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: http://www.prnasia.com/sa/200611281258.jpg )
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P.L.L.C ("Clancy"), has withdrawn its audit reports for the Company's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
Kabani.
About PacificNet
PacificNet Inc. (Nasdaq: PACT) (http://www.PacificNet.com) 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
systems.
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.
Contacts:
PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678
PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000 ,
Email: investor@pacificnet.com
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.