PI Power International Limited

EANS-News: PI Power International Limited
Jersey Court Gives its Decision in Litigation with Former Director

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Justice/Processes

St Helier, Jersey, Channel Islands (euro adhoc) - Jersey/Vienna January 24, 2013
- The Board of Directors of PI Power International Limited (PI) announces that
it has been informed of the decision of the Royal Court of Jersey in the
proceedings brought by former director Björn Pirrwitz for a payment on his
removal from the Board of Directors of the Company at the extraordinary general
meeting of April 2009, in the amount of EUR 700,000 plus interest and costs.  PI
defended that claim, on various grounds, and also brought a third party claim
against the former chairman of the Board of Directors of the Company, Wolfgang
Vilsmeier, seeking an indemnity from him in the event that the Company was held
to be liable to Mr. Pirrwitz. The Court decided in favor of Mr. Pirrwitz in
relation to his claim for a payment pursuant to his removal from the Board of
Directors and against PI regarding its third party claim with its former
chairman.

The Board of Directors is disappointed with this outcome, and considers it
entirely inconsistent with all advice it received.  The Board is considering its
options with respect to these matters and will inform the certificate holders
when further information is available.


Further inquiry note:
Mick Stempel
Metrum Communications
T: +43 (1) 504 69 87-385
E-mail: m.stempel@metrum.at

end of announcement                               euro adhoc 
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company:     PI Power International Limited
             1st Floor, 7 Bond Street 
             A-JE2 3NP St Helier, Jersey, Channel Islands
mail:     info@powerinternational.eu
WWW:      www.powerinternational.eu
sector:      Energy
ISIN:        AT0000A05W59
indexes:     other listings
stockmarkets: Third Market: Wien 
language:   English
 



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