MIGDAL HA'EMEQ, Israel, Dec. 18, 2013 (GLOBE NEWSWIRE) -- Enzymotec Ltd. (Nasdaq:ENZY) ("Enzymotec"), a developer, manufacturer and marketer of innovative bio-functional lipid ingredients, announced today that it signed a term sheet on December 16, 2013 with Neptune Technologies & Bioressources Inc. (Nasdaq:NEPT) ("Neptune") and Acasti Pharma Inc. ("Acasti") memorializing the terms of a settlement among the parties. The term sheet is confidential and the settlement is subject to negotiation and execution of a final written settlement agreement. The on-going U.S. International Trade Commission ("ITC") investigation brought against Enzymotec by Neptune and Acasti has been stayed.
"We are very pleased with the terms of the settlement, and are happy that we were able to execute our strategy of waiting to settle until the time was right," said Enzymotec's President and CEO Dr. Ariel Katz. "The terms of the settlement are not expected to have a material impact on Enzymotec's results of operations and financial position, taking into consideration the legal expenses that will be saved by this settlement. We look forward to working alongside Neptune to further grow the rapidly expanding krill market."
About Enzymotec Ltd.
Enzymotec is a leading global supplier of specialty lipid-based products and solutions. The Company develops, manufactures and markets innovative bio-functional lipid ingredients, as well as final products, based on sophisticated processes and technologies. For more information, visit www.enzymotec.com.
This release may contain forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences the following risks: a high proportion of the sales of our InFat product is sold to end users by a single company in China; we rely on our Swedish joint venture partner to manufacture InFat, and certain matters related to the joint venture are or, based on communications from our joint venture partner, are the subject of disagreement; our gross profits may be adversely affected if we are only able to obtain lower quality krill meal; our ability to obtain krill may be affected by conservation regulation or initiatives; we are dependent on a single facility that houses the majority of our operations; we may not be able to expand our production or processing capabilities or satisfy growing demand; our product development cycle is lengthy and uncertain, and our development or commercialization efforts for our products may be unsuccessful; we are subject to significant and increasing government regulations regarding the sale and marketing of our products; we may not be able to protect our proprietary technology or prevent its unauthorized use by third parties; we are currently subject to litigation, and in the future may become subject to additional litigation, regarding intellectual property rights; and other factors discussed under the heading "Risk Factors" in the Company's final prospectus for its initial public offering filed with the Securities and Exchange Commission on September 30, 2013. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: ICR, LLCKatie Turner
Source: Enzymotec Ltd.