EANS-Adhoc: Pandatel Aktiengesellschaft i. A.: Cancellation of the Joint Marketing Service and Supply Agreement with Dowslake Microsystems Corp.
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
Contracts
03.08.2009
Ad hoc Disclosure according to Art 15 WpHG PANDATEL AG i. A. (General Standard - ISIN DE0006916307) Hanover, August 3, 2009. Today, the liquidator of the company signed an agreement on the cancellation of the Joint Marketing Service and Supply Agreement (the "Agreement") with Dowslake Microsystems Corp., California. The Agreement is, therewith, cancelled effective immediately, i.e. with effect from today. By cancelling the Agreement, the company saves itself the payment of millions respectively legal disputes about it within the framework of the liquidation resolved by the annual general meeting. Thus, entering into the cancellation agreement leads to an economically favorable and secured contractual situation, within the scope of winding up the company in the interest of the company and its shareholders. Essential provision of the cancellation agreement is that Dowslake Microsystems Corp. waives vis-a-vis Pandatel AG i.A. all and any claims for damages and other claims for compensation which might possibly arise in the context of non- fulfillment or failure to properly fulfill its obligations under the Agreement. A termination of the Agreement within the framework of winding up the company in accordance with the provisions of the Agreement would have meant that Pandatel AG i.A. - based on the balance sheet items as of 31.12.2007 - would have been obliged to pay an amount of roughly about EUR 3m to Dowslake Microsystems Corp. Especially, Pandatel AG i.A. makes, in return for the aforementioned waivers, a compensation payment of a lump-sum in the amount of EUR 340,000.00 to Dowslake Microsystems Corp. The cancellation agreement is subject to the condition precedent of non- approval by the Supervisory Board of the company. At present, the company's Supervisory Board consists of just two members and, thus, has no quorum. It has been applied for appointment by court order of a third Supervisory Board Member. The Supervisory Board will, without delay after creating a quorum, resolve on the approval of the cancellation agreement. About PANDATEL The company, with headquarters in Hanover, was formed in 1987 as Pan Dacom Telekommunikation GmbH. Since November 1999, the stock corporation is listed as PANDATEL AG at Frankfurt Stock Exchange. More Information is available under www.pandatel.com Pandatel AG i.A. | Garbsener Landstraße 10 | 30419 Hanover Germany
end of announcement euro adhoc
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Branche: Telecommunications Equipment
ISIN: DE0006916307
WKN: 691630
Index: Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade
München / free trade