EANS-News: PI Power International Limited / Annual General Meeting Approves All Resolutions with an Overwhelming Majority

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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Annual & Special Corporate Meetings

St Helier, Jersey, Channel Islands (euro adhoc) - Jersey/Vienna, June
22, 2010 - All proposed resolutions on the agenda of the Annual
General Meeting (AGM) of PI Power International Limited (PI) held
today, Tuesday, in Vienna, were approved by a majority of about 99%.

At the AGM, the Board of Directors confirmed the guidance of the
anticipated further capital distribution to certificate holders to a
range between EUR 0.60 to EUR 1.40 per certificate[1], as originally
announced on May 29, 2010. Including the amount of EUR 6.90 which has
already been paid out to certificate holders, the total capital
repayment will range between EUR 7.50 and EUR 8.30 per certificate.

As the Articles of Association of PI require that each director shall
retire at each AGM, the current Board of Directors put themselves
forward for re- election. James Shinehouse, Richard Boléat, George
Baird and Murdoch McKillop were re-elected as directors of PI. James
Shinehouse was also re-elected to the position of Managing Director
of PI.

In addition, the AGM also approved PI´s annual accounts, the
directors` report and the auditor´s report for the period January 1,
2009 to December 31, 2009. Grant Thornton Wirtschaftsprüfungs- und
Steuerberatungs-GmbH, Vienna, was once again appointed as auditor to
the company.

Shareholders´ equity less minority interest as at the balance sheet
date of December 31, 2009 totaled EUR 64.8m (previous year: EUR
507.4m). Cash, cash equivalents and financial assets amounted to EUR
68.9m (previous year: 394.3m) at the balance sheet date. The net
asset value (NAV) at year end was EUR 1.12 per certificate[1]
(following capital repayment of EUR 6.90 per certificate[1] to date).
Management costs of the parent company in 2009 were reduced to EUR
23.5m. In the 2008 fiscal year (until the middle of November 2008
under the previous management), costs were still EUR 29.5m.

The Board of Directors also presented to the AGM the preliminary
financial results of PI (parent company only) for the five month
period ending May 31, 2010. The NAV at the end of May 2010 was EUR
1.10 per certificate, whereas cash and cash equivalents totaled EUR
66.3m. Management costs in the first five months of 2010 should be
considerably further reduced compared to the previous year, amounting
to only EUR 1.8m.

It was announced at the AGM that the next step would be a further
cash distribution of EUR 0.40 per certificate1, depending on
confirmation from the auditor of the company. In addition, the
company will press ahead with the sale or disposal of the Hohenlohe
Wind Park (Germany) and the disposal / realisation of value of the
minority shareholding in the gas-fired power plant project in Hungary
(Karpat Energo Investments). The aims being pursed by management are
the liquidation of the company and the distribution of the remaining
capital as instructed by certificate holders.

With respect to the current legal disputes with Meinl Bank AG, PI
notified certificate holders of the continuation of the Austrian
arbitration proceedings initiated in the previouis year on grounds of
excessively high fees. The other litigation in Jersey and the UK is
also being continued.

Further information on PI Power International is available at:
www.powerinterntional.eu

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[1] Excluding treasury certificates

end of announcement euro adhoc
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ots Originaltext: PI Power International Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

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