PacificNet files 10K annual report

BEIJING, China -- (PRESS RELEASE) -- PacificNet Inc. (Nasdaq: PACT), a leading provider of e-commerce and gaming technology in China, announced today that it has filed it's 10K annual report for the fiscal year 2007 with the SEC.

"I am happy to announce that we have filed our form 10K for 2007," said Tony Tong, CEO of PacificNet. "We believe we've made adequate write-offs and provisions in goodwill as well as write-offs in the area of our telecom assets (legacy business) so we are well prepared and focused moving ahead. Our gaming products drew heavy interest at last week's big gaming show in Macau and as a result of the show, we are getting many new orders for our gaming products and expect to see an increase in our gaming product sales in the next few quarters. As such, we expect to return to profitability soon. We are working diligently to get our Q1 earnings out as soon as possible to get our filings current so we can focus on business going forward. On behalf of everyone here at PACT and our subsidiary companies, I thank our shareholders for their present, past and future support and extend an open invitation to come see our products in action in Macau."