SINGAPORE, Dec. 7 /Xinhua-PRNewswire-FirstCall/ -- On November 29, 2006,
in response to a request by the NASDAQ Stock Market, Inc. ("NASDAQ") for a
specific plan and timetable for achieving compliance with NASDAQ Marketplace
Rules 4350(d)(2), 4350(c)(3) and 4350(c)(4) (the "Rules") in relation to
composition of its audit, compensation and nominations committees
respectively, Pacific Internet Limited (Nasdaq: PCNTF) (the ''Company''
or "PacNet") submitted its timetable and compliance plan containing the
names and biographies of potential candidates for appointment to its Board
of Directors. PacNet informed that it intends to appoint three independent
directors to its Board who will also be appointed to the Company's audit,
compensation and nominations committees.
On December 5, 2006, NASDAQ responded to the Company informing that it
believes that the Company has provided a definitive plan evidencing its
ability to achieve and sustain compliance with the Rules and as such has
determined to grant an extension of time until February 28, 2007 for the
Company to achieve compliance with the Rules.
The Company intends to be fully compliant with the Rules by or before
February 28, 2007 and remains committed to its listing on NASDAQ.
Editors' Notes
About Pacific Internet Limited
Pacific Internet Limited or PacNet (Nasdaq: PCNTF) is the largest telco-
independent Internet Communications Service Provider by geographic reach in
the Asia Pacific region. The company has direct presence in Singapore, Hong
Kong, the Philippines, Australia, India, Thailand and Malaysia. PacNet
delivers a comprehensive suite of Internet data, voice and video services to
corporate business and consumer customers. For more information, visit
www.pacnet.com .
Cautionary Statement
Statements made in this press release with respect to Pacific Internet's
current plans, estimates, strategies and beliefs and other statements that
are not historical facts are forward-looking statements about the future
performance of Pacific Internet. Forward-looking statements include but are
not limited to those using words such
as "seek", "expect", "anticipate", "estimate", "believe", "intend", "project"
, "plan", "strategy", "forecast" and similar expressions or future or
conditional verbs such as "will, "would", "should", "could", "may"
and "might". These statements reflect management's current expectations,
beliefs, hopes, intentions or strategies regarding the future and
assumptions in light of currently available information. They are subject
to a number of risks and uncertainties, including but not limited to (i)
changes in the economic, regulatory and political environments in the
countries where Pacific Internet operates; (ii) changes and developments in
technology and the Internet marketplace; (iii) Pacific Internet's continued
ability to develop and win acceptance of its products and services, which
are offered in highly competitive markets; (iv) the success of its joint
ventures and alliances; (v) exchange rates, particularly between the
Singapore dollar and the U.S. dollar and other currencies in which Pacific
Internet makes significant sales or in which its assets and liabilities are
denominated; and (vi) the outcome of contingencies. In light of the many
risks and uncertainties surrounding the Internet marketplace, the actual
results could differ materially from those discussed in the forward-looking
statements. Pacific Internet assumes no obligation to update any such
statements.
Media & Analyst Contacts
Investor & Analyst
Mervin Wang
Pacific Internet Limited
Direct: +65-6771-0780
Mobile: +65-9798-6077
Email: mervin.wang@pacific.net.sg
Media
Bernard Ho
Pacific Internet Limited
Direct: +65-6771 0433
Mobile: +65-9782-3393
Email: bernard.ho@pacific.net.sg
