euro adhoc: PANDATEL AG
Ad hoc disclosure acc. to Art. 15 WpHG Merger with Dowslake Microsystems Corp. failed due to the rejection by plaintiffs

-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. -------------------------------------------------------------------------------- 16.11.2006 The district court Hamburg informed Pandatel AG that the time limit elapsed for accepting the settlement proposal submitted by court and, consequently, it was rejected by the suing plaintiffs. So, settlement efforts failed and court proceedings continue and will end in due course. 14 shareholders filed derivative suits and actions of nullity against various resolutions of the extraordinary shareholders' meeting of 27.03.2006. In particular, affected are the resolutions on capital decrease and increase, which Pandatel AG wanted to utilize to merge with Dowslake Microsystems Corp. by increasing its share capital against contribution in kind. With expiration of the time limit for accepting the court settlement proposal, the execution of the merger with Dowslake Microsystems before 31 December 2006 becomes very unlikely. Pandatel AG will continue co-operation with Dowslake Microsystems Corp. on contractual basis and look for other options. Hanover, 16 November 2006 The Management Board About PANDATEL PANDATEL is a German corporation based in Hanover. PANDATEL was formed in 1987 as Pan Dacom Telekommunikation GmbH. It went public at Frankfurt stock exchange in November 1999. Majority shareholder is Dowslake Venture Ltd. (U.S.A.) with Dr. Dan D. Yang as CEO. In March 2006, Dr. Yang became also CEO of PANDATEL AG. PANDATEL is specialized in Ethernet technologies. For further information please visit end of announcement euro adhoc 16.11.2006 10:57:08 -------------------------------------------------------------------------------- ots Originaltext: PANDATEL AG Im Internet recherchierbar: Further inquiry note: insignis GmbH, Agency for Communication Raik Packeiser Berliner Allee 9 - 11 30175 Hanover, Germany Phone: .+49 511 33 65 15 31 Fax +49 511 33 65 15 33 Email 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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