has a patented process of extracting oils from Antarctic krill, which omega-3 PUFAs are then principally sold as bulk oil to Neptune's distributors who commercialize them under their private label primarily in the U.S., European and Asian neutraceutical markets. Neptune's lead products, Neptune Krill Oil (NKO®) and ECOKRILL Oil (EKO™), generally come in capsule form and serve as a dietary supplement to consumers. Through its subsidiaries Acasti Pharma Inc. ("Acasti") (TSX-V:APO) (Nasdaq:ACST) and NeuroBioPharm Inc. ("NeuroBioPharm"), in which Neptune respectively holds 57% and 96% of the voting rights, Neptune is also pursuing opportunities in the medical food and prescription drug markets. Acasti and NeuroBioPharm respectively focus on the research and development of safe and therapeutically effective compounds for highly prevalent atherosclerotic conditions, such as cardiometabolic disorders and cardiovascular diseases, and for neurodegenerative and inflammation related conditions. Acasti's lead prescription drug candidate is CaPre®, a purified high omega-3 phospholipid concentrate derived from Neptune krill oil being developed to address the prevention and treatment of cardiometabolic disorders, including hypertriglyceridemia, which is characterized by abnormally high levels of triglycerides.
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