EANS-Adhoc: Action against PNE WIND AG for reversal of the sale of its stake in SSP Technology A/S in 2008

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Company Information

16.10.2009

Cuxhaven, October 16, 2009 - An action has been brought against PNE
WIND AG by SSP Technology Holding ApS, which purchased the PNE WIND
AG 67.26% stake in SSP Tech-nology A/S in July 2008 following the
conclusion of a share purchase agreement with Ventizz Ltd. The main
object of the case being brought before Stade District Court is the
reversal of sale of the majority stake in SSP Technology A/S
previously held by PNE WIND AG. The plaintiff is demanding that PNE
WIND AG repay it not only the purchase price of approx. EUR34.54
million, but also a further EUR19.74 million for other expenses, i.e.
a total of approx. EUR54.28 million. The claim brought is based
largely on the alleged errors in the corporate planning for SSP
Technology A/S submitted during contract negotiations. In the
alternative, the plaintiff is demanding a payment of approx. EUR8.64
million for an alleged breach of a war-ranty relating to SSP
Technology A/S accounts agreed in the share purchase agreement
con-cluded in June 2008.

The firm position of the PNE WIND AG board of directors is that the
action is unfounded and therefore unlikely to succeed. This is also
the view taken by the legal advisors and auditors called in by PNE
WIND AG in his first, preliminary assessment. The PNE WIND AG's view
of the case means that the action will not have a significant effect
on the results for the current business year. As the situation
currently stands, provisions are only to be built up to cover legal
costs.

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ots Originaltext: PNE Wind AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

PNE WIND AG

Public Relations

Rainer Heinsohn

Tel: +49(0) 47 21 - 7 18 - 4 53

Fax: +49(0) 47 21 - 7 18 - 3 73

E-mail: info@pnewind.com

Investor Relations

cometis AG

Ulrich Wiehle / Dirk Stauer

Tel: +49(0)611 - 205855-11

Fax: +49(0)611 - 205855-66

E-mail: wiehle@cometis.de

Branche: Alternative energy
ISIN: DE000A0JBPG2
WKN: A0JBPG
Index: CDAX, Prime All Share, Technologie All Share
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