PANDATEL AG i.A.

euro adhoc: PANDATEL AG
other
Ad hoc disclosure pursuant to Art. 15 WpHG Exemption for Dowslake Venture Ltd. from making a mandatory take-over bid

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@

18.01.2006

Hamburg, January 18, 2006. On January 17, 2006, BaFin exempted PANDATEL AG’s new shareholder Dowslake Venture Ltd. (49.98%) and their owners Dr Dan Yang and Mr Zibin Lu pursuant to section 37 German Acquisition and Takeover Act (WpÜG) in conjunction with section 9 clause 1 number 3 of the takeover directive of the German Acquisition and Takeover Act (WpÜG-Angebotsverordnung) according to the application made on November 30, 2005, from their duty to publish pursuant to section 35 para 1 clause 1 German Acquisition and Takeover Act (WpÜG) their gaining control over PANDATEL AG, to transmit to the German regulatory authority BaFin pursuant to section 35 para 2 clause 1 German Acquisition and Takeover Act (WpÜG) a bidding document and to publish a mandatory offer pursuant to section 35 para 2 clause 1 in conjunction with section 14 para 2 clause 1 German Acquisition and Takeover Act (WpÜG).

The exemption is subject to the following conditions:

@@start.t2@@a)         BaFin is to be transmitted without any delay the notice of PANDATEL AG’s
general meeting, which is to take place in the context of the agreed
restructuring program and which is to adopt a resolution on the capital increase
in kind to contribute at least 95% of Dowslake Microsystems Corp.’s shares.
b)         BaFin is to be notified without any delay of the resolution at the
general meeting of PANDATEL AG as described under a).
c)         BaFin is to be provided with evidence of the registration with the
Commercial Register without any delay about accomplishing the capital increase
against contribution in kind as described under a).@@end@@

Among others, BaFin mentions two essential reasons for granting the exemption:

1)         PANDATEL AG is threatened by risks endangering its very
existence. In the absence of sufficing liquidity for restructuring,
the only alternative to liquidating PANDATEL AG is the introduction
of a strategic investor in order to reorganize the company.

2)         The presented restructuring plan including the contribution
of Dowslake Microsystems Corp. shares into PANDATEL AG as investment
in kind provides the basis for a successful reorganization of the
company.

About Pandatel

Pandatel is a German corporation based in Hamburg. Pandatel was formed in 1988 as Pan Dacom Telekommunikation GmbH. It went to public at Frankfurt Prime standard in November 1999. Pandatel provides Ethernet and data connectivity, multiplexing, and protocol conversion products such as Ethernet copper or fiber optic converters and multiplexers, Ethernet-over- SDH/Sonet, SDH/Sonet-over-Ethernet, and optical multi-wavelength transport products for enterprise customers. Pandatel currently sells its products through its regional offices and subsidiaries in France, UK, and Singapore. The company’s current operations, product strategy will be reviewed during the restructuring. OEM partnership such as Dowslake’s business model will be explored to expand market presence. For more information about Pandatel, please visit www.pandatel.com

@@start.t3@@end of announcement                                                 euro adhoc 18.01.2006 16:21:44
--------------------------------------------------------------------------------@@end@@

ots Originaltext: PANDATEL AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Christina Kunze
Tel.: +49 (0)40 644 14 187
E-Mail: cku@pandatel.com

Branche: Telecommunications Equipment
ISIN:      DE0006916307
WKN:        691630
Index:    Prime All Share
Börsen:  Frankfurter Wertpapierbörse / regulated dealing/prime
              standard
              Börse Berlin-Bremen / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Niedersächsische Börse zu Hannover / free trade
              Bayerische Börse / free trade



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