ProgressNow invest : Balance sheet of ProgressNow! invest AG to be deposited with bankruptcy judge as a result of insolvency and threat of overindebtedness

At the ordinary general meeting of April 9th, 2015 the board of directors proposed to the shareholders a reorganisation of the company through a reduction in nominal share value followed by an ordinary capital increase. The board of directors also proposed the conditional liquidation of the company should the reorganisation measures not be completed. The ordinary general meeting approved the reorganisation measures but rejected the conditional liquidation of the company. Subsequently the minimum subscription amount for the capital increase was not reached and the reorganisation measures were thus not able to be completed. As a result the board of directors evaluated other possible future strategies and was able to sign a letter of intent with IPM St. Gallen AG on August 12th, 2015. The intention was the realignment of ProgressNow!investAG as an investment company with focus on investments (Private-Equity) in businesses in the sustainable food industry. Johann Hüttenmoser was proposed as additional board member and at the general meeting of September 30, 2015 elected to the board of directors. On January 20th, 2016 the board of directors decided to abandon the project for the realignment of the company with IPM St. Gallen AG, as no agreement could be reached regarding the implementation of the project. The board of directors has subsequently held discussions with other potential investors regarding a possible reorganisation of the company. These discussions have today broken down. Since there has been little interest in participation in a capital increase in the recent past the board of directors has today resolved to deposit the balance sheet with the bankruptcy judge as a result of insolvency and threat of overindebtedness.