Revenue for Quarter Ended

September 30, 2022

is expected to be

$12.5

to

$13.5 million

LAVAL, QC


,


Nov. 15, 2022


/CNW Telbec/

–

Neptune Wellness Solutions Inc. (“Neptune” or the “Company”) (NASDAQ: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today is preannouncing revenue for its fiscal second quarter 2023 in the range of

$12.5 million

to

$13.5 million

.

The Company will file for an extension with the Securities Exchange Commission (“SEC”), for an additional five days to file its financial results for the second quarter of fiscal 2023, originally due

November 14, 2022

. The request is predominantly as a result of the need to conduct additional impairment analysis on intangible assets and the diversion of such resources due to the Company’s recently-completed divestiture of substantially all of the Company’s assets relating to its Canadian cannabis business.

Neptune expects to file its fiscal second quarter 2023 financial results and host a conference call to discuss financials and provide a business update as soon as possible. The conference call details will be announced in advance.

Headquartered in

Laval, Quebec

, Neptune is a diversified health and wellness company with a mission to redefine health and wellness.  Neptune is focused on building a portfolio of high quality, affordable consumer products in response to long-term secular trends and market demand for natural, plant-based, sustainable and purpose-driven lifestyle brands. The Company utilizes a highly flexible, cost-efficient manufacturing and supply chain infrastructure that can be scaled to quickly adapt to consumer demand and bring new products to market through its mass retail partners and e-commerce channels. For additional information, please visit:


https://neptunewellness.com/


.

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 expected revenues and the timing of reporting quarterly results. 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.

There can be no assurance that the settlement will occur, or that it will occur on the terms and conditions contemplated in this news release. The settlement could be modified, restructured or terminated.

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 10-K, 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.

SOURCE Neptune Wellness Solutions Inc.

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