Bankruptcy court approves Dauphin agreements.NORTHBROOK, Ill.--(BUSINESS WIRE)--Jan. 31, 1996--Dauphin Technology Inc. today announced that the United States Bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. has entered two orders approving a series of business agreements. These agreements conclude Dauphin's relationship with Cormark and former Dauphin Dauphin, town, Canada Dauphin (dô`fĭn), town (1991 pop. 8,453), SW Man., Canada, on the Vermilion River. It is the retail and distribution center for an agricultural, lumbering, and fishing area. directors Kevin E. Koy, John Prinz, and John Russell Felker. Previously, the board of directors had removed Koy and Felker from their positions as chief executive officer and president, respectively, and elected Andrew Kandalepas to assume leadership of the company as chief executive officer, president, and chairman of the board. Additionally, on Jan. 18, the company filed an amended Plan of Reorganization. Currently, Dauphin is preparing its disclosure statement for filing with the United States Bankruptcy Court. Immediately after the court's acceptance of the agreements, Dauphin's board of directors convened to approve and implement the company's new strategic plan as set forth by CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Kandalepas. Kandalepas expressed confidence in Dauphin's ability to conclude bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party in the near future and become a viable force in current technological development via product diversification and strategic partnerships. Dauphin is publicly traded through the National Quotation Bureau National Quotation Bureau A service that publishes bid and offer quotes from market makers in OTC transactions. National Quotation Bureau Pink Sheets under the symbol DNTKQ. CONTACT: Dauphin Technology Inc., Northbrook Nina L. O'Connor, 847/559-8443 ext. 206 |
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