| 25.09.2010 - 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 €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.
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