Enzymotec Ltd. Announces Signing of Settlement Term Sheet
19 December 2013 - 12:01AM
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.
Forward-Looking Statement
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, LLC
Katie Turner
646-277-1228
-or-
John Mills
310-954-1105
John.Mills@icrinc.com
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