LAVAL,
QC, Nov. 29, 2023 /CNW/ - Neptune Wellness
Solutions Inc. ("Neptune" or the "Company") (NASDAQ:
NEPT), a consumer-packaged goods company focused on plant-based,
sustainable and purpose-driven lifestyle brands, today announced
that its nutraceuticals brand subsidiary, Biodroga Nutraceuticals
Inc. ("Biodroga"), has entered into an accounts receivable
factoring facility and inventory finance rider (collectively, the
"Facility") with Alterna Capital Solutions, LLC
("Alterna"). The amount available under the Facility at any
given time is $3 million, which may be increased in
$1 million increments up to a maximum of $8 million.
The terms of the Facility include a Funds Usage Fee of prime
plus 1% with a minimum interest rate of 9.5% per annum. Alterna was
granted a security interest in Biodroga's accounts receivable and
inventory.
The agreement will remain in effect for a 12-month period,
effective November 8, 2023, and will be automatically renewed.
Neptune provided a commercial guaranty in connection with the
Facility.
About Biodroga Nutraceuticals Inc.
Biodroga provides
product development and turnkey solutions to its customers
throughout North America. Biodroga
offers a full range of services, whether it is leveraging our
global network of suppliers to find the best ingredients or
developing unique formulations that set our customers apart from
their competition. Biodroga's core products are MaxSimil, various
Omega-3 fish oils and other nutritional products, as well as
softgel solutions. To learn more, please visit
www.biodrogasolutions.com.
About Neptune Wellness Solutions Inc.
Neptune is a
consumer-packaged goods company that aims to innovate health and
wellness products. Founded in 1998 and headquartered in
Laval, Quebec with a United States headquarters in Jupiter, Florida, the company focuses on
developing a portfolio of high-quality, affordable consumer
products that align with the latest market trends for natural,
sustainable, plant-based and purpose-driven lifestyle brands. The
Company's products are available in more than 29,000 retail
locations and include well-known organic food and beverage brands
such as Sprout Organics, Nosh, and Nurturme, as well as
nutraceuticals brands like Biodroga and Forest Remedies. With its efficient and
adaptable manufacturing and supply chain infrastructure, the
company can quickly respond to consumer demand, and introduce new
products through retail partners and e-commerce channels. Please
visit neptunewellness.com for more details.
Disclaimer – Safe Harbor Forward–Looking Statements
Statements in this news release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of applicable securities laws. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the
actual results of Neptune to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms "believes", "belief",
"expects", "intends", "projects", "anticipates", "will", "should"
or "plans" to be uncertain and forward-looking. Forward-looking
statements relate to future events or future performance and
reflect management's expectations or beliefs regarding future
events including, but not limited to, statements with respect to:
the timing and outcome of the transactions described in this news
release (collectively, the "Transaction"); the anticipated benefits
of the Transaction to the parties; and the impact of the
Transaction on the Company. In respect of the forward-looking
statements and information concerning the anticipated benefits and
completion of the Transaction and the anticipated timing for
completion of the Transaction, the Company has provided such
statements and information in reliance on certain assumptions that
it believes are reasonable at this time. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information or forward-looking statements in this
news release are reasonable, undue reliance should not be placed on
such information and no assurance can be given that such events
will occur in the disclosed time frames or at all. The
forward-looking statements and information included in this news
release are made as of the date of this news release and the
Company does not undertake an obligation to publicly update such
forward-looking information or forward-looking information to
reflect new information, subsequent events or otherwise unless
required by applicable securities laws.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. The forward-looking statements contained in this news
release are expressly qualified in their entirety by this
cautionary statement and the "Cautionary Note Regarding
Forward-Looking Information" section contained in Neptune's latest
Annual Information Form, which also forms part of Neptune's latest
annual report on Form 40-F, and which is available on SEDAR at
www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml. All
forward-looking statements in this news release are made as of the
date of this news release. Neptune does not undertake to update any
such forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
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SOURCE Neptune Wellness Solutions Inc.
