From the official Power Balance Australia website:
POWER BALANCE WRISTBANDS
In our advertising we stated that Power Balance wristbands improved your strength, balance and flexibility.
We admit that there is no credible scientific evidence that supports our claims and therefore we engaged in misleading conduct in breach of s52 of the Trade Practices Act 1974. [Emphasis added.]
If you feel you have been misled by our promotions, we wish to unreservedly apologise and offer a full refund.
To obtain a refund please visit our website http://www.powerbalance.com.au or contact us toll-free on 1800 733 436
This offer will be available until 30th June 2011. To be eligible for a refund, together with return postage, you will need to return a genuine Power Balance product along with proof of purchase (including credit card records, store barcodes and receipts) from an authorised reseller in Australia.
This Corrective Notice has been paid for by Power Balance Australia Pty Ltd and placed pursuant to an undertaking to the Australian Competition and Consumer Commission given under section 87B of the Trade Practices Act, 1974.
Congratulations to Richard Saunders and everyone else who has been tirelessly skeptical of such pseudoscientific magic trinkets.