Neptune's Bulldogged Negotiations w/ EnzymotecGood article from google finance showing that Neptune management/legal are sticking to their guns in getting the best royalties, here's the first part:.................
LAVAL, QUEBEC, Feb. 14, 2014 (GLOBE NEWSWIRE) -- Neptune Technologies & Bioressources Inc. ("Neptune") (Nasdaq:NEPT) (TSX:NTB) and Acasti Pharma Inc. ("Acasti") (Nasdaq:ACST) (TSX-V:APO), a Neptune subsidiary, announce that a settlement agreement has not been finalized with Enzymotec Ltd. and Enzymotec USA, Inc. (collectively, "Enzymotec") that would resolve the International Trade Commission ("ITC") investigation into infringement of Neptune's composition of matter patents, as well as related federal court actions initiated by Neptune against Enzymotec and its distributors. The ITC investigation was instituted in early 2013 after Neptune and Acasti's filing of a complaint alleging infringement of Neptune's krill extract composition patents by Enzymotec and other industry players, including Aker BioMarine and Rimfrost USA, LLC. As previously announced, Neptune and Acasti have concluded settlement agreements with all other Respondents named in the ITC investigation, and motions to terminate the ITC investigation as to these companies have been granted. Only Enzymotec remains outstanding.
On December 16, 2013, the Administrative Law Judge ("ALJ") presiding over the pending ITC Investigation granted a joint motion filed by Neptune, Acasti and Enzymotec to stay the proceedings for thirty days based on the parties' execution of a settlement term sheet. The ALJ subsequently extended the stay through February 5, 2014 to give the parties more time to finalize a settlement agreement.
To date, the parties have reached an impasse on certain fundamental settlement terms, including terms to which Enzymotec had already agreed in the parties' signed term sheet. Consequently, as strongly encouraged by the ITC, Neptune will participate in the ITC's Mediation Program in a final attempt to reach a mutually satisfactory agreement. The mediation process is expected to be completed over the next 45 to 60 days. The parties have also requested that the ALJ continue the stay for an additional 60 days and reschedule the ITC hearing (trial) until after the expiration of the stay in the event that the mediation does not result in a final settlement. As the pioneer in the omega-3 phospholipid krill oil market, Neptune remains resolute in preventing infringing products from entering the U.S. market by all unlicensed parties, including Enzymotec.