EANS-News: PI Power International Limited / Annual General Meeting Approves Winding up of the Company

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Annual & Special Corporate Meetings

St Helier, Jersey, Channel Islands (euro adhoc) - Jersey/Vienna, July
12, 2012 - All proposed resolutions on the agenda of the Annual
General Meeting (AGM) of PI Power International Limited (PI) -
including the winding up of the Company - held today, Thursday, in
Vienna, were approved by a majority of approximately 99%.

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,
2011 to December 31, 2011. Grant Thornton Unitreu
Wirtschaftsprüfungs- und Steuerberatungs-GmbH, Vienna, was once again
appointed as auditor to the Company.

Moreover, the Board of Directors was authorised to return further
capital to shareholders. The Board of Directors revised its estimate
of further cash repayments to Certificate Holders, in addition to
cash repayments to date of EUR 7.80, to between EUR 0.07 and EUR 0.38
per share/ certificate, excluding certificates held by PI.

Furthermore, the AGM approved the winding up of the Company in
accordance with Jersey Law. However, there can be no definitive
timescale for the finalisation of the winding up process and the
dissolution of the Company because the timing of the completion of
the litigation matters cannot be predicted. The directors believe,
however, that commencing the winding up process at this time will
provide the Company with the flexibility to wind up quickly upon
completion of the litigation matters.

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

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

end of announcement euro adhoc
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company: 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