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

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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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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.

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
end of announcement euro adhoc
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issuer: 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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