As you can see from the image at right, the Pyrus is a rather ordinary looking device page turn buttons on either side of the screen as well as a few more buttons below. It's not going to have Wifi or a touchscreen, and that will definitely limit its utility.
Trekstor's last ereader had a 7" LCD screen, so this new one makes me wonder if they're hedging their bets. I cannot find a mention of a price or release date, but I'd expect it to be on the shelf in the next few months.
But when is does hit the market, I'm not sure what success it will have. The Kindle is available in Germany for 99 euros, and that doesn't leave much margin for a smaller competitor to undersell (and we know they cannot match the features).