BEIJING, April 26 /Xinhua-PRNewswire/ -- PacificNet, Inc. (Nasdaq: PACT), a leading provider of e-commerce and gaming technology in China, announced today that due to a NASDAQ administrative error, the Company's trading was temporarily halted but will resume trading on the NASDAQ Global Market on Monday, April 28, 2008. PACT management held a call with the NASDAQ Listing Qualifications Dept. immediately after noticing trading irregularities to address the issue.
As PACT announced previously, the Company has delayed the filing of its 10-K annual report due to an increase in its scale of operations and increased account work as a result of recent mergers and acquisitions. PACT plans to file its 10-K annual report within one month. PacificNet has appealed the NASDAQ Staff's determination by requesting a hearing before the NASDAQ Listing Qualifications Panel, which would automatically stay the delisting of PacificNet's common stock pending the Panel's review and determination. Although there can be no assurance that the Panel will grant the Company's request for continued listing, once the 10-K is filed, PACT believes the NASDAQ non-compliance situation will be remedied.
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. PacificNet's gaming products are localized to their specific markets creating an enhanced user experience for players and larger profits for operators. PacificNet's gaming clients include the leading hotels, casinos, and gaming operators in Macau, Europe and elsewhere around the world. PacificNet also maintains legacy subsidiaries in the call center and ecommerce business in China. PacificNet employs about 500 staff in its various subsidiaries with offices in the US, Hong Kong, Macau, China. For more information please visit http://www.PacificNet.com .
