Press release - PETROF won another legal dispute with its former American partner

 
Hradec Kralove, Czech Republic, June 12, 2008

Major European piano manufacturer, the PETROF company from the Czech Republic, was once again successful in the legal dispute with American company Geneva International Corporation (GIC). This former distributor of PETROF pianos in the US claimed compensation for losses due to alleged non-deliveries of instruments in 2006 and 2007 and for alleged unjustified abrogation of the convention. Arbitration Court attached to the Economic Chamber of the Czech Republic and Agricultural Chamber of the Czech Republic rejected all entitlements of GIC and acknowledged justification of the PETROF company to back out of the contract for significant breach of contract obligations of GIC.

This decision has an important significance for PETROF and brings a decisive statement. The decision proved that legal attacts by GIC, which were started by the attempt to impose bankruptcy on the PETROF company and continued with the damage action for losses due to alleged non-delivery of instruments and for alleged unjustified abrogation of the convention, were absolutely false. The decision of the Arbitration Court makes it possible for PETROF to seek compensation for losses incured due to the hostile proceedings of GIC.