PacificNet Plans to Hold 2006 Annual Results Conference Call on April 10, 2007

2007-03-23 08:50 859

BEIJING, March 23 /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 it will

release its un-audited fourth quarter and full year 2006 results on Tue, April

10th before 8am EDT. A conference call to discuss the results will follow at

8:00 am EDT. The conference call is open to the public and may be accessed by

calling (888) 850-5066 or (206) 315-8587 and entering conference entry code:

877448, followed by the # key. For those unable to attend the conference call

live, an archive of the call will be available for 30 days. The replay numbers

are 1-800-207-7077 or (314) 255-1301. Please use PIN number: 5376.

(Logo: )

The Company's prior independent public accounting firm, Clancy & Co.

P.L.L.C ("Clancy"), has withdrawn its audit reports for the Company's

financial statements for the years ended December 31, 2004 and 2005.

Clancy's decision to withdraw its reports after its resignation is the result

of some uncertainties it now has as to whether option grants made by the

Company in 2004 and 2005 were properly accounted for. On March 17 the audit

committee of the Company engaged the Company's newly appointed independent

registered accounting firm, Kabani & Company, Inc., to commence an independent

investigation into the past option grants. Once the investigation is

concluded, Kabani shall present its findings in a written report to the Audit

Committee for review. Pending the results of the investigation, a

determination will be made as to whether a restatement of financial statements

for the prior years will be required.

Clancy resigned as the Company's auditor on January 19, 2007 without

disagreement. On February 7, the Audit Committee of PacificNet appointed

Kabani & Company, Inc. as its new independent registered public accounting

firm. The change in auditors was driven by the rapid growth and business

expansion of the Company (Company revenue climbed from less than USD$1M in

2001 to nearly USD$60M in 2006). Clancy's withdrawal of its previous audit

reports does not affect the current audit of FY2006 financial statements by


About PacificNet

PacificNet Inc. (Nasdaq: PACT) ( is a leading

provider of telecom value-added services, 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 1,400 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 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 products include multi-player electronic gaming machines (EGM), slot

machines, server-based downloadable games systems, Video Lottery Terminals

(VLT) and bingo machines, including hardware, software, and client-server


Safe Harbor Statement:

This Company's announcement contains forward-looking statements.

Statements that are not historical facts, including statements about our

beliefs and expectations, are forward-looking statements. Further information

regarding these and other risks is included in PacificNet's Form 10K and other

filings with the SEC.


PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678

PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000 ,


PacificNet Games Limited: Macau Tel: +853 28704154 , Fax: +853 28704154

Av. Do Dr. R. Rodrigues No. 600E, Edif, First International Commercial

Centre, P906, Macau SAR, China.

Source: PacificNet, Inc.
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