[January 10, 2005] PacificNet Announces New Board Members and Results of Annual Stockholder Meeting Tweet HONG KONG --(Business Wire)-- Jan. 10, 2005 -- PacificNet Inc. (Nasdaq:PACT) announced today the results of its Annual Stockholder Meeting held on December 30, 2004: 1. The stockholders elected the following persons to serve on the Board of Directors: Tony Tong, Victor Tong, ShaoJian Wang, Michael Chun Ha, Peter Wang, and Jeremy Goodwin. Subsequently, at the Company's Board of Directors meeting on January 6, 2005, Mr. Tao Jin was elected fill a vacancy on the board. 2. The stockholders approved the Company's 2005 stock option plan. 3. The stockholders ratified Clancy and Co., P.L.L.C. as the Company's independent auditors. "It is my honor to welcome Tao Jin and Jeremy Goodwin, to PacificNet's board of directors," said Tony Tong, Chairman of PacificNet. "2004 was a milestone year for PacificNet. We demonstrated rapid revenue growth and consecutive quarters of profitability. We raised over $10 million of new funding which strengthened our balance sheet and fueled our expansion in China. We enhanced our business development efforts and signed up some of the largest clients including Sony, American Express, China Telecom, China Netcom, China Mobile, China Unicom, Hutchison Telecom, Huawei, TCL, Guangzhou Metro, Bank of China, etc. We launched new products in value added telecom services (VAS), customer relationship management (CRM), telemarketing and call center management, multimedia self-service kiosks, computer telephony integration (CTI) and interactive voice response (IVR) systems. We launched a new software development outsourcing center in Shenzhen, with 200 staff occupying two floors initially (total 26,000 square feet), to serve our existing clients, including some of the world's leading telecom and IT companies. We now employ about 1000 employees in various subsidiaries in China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, and Shandong. Our strategy is to continue our expansion in China's growing value added services (VAS) market through strategic investment, synergistic acquisitions and joint venture structures to increase our market share, revenue and profit fundamentals, earnings per share, and improve our overall shareholder value." PacificNet Board of Directors Executive Biography Effective immediately, PacificNet's Board of Directors consists of the following seven members: Executive Directors: Mr. Tony Tong is the Chairman, CEO, Executive Director, and co-founder of PacificNet. Mr. Tong's prior professional experience includes working for Andersen Consulting (Accenture) and ADC Telecommunications (ADCT). Mr. Tong is the Vice Chairman (PRC) of the Hong Kong Call Centre Association. Mr. Tong graduated with Bachelor of Mechanical Engineering from the University of Minnesota in 1992 and served as an Adjunct Professor at the University of Minnesota. Mr. Victor Tong is the President, Secretary and an Executive Director of the Company. Mr. Victor Tong's prior professional experience includes working for Andersen Consulting (Accenture), American Express, and 3M. Mr. Tong graduated with honors with a Bachelor of Science in Physics from the University of Minnesota in 1993. Mr. Tong is a guest professor at College of Software of Beihang University. Mr. ShaoJian (Sean) Wang is the Chief Financial Officer and a Director of the Company. Mr. Wang attended Beijing University and received his MBA degree at the Carlson School of Management, University of Minnesota, and a B.S. in Economics at the Hamline University. Independent Directors: Mr. Peter Wang is the CEO of Techedge Inc. (TEDG.ob) and China Quantum Communications. Mr. Wang was a co-founder of UTStarcom (UTSI). Mr. Michael Chun Ha is an independent director. Mr. Ha is a partner of Ha & Ho, a Hong Kong law firm. Mr. Jeremy Goodwin is a Vice President with Global Capital Group. Mr. Goodwin's former experience includes working for ABN Amro, in Beijing, and ING Barings in London. Mr. Goodwin received his BS from Cornell University in 1996, and later pursued his advanced degree from Princeton University with a concentration in Chinese affairs. Mr. Tao Jin is a Vice President and Assistant General Counsel of J.P. Morgan Chase Bank. From 1999 to 2002, Mr. Jin served as a Senior New York Qualified Lawyer for Sullivan & Cromwell, which represented China Unicom, PetroChina and China Telecom in their IPOs and dual listings in New York and Hong Kong. Mr. Jin received his Juris Doctor in 1996 with high honors from Columbia University, and received B.S. in Psychology in 1990 from Beijing University. About PacificNet PacificNet Inc. (www.PacificNet.com), through its subsidiaries, invests in and operates companies that provide outsourcing and value-added services (VAS) and solutions in China, such as call centers, telemarketing, customer relationship management (CRM), business process outsourcing (BPO) and software development outsourcing, interactive voice response (IVR), mobile applications, and sales and distribution of telecom products and services. PacificNet employs over 1000 staff in its various subsidiaries through China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, and Shandong. [ Back To TMCnet.com's Homepage ]