Dauphin embarks upon diversification.NORTHBROOK, Ill.--(BUSINESS WIRE)--Feb. 21, 1996--Dauphin Technology Inc. today announced that on Feb. 15, 1996, 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. filed its Second Amended Plan of Reorganization and its related Disclosure Statement with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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. . On March 21, 1996, the Bankruptcy Court will conduct a hearing at which it will consider the adequacy of the Disclosure Statement. If the Court finds that the Disclosure Statement contains adequate information, Dauphin will be authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: to disseminate the Plan and Disclosure Statement to its creditors and shareholders and solicit acceptance of the Plan, which Dauphin hopes will lead to its emergence from its Chapter 11 Case. On Feb. 15, 1996, the Court also authorized Dauphin to enter into an Asset Acquisition and Employment Agreement with Interactive Controls Inc. ("Intercon") and its two shareholders, Victor Baron and Sal Burd. Pursuant to the terms of this agreement, Dauphin has acquired the right to implement the business plan which Intercon developed for the design, manufacture and sale of interactive control devices and systems. Baron and Burd have been employed by Dauphin to implement the new business plan and to assist Dauphin with its general business and reorganization process. Baron has assumed the position of Dauphin's chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Baron will also act as the president of Dauphin's new "Intercon Division," through which Dauphin will implement the new business plan. Burd will assume the position of Dauphin's chief financial officer. Baron and Burd will join Dauphin's Chief Executive Officer and President, Andrew Kandalepas, to act as a three man executive committee, which will direct Dauphin's new business plan. Baron has 20 years of experience in product development, marketing and technical sales. In addition, he has established a wide range of long-term relationships within the manufacturing industry. Burd, a CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. and financial consultant, has held key fiscal management positions and has been an investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and with companies in the securities and investment business. Dauphin's acquisition and implementation of the new business plan was designed to expand Dauphin's current product lines. Dauphin's board of directors hopes that such product expansion will result in Dauphin's long term stability and increase its share of the ever expanding computer market. Dauphin is publicly traded and is listed on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Over the Counter Bulletin Board under the symbol DNTKQ. CONTACT: Dauphin Technology Inc., Northbrook Nina L. O'Connor, 847/559-8443 ext. 206 |
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