The Court of Arbitration has found in favour of PETROF

Hradec Králové, 16th October 2007

The Court of Arbitration at the Chamber of Commerce of the Czech Republic and the Agrarian Chamber of the Czech Republic issued a finding on 11.10.2007 with regard to the payment of the amount of 134,182 USD with accessories which the plaintiff, PETROF, spol. s r.o., required the defendant, Geneva International Corporation (GIC), to pay. The court acknowledged the entitlement of PETROF to the full payment of the required amount, including default interest, court costs and legal costs. GIC’s claim that the required amount should be credited against its apparent receivables was not acknowledged due to the failure of GIC to adhere to the complaints procedure. The arbitration essentially acknowledged that the supposed receivables of GIC which have been included, amongst other things, in a proposal for PETROF, spol. s r.o. to be declared bankrupt were unjustified. The Regional Court in Hradec Králové rejected this bankruptcy proposal in June 2007.

The statement of the Court of Arbitration is now the second court decision which has found in favour of the company from Hradec Králové. The PETROF CEO, Zuzana Ceralová – Petrofová, stated: “The court reached a just decision and confirmed our position in our dispute with GIC. Our argumentation in the dispute with GIC is based on facts, not speculation and it has a strong legal basis. For this reason, I am sure that the further arbitration and court disputes with our former commercial partner will also end well for us. However, the main battle which we are waging at present is not at the level of the disputes with GIC. The thing which will fundamentally decide on our future is our ability to manufacture and sell top quality pianos in the international market and to be better than our competitors in this respect. We are concentrating on this and, even though it is exceptionally difficult, we have noted some successes.”

This press release has been published by PETROF, spol. s r.o.
Its accuracy is guaranteed by Mgr. Zuzana Ceralová – Petrofová, the CEO
The preparation and distribution of the press release has been secured by V.I.A. PRAHA, a.s.


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