PacificNet Files 10K Annual Report for Fiscal Year 2007
June 13 2008 - 4:39PM
PR Newswire (US)
BEIJING, June 13 /Xinhua-PRNewswire-FirstCall/ -- PacificNet Inc.
(NASDAQ: PACT), a leading provider of e-commerce and gaming
technology in China, announced today that it has filed it's 10K
annual report for the fiscal year 2007 with the SEC. "I am happy to
announce that we have filed our form 10K for 2007," said Tony Tong,
CEO of PacificNet. "We believe we've made adequate write-offs and
provisions in goodwill as well as write-offs in the area of our
telecom assets (legacy business) so we are well prepared and
focused moving ahead. Our gaming products drew heavy interest at
last week's big gaming show in Macau and as a result of the show,
we are getting many new orders for our gaming products and expect
to see an increase in our gaming product sales in the next few
quarters. As such, we expect to return to profitability soon. We
are working diligently to get our Q1 earnings out as soon as
possible to get our filings current so we can focus on business
going forward. On behalf of everyone here at PACT and our
subsidiary companies, I thank our shareholders for their present,
past and future support and extend an open invitation to come see
our products in action in Macau." PacificNet's annual report may be
viewed at the SEC web site at:
http://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000815017
NASDAQ DISCLOSURE: PacificNet Inc. received an audit report that is
included in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2007, filed on June 12, 2008, that contains
a going concern qualification. This announcement is made in
compliance with NASDAQ Marketplace Rule 4350(b)(1)(B).
Additionally, based on the Form 10-K for the year ended December
31, 2007, Staff determined that the Company's stockholders' equity
does not comply with the minimum $10,000,000 stockholders' equity
requirement for continued listing on The NASDAQ Global Market set
forth in Marketplace Rule 4450(a)(3). PacificNet plans to submit
its plan to regain compliance shortly. About PACT PacificNet (PACT)
is a leading provider of gaming and mobile game technology
worldwide with a focus on emerging markets in Asia, Latin America
and Europe. PACT's gaming products are localized to their specific
markets creating an enhanced user experience for players and larger
profits for operators. PACT's gaming clients include the leading
hotels, casinos, and gaming operators in Macau, Europe and
elsewhere around the world. PACT employs about 500 staff in its
various subsidiaries with offices in the US, Philippines, Hong
Kong, Macau, China. For more information, please contact:
PacificNet USA office: Jacob Lakhany Tel: +1-605-229-6678 Email:
DATASOURCE: PacificNet Inc. CONTACT: Jacob Lakhany at the
PacificNet USA office, +1-605-229-6678, Web site:
http://www.pacificnet.com/
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