PacificNet Files 10-Q Quarterly Report for the First Quarter of 2008
July 03 2008 - 1:25PM
PR Newswire (US)
BEIJING, July 3 /Xinhua-PRNewswire-FirstCall/ -- PacificNet Inc.
(Pink Sheets: PACT), a leading provider of e-commerce and gaming
technology in China, announced today that it has filed its 10-Q
quarterly report for Q1 2008 with the SEC. "I am happy to announce
that we have filed our form 10-Q for Q1 2008," 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
the G2E Asia expo 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 Q2 earnings out as soon as possible 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 financial
reports and filings may be viewed at the SEC web site at:
http://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000815017
PACT has been notified by The NASDAQ Stock Market that The NASDAQ
Listing Qualifications Panel has suspended trading of PacificNet
Inc.'s shares effective today. PacificNet plans to request a review
from the NASDAQ Listing and Hearing Review Council, which could
alter or dismiss the Panel's determination. As of now, PacificNet
is quoted on the Pink Sheets, an electronic quotation service
maintained by Pink Sheets LLC. The Pink Sheets allow continued
trading of securities of delisted companies. PacificNet's common
stock will be traded on the Pink Sheets under the symbol "PACT.PK".
PacificNet plans to seek listing on the OTC Bulletin Board(R), a
regulated quotation service for over-the-counter securities,
provided one or more market makers apply to quote PacificNet's
securities. In the event the NASDAQ Listing and Hearing Review
Council does not overturn the delisting, PacificNet plans to seek
relisting on the NASDAQ at a later date. PacificNet's day-to-day
operation will continue as normal. 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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