Neptune Technologies & Bioressources Inc. ("Neptune" or the "Corporation") (NEPT) (NTB.TO) announces that on May 27, 2013, reconstruction of its production facilities in Sherbrooke, Quebec, Canada started.
Neptune's plant was destroyed following an explosion on November 8, 2012, although the adjacent expansion project that was underway at the time suffered limited damage. The Corporation plans to reconstruct an operational plant by overhauling the expansion facility that was under construction. In addition to receiving the necessary permits to begin work, the Corporation has engaged an engineering firm and architect and has also recently hired a new plant manager. Due to the ability to expedite things, reconstruction is starting earlier than originally anticipated in the Corporation's May 22, fiscal year 2013 results release. Upon completion, which is expected before the end of the current fiscal year, the facility is expected to have the capacity to produce more than 150,000 kilograms of Neptune krill oil (NKO(R)) per year.
"This marks a major milestone in our action plan to bring production capacity back online," commented Mr. Henri Harland, president and CEO of Neptune. "We are taking the necessary steps to strengthen our foundation and we remain confident in our ability to emerge stronger from this unfortunate incident," added Mr. Harland.