ASIA : Pantech and its affiliates kick off the construction of Pantech R&D center.

When completed in March. 2007, the 22-storey R&D center will accommodate 3,200 employees including 1,700 R&D personnel on the land of 6,473m2 in Sangam-dong, Seoul.

The contract was signed early January with Samhwan Co., a Korea’s major contractor and with Parsons as a CM company. Pantech bought the land back in Dec. 2002 from Seoul City Government, and the center will be a heart of Digital Media City to be developed by Seoul City Government. Total construction cost is estimated to about 60 million USD to be evenly shared by Pantech Co. and Curitel Communications Co.

Pantech’s engineering labs are currently scattered over different areas in Seoul. Thus, the new R&D center not just put workforce together, but also contribute to sizable savings from synergy effect. By estimate, the savings in administration expenses and productivity increase amount to 10 million USD a year. Also, the new building will encompass much bigger than the combined area of three of Pantech affiliates. By being located in Sangam DMC zone, Pantech will be positioned in the crucial area for international business and it will be much faster and easier to interchange leading edge technologies with international corporations.

About Pantech Co., Ltd.
Pantech From a pager producer, 1991 to a handset maker today, Pantech Co., an arm of Pantech, has become a leadingedge in mobile technology. Listed on the Korea Stock Exchange, 1997, Pantech Co. advanced into producing both CDMA and GSM handsets. In 2001, Curitel Communications Inc., a spin-off company from Hynix Semiconductor Inc., became a Pantech affilate, along with Pantech Co. Now, Pantech, led by Mr. Byeong Yeop Park, the founder and chairman of Pantech, is moving toward a global mobile phone producer with brand marketing and high-end mobile phones. Pantech Co. is headquartered in Seoul, Korea with regional sales offices distributed globally.