BEIJING, Dec. 16 /Xinhua-PRNewswire/ -- PacificNet, Inc. (Nasdaq: PACT), a
leading provider of Customer Relationship Management (CRM), mobile internet,
e-commerce and gaming technology in China, announced today that the 2006
Annual Meeting of Shareholders was held on December 15, 2006 at 1:00pm
(Beijing Time) at the Company's headquarters on 23rd Floor, Building A,
TimeCourt, No. 6 Shuguang Xili, Chaoyang District, Beijing, China. As
described in the 2006 AGM Proxy Statement, the following actions were taken
and approved by the company's stockholders:
1. Seven (7) directors to the Board of Directors were elected. They
include Tony Tong, Victor Tong, ShaoJian (Sean) Wang, Tao Jin, Peter
Wang, Michael Chun Ha, and Jeremy Goodwin.
2. The appointment of Clancy and Co., P.L.L.C., as the Company's
independent auditors was ratified.
3. The proposal to amend the Company's 2005 Stock Option Plan was
approved.
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 PacGames multi-play electronic
gaming machines have quickly proven to be one of the best performing gaming
machines designed for the Asian players. Macau has become the fastest growing
part of China and we are very excited to be moving forward in our pursuit of
the Macau gaming technology business. 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."
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, and Hong Kong Government.
PacificNet employs over 1400 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 is headquartered in Beijing and
Hong Kong.
PacificNet Games Limited (PacGames), 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. PacGames is a leading developer of electronic versions of popular
table games which are less expensive to run resulting in higher casino profits
with great appeal to the mass market players. The growing market in Macau is
for Asian table games such as Baccarat, Roulette, Fan Tan, Fish-Prawn-Crab and
Sic-Bo Cussec as these games have wider acceptance in the Asian market than
Western games such as poker or slots. We believe that the development,
manufacturing, maintenance, and service of electronic Asian table games are
underserved areas which are predicted to grow considerably as Macau's gaming
market matures. PacGames products include multi-play electronic gaming
machines such as Baccarat, Fish-Prawn-Crab, Sib-Bo Cussec, Roulette, and Video
Lottery Terminals (VLT) such as Keno and Bingo, as well as other traditional
slot machines.
PacificNet's operations can be classified into the following four main
business units:
(1) Outsourcing Services -- involves human voice services such as Business
Process Outsourcing, CRM, call center, IT Outsourcing and software
development services. These types of services are conducted through
our subsidiaries EPRO, Smartime/Soluteck and PacificNet Solution Ltd.
(2) Telecom Value-Added Services (VAS) -- primarily involves machine voice
services such as Interactive Voice Response, SMS and related VAS,
which are conducted through our subsidiaries such as Linkhead,
Clickcom, MOABC and Guangzhou 3G.
(3) Products (Telecom & Gaming) -- primarily involves communication and
gaming products, GSM/CDMA/3G Products, Multimedia Communication
Kiosks. This Group includes the following subsidiaries: PacificNet
Communications Limited, iMobile, Take1 and PacificNet Games.
(4) Other Business -- other administrative, financial and investment
services and non-core businesses such as PacificNet Power Limited
(PacPower), Pacific Financial Services Limited, etc.
