TMCnet News
PCT International Averts Hostile Takeover AttemptThe U.S. Bankruptcy Court has granted motions filed by PCT International (News - Alert), Inc. to permit continued business operations of the company while it reorganizes in a Chapter 11 case. In granting PCT's "First Day" motions, the Court has rejected objections filed by one of PCT's former vendors aimed at gaining control of PCT and its intellectual property rights. During the course of prior litigation PCT learned that its vendor, EZconn Corporation, from Taiwan and China, had given PCT's engineering and business trade secrets to a competitor, Holland Electronics, which is a subsidiary of Amphenol (News - Alert)/Times Fiber. PCT ceased doing business with EZconn based on these bad acts but PCT was ultimately forced into bankruptcy. The Bankruptcy Court's ruling this week averted this latest attempt at a hostile takeover. Followin this ruling, Steve Youtsey, CEO of PCT, said, "We are very pleased that the Court gave us the breathing room we need to resume normal operations. We are more determined than ever to protect and fight for our IP rights and the legitimate interests of all our shareholders, creditors and customers. We also want to thank our valued supply chain partners and customers for their continued support and patience." PCT's telecom business model remains strong and PCT remains committed to delivering the best quality products and at the best price. PCT will continue to develop innovative products to support the telecommunications infrastructure and ensure the company's future success. About PCT International, Inc. is a privately owned company serving a significant segment of the U.S. and international telecommunications infrastructure. PCT's patented coaxial cable and connectors have been installed 60 countries around the world. To learn more, visit, http://www.pctinternational.com/our-company/. View source version on businesswire.com: https://www.businesswire.com/news/home/20200205005902/en/ |
