DÜSSELDORF, Germany and ATLANTA, June 18, 2025 — Heramba Electric plc (OTC: PITEF) has released the outcomes of its extraordinary shareholder and board meeting, which took place on June 3, 2025. Over 90.0%+ of shareholders participated in the vote on the following resolutions:
- The appointment of Srinath Narayanan, Tim Dummer, Prakash Ramachandran, Andrea La Mendola, David Roberts, Cindy Huang, Michael Burton, and David Port as directors.
- Following a thorough evaluation of Michele Molinari’s performance as CEO, the decision was made to terminate Michele Molinari’s employment contract effective immediately. He will be placed on administrative suspension across all subsidiaries and associated boards, in accordance with applicable law, due to the following reasons:
i. Breach of fiduciary duty to the company’s creditors and shareholders.
ii. Failure to adhere to proper corporate governance by enacting actions without proper communication to shareholders.
iii. Failure to mitigate conflict of interest despite repeated requests from board members.
iv. Significant destruction of value to shareholders and credit holders from actions pursued without seeking independent counsel or a restructuring officer.
- Srinath Narayanan was appointed as acting CEO, David Port as Chief Restructuring Officer, Prakash Ramachandran as CFO, and Dave Roberts as Chief Legal Officer of the company.
- ByrneWallace LLP, Toiefenbacher, and PotterAnderson were appointed as legal counsel in Ireland, Germany, and Delaware, respectively.
- Srinath Narayanan, David Port, and Dave Roberts are the sole authorized representatives to communicate and negotiate with insolvency administrators in Germany, with the goal of maximizing value for the company’s shareholders and creditors.
Cautionary Statement Regarding Forward-Looking Statements
This communication includes certain statements that are not historical facts and are considered forward-looking statements under the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by terms such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that suggest future events or trends, or events that are not statements of historical fact. These statements include, but are not limited to, those concerning management’s plans and objectives for future operations, business strategy, anticipated growth, and market opportunities. These statements are based on various assumptions, whether or not explicitly mentioned, and on the current expectations of Heramba Electric’s management, and they should not be interpreted as predictions of actual performance. These forward-looking statements are intended for illustrative purposes only and should not be relied upon as a guarantee, assurance, prediction, or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ significantly from the stated assumptions. Many actual events and circumstances are beyond Heramba Electric’s control. These forward-looking statements are subject to several risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political, and legal conditions; (ii) the ability to maintain compliance with stock exchange listing standards after the Business Combination; (iii) failure to achieve the anticipated benefits of the Business Combination, which may be affected by factors such as competition, the combined company’s ability to grow and manage growth profitably, maintain customer and supplier relationships, and retain key management and employees; (iv) changes in applicable laws or regulations; (v) the outcome of any legal proceedings against Heramba Electric, PERAC, or Heramba; (vi) the impact of competition on Heramba Electric’s future business; (vii) the ability of Heramba Electric to finance future operations; (viii) the enforceability of Heramba Electric’s intellectual property rights, including copyrights, patents, trademarks, and trade secrets, and the potential infringement of others’ intellectual property rights; and (ix) the factors discussed under “Risk Factors” in the definitive proxy statement/prospectus filed by Heramba Electric on March 19, 2024, and other documents filed or to be filed with the U.S. Securities and Exchange Commission. If these risks materialize or assumptions prove incorrect, actual results could differ materially from those implied by the forward-looking statements. Additional risks, currently unknown or considered immaterial by Heramba Electric, may also cause actual results to differ from those projected in the forward-looking statements.
Furthermore, these forward-looking statements reflect Heramba Electric’s plans or forecasts of future events and views as of the date of this communication. Heramba Electric anticipates that subsequent events and developments may lead to changes in these assessments. While Heramba Electric may choose to update these forward-looking statements in the future, it specifically disclaims any obligation to do so. No statement in this communication should be interpreted as a guarantee that the forward-looking statements will be achieved or that the contemplated results will occur. Therefore, undue reliance should not be placed on these forward-looking statements.
For further information and inquiries, please contact:
Atlanta Capital Partners, LLC
David L. Kugelman
(866) 692-6847 Toll Free – U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
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