PI Power International Limited

EANS-News: PI Power International Limited
PI: Statement regarding Meinl Bank´s Press Release

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Company Information

St Helier, Jersey, Channel Islands (euro adhoc) - Jersey, September 28, 2010 - As regards the Meinl Bank press release concerning the recent agreement between PI Power International Limited ("PI") and Meinl Bank, PI management wishes to make the following clarification. PI agreed to submit to the Public Prosecutor a notification, which was completed after substantial negotiation between the parties and culminated in the following text:

"Taking into account the current circumstances and after due consideration of the allegations made by PI against former PI board members and Meinl Bank officers and directors, PI has determined that it no longer will assert that these allegations have substance."

PI is not suggesting that the allegations did not have substance, but merely because the parties have now agreed to settle, that the allegations no longer were of concern to PI. Further, a procedural withdrawal of the companies' statements to the Public Prosecutor will only be made if and when the agreements between PI and Meinl Bank are completed. PI management regrets the requirement to comment on the earlier Meinl Bank public statements but believes that those statements do not fully capture the negotiated position in the agreements between the parties and that it was important to bring the issue to the attention of the public.

end of announcement                               euro adhoc

Further inquiry note:

Investor Relations and Public Relations
Metrum Communications GmbH

Mick Stempel
T: +43 1 504 69 87-385
M: m.stempel@metrum.at

Michaela Lipa
T: +43 1 504 69 87-341
M: m.lipa@metrum.at

Branche: Energy
ISIN: AT0000A05W59
Index: other listings
Börsen: Wien / Third Market

Original-Content von: PI Power International Limited, übermittelt durch news aktuell

Weitere Meldungen: PI Power International Limited

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