|19.12.2011 - The Board of Directors of PI Power International Limited (PI) announces that it has been informed of the decision of the arbitration panel in the Austrian arbitration proceedings against Meinl Bank AG, with respect to PI?s claims related to the Placement and Market Maker Agreements. The arbitration panel has decided in favor of Meinl Bank AG, and has awarded Meinl Bank AG reimbursement of costs in the amount of EUR 737,038.63. The decision, which apparently was not unanimous in all respects, is non-appealable.
Within the week, the Board of Directors of PI intends to provide further details, once it has had an opportunity to review the reasons of the decisions. The Board of Directors will also update the previous guidance regarding the range of potential outcomes at that time.