Pantech making efforts to survive against Samsung and LG.

Pantech, Korea’s third smartphone manufacturer, is desperately trying to make come back with new products that it's hoping to turn its fortunes around.

Pantech started off as a small mobile venture firm into South Korea’s third-largest mobile phone maker in 15 years, until the company went under a debt restructuring in late 2006 after it suffered cash shortages.

The pantech posted an operating loss of 49.5 billion won (US$46 million) in the second quarter of 2013.

Sales also plunged for a third consecutive quarter from 507.4 billion won in the third quarter of last year to 33.2 billion won in the second quarter of 2013.

The company’s share of the domestic mobile phone market - dominated by Samsung Electronics and LG Electronics, the world’s first and third largest smartphone vendors - dropped from around 15 percent at the beginning of the year to above 10 percent,

Pantech plans to bolster restructuring efforts to survive, encouraged about 800 employees to take a voluntary six-month leave of work without pay. That accounts for almost 1/3 of the the company’s entire staff.

The struggling mobile company is now hoping to gain some credibility back (from staff and customers alike), with the release of a new 5.9-inch phablet: the VEGA Secret Note in domestic market and continues to release its Breeze line, lineup of inexpensive flip phones that started in May of 2005, in US market.

Newest in the line up, Breeze IV just arrived at AT&T Thursday November 14, 2013 with a pricetag just $39.99 with 2-Year contract.

Despite the doom and gloom the company’s CEO is trying to remain positive, stating that “Within a year, we will lay the groundwork for a new Pantech that could last at least for the next 50 years,”

A resolute Lee, who replaced Park as CEO in september, adapted French philosopher Rene Descartes’ famous maxim, cogito ergo sum (I think, therefore I am), to respond to doubts of the company’s sustainability in the fast-changing smartphone market.

“We don’t stop,” Lee said. “Therefore, we are.”