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Marel Food Systems hf. is one of Iceland‘s largest export companies and a leading global provider of advanced equipment and systems for the food processing industry. With more than 4,000 employees worldwide, approximately 99% of the Company's revenues come from abroad. Projected revenues for 2008 amount to €650 million and the goal of 9% EBIT for the year remains unchanged. The Company has undergone rapid growth in recent years in accordance with a strategy announced at the beginning of 2006. The Company's growth has been financed through increased equity and long-term debt.

Ahead is a period where the focus will be directed at increased internal growth and strong cashflow. A meeting of the Board of Directors of Marel Food Systems hf decided 14 October to issue up to 20-30 million shares in private placement to qualified investors to strengthen further the finances of the Company and to increase trade in the Company‘s shares. The price of  the shares will be around ISK 70-72 per share (decided by bookbuilding). The latest trade was for ISK 71.7 per share.

Nýi Landsbanki Íslands hf. will accept subscriptions beginning today, 14 October at 11:00 a.m. and until 4:00 p.m. Thursday, 16 October 2008. Marel Food Systems hf. will, in consultation with Nýi Landsbanki hf., allocate the new shares and reserves the right to reject individual subscriptions in part or in full.

The Board of Directors will use the authorization to increase share capital approved by the Company's AGM on 7 March 2008, where shareholders also agreed to waive their pre-emptive rights to the new shares.

For further information, contact:
Hörður Arnarson, CEO of Marel Food Systems hf., tel. 354 563-8072
Arnar Arnarsson, Nýi  Landsbanki hf., tel 410-7336