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PACT SEC Suspension:
http://www.sec.gov/litigation/suspensions/2012/34-66995.pdf
ORDER:
http://www.sec.gov/litigation/suspensions/2012/34-66995-o.pdf
ADMIN Proceeding:
http://www.sec.gov/litigation/admin/2012/34-66996.pdf
MACAU, China, July 10 /Xinhua-PRNewswire/ -- PacificNet, Inc. (Nasdaq:
PACT), a leading provider of gaming and mobile game technology, e-
commerce, and Customer Relationship Management (CRM) in China, announced
today that its subsidiary PacGames Limited has been granted an Internet
gaming license by the First Cagayan and Cagayan Economic Zone Authority
(CEZA) of the Philippines.
"We are delighted to receive approval on our internet gaming license
application," said Tony Tong, Chairman and CEO of PacificNet. "Our games
are focused on Asian gamers and the rapidly growing Asian internet gaming
market. The approval of this internet gaming license by a leading Asian
internet gaming jurisdiction demonstrates our progress in becoming a
leading technology provider for the gaming industry, both online and
land-based. Asia has evolved into the fastest growing market in both
land-based and online gaming and as such, we believe there is a great
demand for our Asian-themed gaming products. With our team of 200
programmers in China and Macau we believe our games will better meet the
demand of Asian gamers and operators than those of our competitors in both
land-based casinos as well as online."
"The move into online internet games is a natural expansion for
PacificNet to expand its synergy with many of its operating subsidiaries in
CRM as well as internet/mobile partners such as Epro and Bell-PACT CRM call
centers, PacGames, WAP.MOABC.com, iMobile.com.cn, 18900.com, vs366.com, and
Clickcom.com.cn, among others," said Victor Tong, President of PacificNet.
"PacificNet's subsidiary, MOABC.com, is a leading mobile internet portal in
China with 11 million registered users and boasts one of the top-ranked
mobile internet sites, featuring mobile social networking, mobile games,
and entertainment. This free WAP portal provides a variety of mobile
internet services to over 11 million registered users in the all-important
demographic of young and trendy mobile users in China. We believe that
China's internet, mobile gaming and entertainment market will surge in the
coming years as a result of the expected launch of 3G services. As such, we
believe the addition of online gaming will compliment our existing
businesses allowing us to leverage our user base and provide a new and very
exciting revenue producer going forward."
First Cagayan of the Philippines is Cagayan Economic Zone Authority's
(CEZA) duly appointed Master Licensor for Internet gaming operations. First
Cagayan, on behalf of CEZA, processes applications from and, upon approval,
issues licenses to international operators seeking to locate within CSEZFP.
As Master Licensor, First Cagayan also regulates and monitors all Internet
gaming related activities to ensure compliance with established rules and
regulations governing operations. According to information from CEZA,
interactive gaming licenses issued by Asia's first and only Internet gaming
jurisdiction now totals 43, which is 14 more than the last count of 29 in
2006. First Cagayan of the Philippines actively markets the Cagayan
Freeport as the gateway to the Asian gaming market in recent years with its
reputation for fair and balanced regulation, as well as innovative products
and services in the online gaming market.
PacificNet Games recently made a successful presentation of its latest
land-based and internet gaming products at the Global Gaming Expo
(www.g2easia.com) in Macau. PacificNet's new iGaming software designed for
Asian players and operators received rave reviews from some of the leading
casino and iGaming operators in Asia including praise from the leading
gaming operators in Macau and the Philippines. PacificNet Games also shared
its Macau success story of its high-return multi-player games for Asian
players at the show.
PacificNet Inc. (NasdaqGM: PACT) is a leading technology service provider in China specializing in Customer Relationship Management (CRM), e-commerce and gaming technology services in China, Through its subsidiaries, PacificNet invests in and operates companies that provide outsourcing, e-commerce, and value-added services (VAS) in China, such as call centers, telemarketing, Interactive Voice Response (IVR), mobile applications, gaming and communications product distribution services. PacificNet's clients include the leading telecom, banks, insurance, travel, marketing, and business services companies, and telecom consumers in Greater China. PacificNet's corporate clients include China Telecom, Netcom, China Mobile, Unicom, PCCW, Hutchison Telecom, Coca-Cola, Bell24, Motorola, Nokia, SONY, Samsung, TCL, Huawei, TNT Express, American Express, Citibank, Bank of China, DBS, Hong Kong Government, and the leading hotel casinos in Macau, China. PacificNet is headquartered in Beijing and Hong Kong employing over 2,300 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, Macau, and branch offices in 28 provinces in China.
just popped up for me, taking a gander and I will keep you posted if I take a position. It might be a small one, if I decide.
PacificNet has appeared on my radar. A Nasdaq stock involving casinos, gaming machines, casino software, and China, what a combination!
I could be wrong but I think its a bargain buy at $1.76. It has not had bad news but has taken a beating in it's share price. If you are bottom fishing, this one might be worth a close look.
Do your own DD, IMHO, and GLTA
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