omniture

Pacific Internet Receives NASDAQ Letter

2006-11-20 17:42 1970

SINGAPORE, Nov. 17 /Xinhua-PRNewswire/ -- On November 7, 2006, Pacific

Internet Limited (Nasdaq: PCNTF) (the "Company" or "PacNet") notified the

NASDAQ Stock Market, Inc. ("NASDAQ") that at the Extraordinary General

Meeting held on November 7, 2006 (the "EGM") for the removal and appointment

of Directors, only four of the eight current Board members were re-elected

and none of the Company's three independent directors were re-elected. In

addition, one new director was appointed, subject to the approval of the

Infocomm Development Authority of Singapore ("IDA"), at the EGM. As the

Board is no longer comprised of any independent directors, the composition

of the Company's audit, compensation and nominations committees is not in

compliance with Nasdaq Marketplace Rules 4350(d)(2), 4350(c)(3) and 4350(c)

(4) (the "NASDAQ Rules"), respectively.

On November 15, 2006, NASDAQ acknowledged that the Company does not meet

the audit, compensation and nominations committee requirements for continued

listing on NASDAQ under Marketplace Rules 4350(d)(2), 4350(c)(3), and 4350(c)

(4), respectively, and requested the Company, on or before November 29,

2006, to provide to NASDAQ a specific plan and timetable to achieve

compliance with the NASDAQ Rules.

The Company is actively working on identifying and appointing qualified

and capable new independent directors to fill the Board and the audit,

compensation and nominations committees. As the Company holds licenses from

the IDA, it requires IDA's prior approval for all new appointments to the

Board. The IDA approval process generally takes at least one month.

The Company intends to achieve compliance with the NASDAQ Rules as soon

as possible and will submit its specific plan and timetable for NASDAQ's

review on or before November 29, 2006.

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: investor@pacific.net.sg

Media

Bernard Ho

Pacific Internet Limited

Direct: +65-6771 0433

Mobile: +65-9782-3393

Email: bernard.ho@pacific.net.sg

Source: Pacific Internet Limited
Keywords: Food/Beverages
collection