Dowslake Microsystems helps Pandatel ready for possible liquidation
JULY 31, 2007 -- Dowslake Microsystems (search for Dowslake) has agreed to assume responsibility for all activities of Pandatel AG's (search for Pandatel) office in Acton, MA. The measure comes as Pandatel AG's approaches its upcoming August 14 annual general meeting, at which will consider liquidation of the company.
Dowslake has agreed to take over all remaining staff and all expenses of the office. The action ends all Pandatel activities in the American market.
PANDATEL is a German corporation based in Hanover. PANDATEL was formed in 1987 as Pan Dacom Telekommunikation GmbH. It went public on the Frankfurt stock exchange in November 1999. Dowslake Venture Ltd. is the major stakeholder of Pandatel (as well as Dowslake Microsystems), and Dr. Dan D. Yang currently serves as CEO of both companies. PANDATEL provides last-mile access products as well as optical transport equipment to its worldwide customers.
The upcoming meeting will be the second time the company has asked its shareholders to consider liquidation. Pandatel AG was near liquidation at the end of 2005 before Dowslake Venture committed to take over the majority of shares from the original shareholder, Augusta AG. Pandatel and Dowslake resolved to merge last year. However, a minority of the shareholders filed suit to stop the merger, which was not consummated. Yang served as Pandatel CEO until this past May, when she resigned in the wake of the failed merger. An interim CEO, Juergen Schroeder, subsequently resigned in early June for "personal reasons" and Yang agreed to return on an interim basis.
Dowslake announced its intention to ask for liquidation at the end of this past March.
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