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