Neptune Industries, Inc. Executes Memorandum of Understanding for Michigan Project

Market Wire, August, 2006

Neptune Industries, Inc. (OTCBB: NPDI) announced today that it has signed a Memorandum of Understanding to acquire property in Michigan, pursuant to the development of a future business venture.

Mr. Ernest Papadoyianis, President, stated, "Following our recent visit to a property located in Blissfield, Michigan, we have concluded that, pending completion of our due diligence, this site may offer us an ideal opportunity to expand operations in keeping with our business model. The site, owned by Mr. Jody Green of Blissfield, is situated on a main thoroughfare and is within one hour of major airports and several large Midwest cities. During the next 120 days, the Company will complete its due diligence, meet with local and State Representatives to determine what inducements, abatements or incentives will be afforded us. Based on the reception we received during our initial visit, we are confident that the area is desirous of making Neptune a part of the local business community. Mr. Sal Cherch, Chief Operating Officer, will direct this business venture, as he has extensive experience with developing this type of project, and negotiating with economic development commissions throughout the United States."

Based in Boca Raton, Florida, Neptune Industries, Inc. has developed a scalable, modular aquaculture technology called Aqua-Sphere(TM) and Aqua-Cell(TM) that successfully address the environmental concerns of most aquaculture operations by controlling and recycling all waste products, while ensuring the production of the highest quality fish at an affordable price. The company currently operates the Blue Heron Aqua Farms in Florida City, FL and is a leading producer of hybrid striped bass, which it markets internationally as Everglades Striped Bass(TM). The company's current production at its Blue Heron farm, and future production with Aqua-Sphere(TM) System technology, are intended to target the organic market once such certification is available. For further information, please visit the Company's website at: www.neptuneindustries.net

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.

Contact: Sal Cherch 561-638-5974