Pantech Co., South Korea’s smallest handset maker that went through two painful workout programs in 2006 and 2014 , on Wednesday unveiled its second smartphone under its SKY brand with hope to restore its fallen reputation. The company sets an annual sales target of 300,000 units for its first new product in 19 months - the SKY IM-100 - since its exit from the second workout program.

The company announced that the new phone will start to be sold on June 30 through telecom operators SK Telecom Co. and KT Corp.

According to Pantech, the SKY IM-100 is a budget smartphone priced at 449,000 won (about $390) but with full-spec features as premium devices. The handset comes with a wireless charging device called Stone, which also functions as a Bluetooth speaker and a mood lamp when connected to mobile applications. SKY IM-100 users only need to place the device on top of Stone for it to be automatically charged.

Pantech’s new Android-based smartphone comes in two colors - classic white and platinum black - and is equipped with a 5.15-inch full high-definition liquid crystal display (LCD) and 32 gigabyte storage. It operates on SnapDragon 430 Octa-core processor and has a 13 mega-pixel camera. Pantech has opened 65 after-sales service centers nationwide and aims to sell 300,000 units this year.

Pantech, once a symbol of the most successful startup in Korea, was founded in 1991 by iconic entrepreneur and former vice chairman Park Byeong-yeop. The company started out as a manufacturer of beepers before producing its first mobile handset in 1997. Based on the high-technology, the United States-based Motorola Inc. invested $15 million in Pantech in the following year and became the handset maker’s second-largest shareholder.

The company, however, struggled due to aggressive takeovers and declining sales and applied for a workout in 2006. Pantech was able to overcome difficulties based on its restructuring efforts and made a comeback by hitting the 1 trillion won sales milestone in 2009. It was the first in the country to launch the first Android smartphone in 2010. In August of that year, Pantech launched its signature Vega smartphone, allowing it to become the country’s second-largest smartphone maker after Samsung Electronics. The company continued to release new products until 2012 despite challenges facing the industry, but it had to apply for its second workout program in 2014 amid declining sales and intensifying competition. Last July, a consortium led by local optical manufacturer Optis Co. and telecom device maker Solid Inc. acquired Pantech, and has been seeking measures to bring golden days back at Pantech.

By Lee Gyung-jin

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]