BEIJING, Feb. 8 /Xinhua-PRNewswire/ -- PacificNet, Inc. (Nasdaq: PACT), a
leading provider of Customer Relationship Management (CRM), mobile internet,
e-commerce and gaming technology in China, today announced that its Audit
Committee has approved the appointment of Kabani & Company, Inc.
(www.kabanico.com) as its new independent registered public accounting firm.
Based in Los Angeles, California, Kabani is a public accounting and consulting
firm serving private and public companies with comprehensive services
throughout North America, Europe and Asia. Through its partner firms in China,
Kabani has a team of local PRC CPAs in Beijing, Guangzhou, and Shenzhen who
are experienced in dealing with PRC accounting standards and audit issues and
can help PacificNet with its many operation offices in China.
Kabani & Company, Inc. is being engaged to audit PacificNet's financial
statements for the fiscal year ended December 31, 2006. In addition, Kabani
will review the Company's financial statements contained in its quarterly
reports on Form 10-Q, beginning with the quarter ending March 31, 2007. The
engagement of Kabani follows upon the departure of the Company's prior
independent auditors, Clancy and Co., P.L.L.C., described in the Company's
Form 8-K at http://www.sec.gov.
Joe Levinson, CFO of PacificNet, stated, "As we embark on our growth
strategies, targeting U.S., China and the rest of the world market
penetration, we have selected to retain a prestigious and experienced U.S.-
based auditing firm, which we found in Kabani & Company. Kabani's professional
team brings expertise in SEC audits and understands the needs of ever-
expanding companies such as ours. As our auditors, Kabani will help ensure we
meet the compliance and reporting requirements of a public company, and
further support our progress in executing the Company's business strategy and
the growth outlook in the future."
About Kabani & Company, Inc.
Kabani & Company, Inc. is a growing public accounting and consulting firm
based in Los Angeles, California. Kabani & Company has built a solid
reputation for providing quality service and expertise to both public (SEC)
and private companies. The firm represents clients from a variety of
industries, including high-tech, manufacturing, service, financial,
hospitality and entertainment in North America, Europe and Asia. Kabani &
Company, Inc. provides these services proactively through a close relationship
with its clients and an in-depth understanding of its objectives.
Kabani & Company is registered with PCAOB and is a member firm of AICPA
Center for Public Company Audit Firms. Kabani & Company, Inc. recently
successfully went through a peer review of its quality control policies and
was also awarded the "Certificate of Recognition" by PCPS/The AICPA Alliance
for CPA firm, for its quality control standards. For more information, visit
www.kabanico.com.
About PacificNet
PacificNet Inc. (http://www.PacificNet.com) is a leading provider of
Customer Relationship Management (CRM), mobile internet, e-commerce and gaming
technology in China. PacificNet's clients include the leading telecom
companies, banks, insurance, travel, marketing and business services companies
and telecom consumers in Greater China. PacificNet's corporate clients include
China Telecom, China Mobile, Unicom, PCCW, Hutchison Telecom, Bell24,
Motorola, Nokia, SONY, TCL, Huawei, American Express, Citibank, HSBC, Bank of
China, Bank of East Asia, DBS, TNT, Hong Kong Government, and leading hotel-
casinos in Macau and Asia. PacificNet employs over 1,600 staff in its various
subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen,
Guangzhou, Macau, and branch offices in 28 provinces in China and has
headquarters in Beijing, Hong Kong and USA.
Safe Harbor Statement
This announcement contains forward-looking statements. Statements that are
not historical facts, including statements about our beliefs and expectations,
are forward-looking statements. Forward-looking statements involve inherent
risks and uncertainties. Potential risks and uncertainties include, but are
not limited to, PacificNet's possible future losses, uncertain regulatory
landscape in China, and fluctuations in quarterly operating results. Further
information regarding these and other risks is included in PacificNet's Form
10KSB and other filings with the SEC.
Contact:
PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678
PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000
PacificNet Shenzhen office: Room 4203, Jinzhonghuan Business Building,
Futian District, Shenzhen, China. Postal Code: 518040
