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PacificNet Announces Results of Annual Meeting of Shareholders

2007-10-18 01:52 1139

BEIJING, Oct. 17 /Xinhua-PRNewswire/ -- PacificNet, Inc. (Nasdaq: PACT), a leading provider of CRM, gaming and ecommerce services in China, announced today that the 2007 Annual Meeting of Shareholders was held on October 17, 2007 at 1:00pm (Beijing Time) at the Company's executive offices located at 23rd Floor, Building A, TimeCourt, No. 6 Shuguang Xili, Chaoyang District, Beijing, China. The following proposals were approved by the Company's stockholders.

1. Seven (7) directors were elected to the Board of Directors of the Company to serve until the next annual meeting of stockholders and until their successors are duly elected and qualified. They include Tony Tong, Victor Tong, ShaoJian (Sean) Wang, Tao Jin, Michael Chun Ha, Jeremy Goodwin, and Ho-Man (Mike) Poon.

2. The appointment of Kabani & Company, Inc. as the Company's independent auditors was ratified.

Mr. Tony Tong, Chairman and CEO of PacificNet, stated, On behalf of the board of directors, we would like to thank all of the shareholders for your support over the years." Mr. Tong also added, "We are also pleased to announce the election of Mr. Mike Poon as an independent director of PacificNet. Mr. Poon has over 11 years experience in the equity and capital markets in Greater China, including direct investment, fund management, securities brokerage and financial advisory. In addition, Mike Poon is also experienced in deal structuring, especially in relation to transactions of the listed companies in Hong Kong."

Mr. Ho-man (Mike) Poon, commented, "I’m very excited to be joining PacificNet as an Independent Director. After several visits to PacificNet's Beijing and Shenzhen headquarters and face-to-face talks with the senior management of PacificNet, I agreed to accept the nomination to be an Independent Director of this exciting and growing company as I am extremely confident that the Company's best is yet to come."

Mr. Ho-man (Mike) Poon is a Chartered Financial Analyst (CFA). He is one of the initial graduates of the EMBA course from Tsinghua University and received his Bachelor degree from the University of Hong Kong. Since 2002, he has served as the Chairman and the Chief Executive Officer of Friedmann Pacific Group, a private financial group with a focus on investment, securities brokerage and financial services. He is a member of the Hong Kong Society of Financial Analysts and a member of the Hong Kong Institute of Directors.

In conclusion, Victor Tong, President of PacificNet stated, "On behalf of the board of directors, we would like to thank all of the shareholders for your support over the years. With our new focus on the rapidly growing gaming market in greater China, Macau, and Asia, we will continue the pursuit of becoming a leading technology and service provider to the casino operators and gaming industry in Asia. We are very excited about our recent progress in the electronic gaming technology industry as well as the outstanding performance of our gaming machines in real time operation. Based on recent gaming machine orders delivered and our sales pipeline, we see a strong market demand for our multiplayer gaming machines. As Macau's gaming market undergoes growing competition, casino operators in Macau have to adapt fast to the latest demands and trends by installing the most popular and profitable gaming machines catering to Asian gamers. We believe that the Asian gaming market has huge growth potential and that we are well positioned to win more hotel-casino clients and capture a growing market share as a leading gaming technology provider in the region. It is our goal to maximize the value of shareholders through organic growth and strategic M&A in the future."

PacificNet's recent acquisition of Guangdong Poly, a leading legal welfare lottery operator in China, is expected to enable PacificNet to participate in China's rapidly growing state-sponsored legalized gaming and electronic lottery operations. Guangdong Poly is a leading operator approved by China's Welfare Lottery Center to develop and operate real-time electronic paperless lottery services in China, in accordance with the rules and regulations set by China's Welfare Lottery Center. China's lottery market surpassed US$10 billion in 2006 and is expected to continue growing according to the Chinese Ministry of Finance, which oversees all of China's lottery sales. Of the US$10 billion spent on lotteries in China, over US$6 billion was generated via the China Welfare Lottery (CWL) system, representing a 20% increase over 2005.

About PacificNet

PacificNet, Inc. (http://www.PacificNet.com) is a leading provider of gaming and mobile game technology, e-commerce, and Customer Relationship Management (CRM) in China. PacificNet's gaming products are specially designed for Chinese and Asian gamers with focus on integrating localized Chinese and Asian themes and content, advanced graphics, digital sound effects and popular domestic music, with secondary bonus games and jackpots. PacificNet gaming products include: Multi-player Electronic Table Games - Baccarat, Sicbo, Fish-Prawn-Crab, and Roulette machines, Server-Based Games (SBG) with multiple client betting stations, slot and bingo machines, Video Lottery Terminals (VLTs), Amusement With Prizes (AWP) machines, gaming cabinet and client/server system designs, online i-gaming software design, and multimedia entertainment kiosks. PacificNet's gaming clients include the leading hotels, casinos, and gaming operators in Macau, Asia, and Europe, while ecommerce and CRM clients include the leading telecom companies, banks, insurance, travel, marketing and business services companies and telecom consumers in Greater China such as 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, China and Hong Kong government. PacificNet employs about 1,200 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shanghai, Shenzhen, Guangzhou, Macau and Zhuhai China, USA, and the Philippines.

Gaming Products:

PacificNet's gaming products are specially designed for Chinese and Asian gamers with focus on integrating localized Chinese and Asian themes and content, advanced graphics, digital sound effects and popular domestic music, with secondary bonus games and jackpots. PacificNet's gaming products include:

-- Multi-player Electronic Table Games: Baccarat, Sicbo, Fish-Prawn-

Crab, and Roulette Machines, server based games (SBG) with multiple

client betting stations.

-- Slot Machines

-- Bingo and Keno Machines

-- Video Lottery Terminals (VLTs)

-- Server-Based Gaming Machines (SBG)

-- Amusement with Prizes (AWP) Machines

-- Online iGaming Software Development

-- Client-Server Gaming Systems

-- CMM Level 3 Certified Gaming Software Development Center in China

with 200 Professional Software Developers

-- Gaming Systems, Cabinet Design and Sales, Parts Sales, OEM Games.

PacificNet's Business Units:

1. Gaming Technology: Electronic Gaming Machines, Mobile Games, i-Gaming

Software.

2. Legacy Business: CRM, E-commerce and Telecom Products

PacificNet's Major Operation Subsidiaries:

PacificNet Games Limited (http://www.PactGames.com), is a leading provider of Asian multi-player electronic gaming machines, gaming technology solutions, gaming related maintenance, IT and distribution services for the leading hotel, casino and slot hall operators based in Macau, China and other Asian gaming markets.

Take1 Technologies (http://www.take1technologies.com), is in the business of designing and manufacturing electronic multimedia entertainment kiosks, coin-op kiosks and machines, Electronic Gaming Machines (EGM), bingo and slot machines, AWP (Amusements With Prizes) games, server-based downloadable games systems, and Video Lottery Terminals (VLT) such as Keno and Bingo machines, including hardware, software, and cabinets.

Pacific Solutions Technology is a CMM Level 3 certified software development center with over 200 software programmers located in Shenzhen, China, and specializes in the development of client-server systems, internet e-commerce software, online and casino gaming systems and slot machines, as well as banking and telecom applications using Microsoft Visual C++, Java, and other rapid application development tools.

-- PacificNet Epro (http://www.EproTel.com.hk): CRM Call Center and

Customer Services Outsourcing

-- PacificNet Clickcom (http://www.clickcom.com.cn), MOABC.com:

VAS, SP, SMS, WAP

-- Guangzhou Wanrong (http://www.my2388.com): VAS, SP, SMS, MMS, IVR,

WAP,Java Games

-- PacificNet Communications Limited, iMobile (http://www.imobile.com.cn,

http://www.18900.com, http://wap.17wap.com)

Source: PacificNet, Inc.
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