EANS-Adhoc: Pandatel Aktiengesellschaft i. A.: Cancellation of the Joint Marketing Service and Supply Agreement with Dowslake Microsystems Corp.

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

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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