Canada-based Neptune Technologies & Bioresources Inc. announced the signing of an exclusive worldwide, royalty-bearing, non-transferable, license agreement with Canada-based BlueOcean Nutrascience Inc. under Neptune’s composition and extraction patents covering the production and sale of marine-derived oil products containing phospholipids.

According to Neptune, the license allows BlueOcean and its shrimp joint venture affiliate to produce and sell shrimp oil products extracted from three species of North Atlantic cold water shrimp in the nutraceutical, dietary ingredients, natural health products, functional food and food supplements markets. The medical food, drugs and drug product markets are not included.

“Neptune’s intellectual property (IP) is an integral part of a shareholder value creation and today’s announcement further acknowledges Neptune’s pioneering role and patent recognition by industry partners, said Andre Godin, interim president and CEO, Neptune. “Neptune’s patents cover oils and phospholipids extracted from marine and aquatic biomass, including shrimp and the license further endorses the strength, value and validity of Neptunes IP.”

The commercial terms of the license include BlueOcean paying Neptune a minimum yearly cash royalty, and royalty per unit of product sold. As well, an initial upfront payment will be payable at closing through the issuance of BlueOcean shares, reported Neptune, noting the closing of the transaction is being done at arm’s length and is subject to approval of the TSX Venture Exchange.

No finder’s fee is being paid in connection with this transaction.

For more information, visit www.neptunekrilloil.com.