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

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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

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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

Branche: Telecommunications Equipment
ISIN:      DE0006916307
WKN:        691630
Index:    Prime All Share
Börsen:  Frankfurter Wertpapierbörse / regulated dealing/prime
              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

Weitere Meldungen: PANDATEL AG i.A.

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