PI Power International Limited
EANS-News: PI Power International Limited
PI reached an agreement for the
settlement of certain disputes with Meinl Bank AG
St Helier, Jersey, Channel Islands (euro adhoc) -
Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement.
Company Information
Jersey/Vienna
September 25, 2010 - PI Power International Limited ("PI")announces
today that it has reached an agreement for the settlement of certain
disputes with Meinl Bank AG, and its respective subsidiaries and
affiliates ("Meinl Bank").Pursuant to this agreement, Meinl Bank will withdraw all claims against PI and pay EUR 1.5 million. PI will withdraw all claims against Meinl Bank. The agreement, however, does not affect the claims filed by the Parties filed with the International Arbitration Court at the Austrian Federal Economic Chamber in Vienna (the "Arbitration Proceedings"), relating to the Placement and Market- Maker Agreement. In addition, PI´s subsidiaries, Stratius and Erymanthius, will transfer to Meinl Bank their interests in the Hohenlohe Windpark. All agreements between PI and Meinl Power Management, as well as with Meinl Capital Advisors, will be terminated. In reaching this settlement, neither party admits any liability to the other.
PI intends to convene an information meeting for its shareholder and Austrian depository certificate holders on or about 20th October regarding this settlement.
Hearings in the Arbitration Proceedings are scheduled to commence on 29th November, 2010.
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
WKN:
Index: other listings
Börsen: Wien / Third Market