Dauphin emerges from bankruptcy.NORTHBROOK, Ill.--(BUSINESS WIRE)--May 9, 1996--The U.S. 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. today confirmed 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. Technology Inc.'s Third Amended Plan of Reorganization ("Plan"). The Plan, which was well received and approved by an overwhelming number of the company's creditors and shareholders will enable the company to emerge from Chapter 11 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 . The provisions of the Plan include a "debt for equity" swap for all of the company's pre-petition debt and all of the post-petition financing. In addition, the Plan also provides a mechanism for all of the inventory held by Technology Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to be turned over to the company in an effort to assist the company with the manufacturing of its product(s). Such inventory was originally purchased by Technology Partners, LLC in May of 1995 from IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) when Technology Partners, LLC acquired IBM's secured claim. The company will now proceed to implement its Business Plan, which includes diversification in products and technology via strategic acquisitions and partnerships. The prior acquisition of Interactive Controls Inc. ("Intercon") is expected to enable the company to expand its products and sales in the industrial markets. In addition, the company is planning to promptly begin production of its DTR-2, a 2.5 pound palm-top computer capable of wireless communication, voice, pen, and keyboard input. Markets targeted for DTR-2 sales include the Department of Defense, health care industry, Department of Transportation and others. Dauphin's 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. and President, Andrew Kandalepas, has been instrumental in rescuing the company prior to and after he joined management in November of 1995. Kandalepas comments, "I am extremely pleased with the outcome. It has been an unbelievable challenge and quite an effort. I am especially happy for our shareholders whose interests we all fought so hard to preserve and protect." Kandalepas continues, "This is a new era for the company. With the $51 million debt now a thing of the past, we can concentrate on our business objectives with more vigor VIGOR Internal medicine A clinical study–Vioxx GI Outcomes Report comparing a proprietary COX-2 inhibitor to standard NSAIDs and excitement." Dauphin stock is publicly traded on the Over-the-Counter Electronic Bulletin Board under the symbol DNTK. CONTACT: Dauphin Technology Inc., Northbrook Sheila A. Trendel, 847/559-8443 ext. 206 |
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