26.02.2015 - The Board of Directors of PI Power International Limited (in liquidation) announces that it has been informed of the decision of the Royal Court of Jersey regarding the proceedings brought by former director Hans-Peter Dohr for an exit payment on his removal from the Board of Directors of the Company at the extraordinary general meeting of April 2009, in the amount of EUR 700,000 plus interest and costs. The Company defended the claim on the basis that Mr. Dohr, elected to the Board of Directors during the extraordinary general meeting of November 2008, waived his entitlement to any such exit payment prior to his removal. The Royal Court decided that, whilst Mr. Dohr had waived his entitlement to the payment, there were conditions of the waiver which were not met prior to Mr. Dohr's removal as a director of the Company during the extraordinary general meeting of 21 April 2009. Consequently, the Royal Court found in favor of Mr. Dohr. Pursuant to the judgment, the Company has been ordered to pay Mr. Dohr EUR 700,000 plus interest, and an amount of costs to be determined.

The Board of Directors is very disappointed with this outcome, and will be reviewing its options with legal counsel. Separately, the Board of Directors, acting upon the advice of counsel, has decided against appealing the judgment of the Royal Court of Jersey with respect to the matter involving the claims for overtime pay and personal security related costs by the Company's former chairman, Wolfgang Vilsmeier.   The Company has now only one matter remaining to resolve before it can liquidate and dissolve PI and its subsidiaries, which is the collection of its arbitration award related to the investment in a development stage gas-fired power plant in Hungary, Karpat Energo. The Board of Directors intends to update the certificate holders in the near future regarding the status of the Karpat Energo matter, and the timing and steps to effect the final winding up of the Company.

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