Berens Industries Inc. Signs $3 Million Second Round Financing Agreement With Asian Investor Group.

HOUSTON--(BUSINESS WIRE)--Nov. 1, 1999--

Berens Industries Inc. (OTCBB:BEII) reported that it has signed a Memorandum of Understanding with The Petra Group, a Kuala Lumpur-based, Malaysia conglomerate for US$3 million in second round financing. The financing will take place in various stages over the next six months and will also include the contribution of additional Petra internet and E-commerce companies and assets to Berens. Petra will utilize its Malaysia Internet technology and web design team to finalize Berens' Streaming Auctions online auction platform for commercial applications.

"This is a great marriage for us," stated Marc I. Berens, president of Berens Industries Inc. "Petra is a leading Southeast Asian-based company with significant interests in Internet E-commerce including on-line shopping and web based applications. Six months of discussions have culminated in this first stage investment. We recognized from the outset that in order to be a successful E-commerce company we needed sufficient development capital and a technology-based management team. With this agreement we get both."

"We are extremely excited about the opportunity with Berens Industries Inc. The Petra Group with a capital base of RM150 million (US$40 million) has substantial investments in technology outside of its core businesses of real estate, financial services and multimedia entertainment," said Datuk Vinod Sekhar. "Berens is exactly the type of forward-looking and like-minded partner we were seeking to expand not only our global E-commerce operations, but several of our other Internet related businesses, at the same time."

Chairman of The Petra Group is 51 year-old Prince Imran ibni Tuanku Ja'afar, second son of his majesty, Tuanku Ja'afar, King of Malaysia. Prince Imran was educated in London receiving his law degree from Nottingham University in 1971. Prince Imran is a director of various public and private companies including chairman of Aluminum Company of Malaysia, Austral Enterprises, Island & Peninsular and Malayan Cement. He is a director of the Institute of Strategic and International Studies Malaysia and a member of the Malaysian Business Council. Prince Imran is actively involved in sponsoring various Malaysian sports including president of the Olympic Council of Malaysia, National Sports Council of Malaysia and is emeritus president of the World Squash Federation having been Malaysia's chief-de Mission to the 1988 Olympic Games in Seoul, Korea.

31 year-old Chief Executive Officer Datuk Vinod Sekhar is a leading Asian high tech pioneer and was one of the founders of the Internet industry in Southeast Asia, when at the age of 24, he founded AsiaConnect, the first commercial Internet technology company. The Company has also been involved in the development of the Multimedia Super Corridor (MSC), Malaysia's successful attempt to develop a Silicon Valley in Southeast Asia. One of Petra's companies, Dialog, has pioneer status at MSC. MSC provides 10-year full tax abatements, which has lead many leading global technology companies to establish manufacturing operations in Malaysia. Datuk Sekhar has been responsible for various groundbreaking technologies in Malaysia. Among them were STI-K Polymers (the worlds only recycling process for waste rubber), STI Vr Net (One of the world's first fully interactive virtual reality system software for the Internet), Imagix (the world's first hand size multimedia optic engine) and STI Entertainment (the first Southeast Asian company to produce a prime time American Series, "Tarzan - The Epic Adventure," in cooperation with Disney-MGM Studios. Datuk Sekhar's many charitable and philanthropic causes include founding Malaysia Muda (a national youth organization), chairman of the Sitavani and Petra Foundations, chairman of the Innocent Child Appeal Fund Board, chairman of the Pelita Harapan (Lantern of Hope) for terminally ill children and he has been asked to be chairman of the proposed Malaysian Empowerment Fund Board. At the age of 26, Datuk Sekhar was one of the youngest individuals in Malaysia to be awarded the title of Datuk, which is the Malaysian equivalent of Knighthood.

38 year-old Paul Leong heads up Petra's real estate division. Leong is responsible for managing and developing several commercial, retail and business properties for Petra and in which he holds indirect ownership. Leong owns a minority stake in Fitters Industries, a public company listed on the Kuala Lumpur Stock Exchange. Leong is Protem Council member of the Kuala Lumpur Consumer Association.

G. Jamieson Bryan, age 45, heads up the Financial Services division for Petra, along with several of the technology projects within the group. Before joining Petra in 1998, Bryan was the Partner leading Ernst & Young's Global Client Consulting Group's Financial Services Divisions covering SE Asia. Previously he was former president director, A.T. Kearney-Indonesia, president director, of Westpac Panin Bank (a division of Westpac Bank of Australia), and project director, Booz, Allen & Hamilton. Bryan has been working in SE Asia for the past 17 years. Bryan received his M.B.A. in International Finance & Marketing from York University, Canada. Bryan is a Fellow of the Institute of Canadian Bankers.

It is anticipated that Prince Imran and Datuk Sekhar will join the Board of Directors of Berens which will be increased from three to seven members.

This news release contains "forward-looking statements" within the meaning of Section 27a of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.