Renergy Foods AG Signs Letter of Intent to Merge with Meteor AG

Merger to Facilitate Renergy’s Entry into the Lucrative German Horticulture and Agriculture Markets.

(Zug, Switzerland) – February 24, 2012.

RENERGY Foods AG (“Renergy”) confirmed today that it is in advanced merger discussions with Germany’s Meteor AG (“Meteor), a diversified, publicly-traded private equity firm with a strong investment focus on innovative food growing and renewable energy technologies.

Both companies have signed a letter of intent to pursue the proposed merger.

The transaction will create a corporate entity that will give Renergy a foothold in the lucrative German market, allowing it to market its innovative biodomes and soilless growing technologies across Europe.  Renergy shareholders will also benefit from the merger by gaining access to a public market for their shares.

Meteor has expressed a strong interest in Renergy’s innovative growing technologies because they integrate seamlessly and synergistically with Meteor’s central investment theme  - a commitment to long-term investments in agriculture and renewable energy technologies, areas where profits can be achieved independent of day-to-day geo-political headlines. In fact, worldwide growing populations and environmental degradation make food growing and renewable energy issues some of the most pressing and thus compelling investment themes of our times.

Both Renergy and Meteor see a considerable potential for Renergy biodome sales in Europe. Similarly, both companies have expressed an interest in pursuing aquaponics projects on Meteor’s European land holdings.

Negotiations are presently underway to finalize the numerous transaction details associated with the proposed merger.

Concurrently, both companies are also engaged in due diligence processes.

About Meteor AG

Meteor AG (www.meteor-ag.com/index.php/en/) is a diversified German venture capital firm headquartered in Berlin and active across Europe, the Middle East, and Asia. Meteor shares are traded on the Frankfurt Open Market, as well as on the Berlin Stock Exchange (ISIN: DE0006638935 / WKN: 663893).

The company offers a wide range of investment and consulting services. Meteor’s

investment arm is heavily centered on long-term core themes that address sustainable food production, renewable energies, Cleantech, and water issues.

Meteor maintains a regular Charity Program, supporting organizations such as Doctors without Borders, Greenpeace, and others.

About Renergy Foods AG and Renergy Biodomes

Switzerland-based Renergy Foods AG (http://www.renergyfoods.com) is an urban agriculture company that develops novel, sustainable agricultural and horticultural technologies for commercial and retail growers across the globe. Renergy’s solutions contribute to a commercially-viable renaissance of local (urban) food production and address environmental, social, and sustainability issues.

Renergy designs and build patented biodomes that are environmentally-friendly and can be located anywhere, including the most climatically inhospitable areas. Given the enhanced yields as a result of the company’s ability to grow high margin produce for 12 months of the year, faster growing times and cost-effective energy management, clients will experience faster capital payback, enhanced profitability, and compelling, consistent revenue growth.

Corporate Contact

Stuart Brazier

RENERGY FOODS AG

stuart@renergyfoods.com

1 (778) 881- 6190