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PI Power International Limited

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

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, 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
WKN:
Index: other listings
Börsen: Wien / Third Market

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