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PacificNet, Inc. News

PacificNet Provides Market Update

BEIJING, March 13 Xinhua-PRNewswire — PacificNet, Inc. (Nasdaq: PACT), a leading provider of gaming technology, Customer Relationship Management (CRM) and e-commerce in China, announced the following market updates today:

1. PacificNet (''PACT'' or the company) plans to rebrand the company as ''PACT'' in an effort to reflect its growing gaming technology business in the gaming division which includes Octavian, Take1, Poly, and PacificNet Games (PactGames).

2. PACT expects to report Q4 and Fiscal Year 2007 earnings on April 15, 2008, and will hold a conference call to discuss the results and business outlook for 2008. The Company will announce details on these events as the company completes its annual audit. The company expects to file a Notification of Late Filing on Form 12b-25 with the SEC regarding its upcoming annual report on Form 10-K due to the significant increase in its scale of operations and a greater number of accounts to consolidate as a result of recent acquisitions, resulting in possible late filing, concurrent with its earning call mentioned above.

3. Assuming the current stock market environment persists and without the possibility of new funding, PACT expects to achieve minimum $60 million revenue for Fiscal Year 2008, assuming no equity, convertible, or other financing during the year.

4. PACT expects to report a loss for FY2007 due to certain write-offs and provision for bad debt related to its legacy telecom operation.

5. Due to the traditional slow season in the first quarter of the year, PACT expects to incur a one-time non-recurring loss in Q1 2008, after taking into account of certain one-time non-recurring post-merger write-offs, and merger and acquisition expenses. During 2007 Octavian invested in certification of its products, including GLI certification by Gaming Laboratories International, which now enables Octavian systems and games to be sold in regulated gaming markets worldwide. Octavian expects GLI approval to significantly boost revenues in the medium and long term.

6. On March 3, PACT appointed Mr. Stephen Crystal to the Company's board of directors as an independent director. PACT believes it is now in full compliance with the independent director requirement of Rule 4350 and although it has not yet received a compliance letter from Nasdaq in this regard, it expects that one will be issued in due course.

About PacificNet

PacificNet, Inc. ( http://www.PacificNet.com ) is a leading provider of gaming and mobile game technology worldwide with a focus on emerging markets in Asia, Latin America and Europe. PacificNet's gaming products are localized to their specific markets creating an enhanced user experience for players and larger profits for operators. PacificNet's gaming products include multi- player electronic table games such as baccarat, sicbo and fish-prawn-crab, roulette machines, Server-Based Games (SBG) with multiple client betting stations, slot and bingo machines, Video Lottery Terminals (VLTs), Amusement With Prizes (AWP) machines, gaming cabinet and client/server system designs, online i-gaming software design, and multimedia entertainment kiosks as well as the Octavian line of casino management software, hardware and games. PacificNet's gaming clients include the leading hotels, casinos, and gaming operators in Macau, Europe and elsewhere around the world. PacificNet also maintains legacy subsidiaries in the call center and ecommerce business in China. PacificNet employs about 1,800 staff in its various subsidiaries with offices in the US, Hong Kong, China, UK, Russia, Ukraine, Italy, Germany, Argentina, Colombia, India and Australia. For more information please visit http://www.pacificnet.com and http://www.octavianinternational.com .

Safe Harbor Statement

This Company's announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, PacificNet's historical and possible future losses, limited operating history, uncertain regulatory landscape in China, and fluctuations in quarterly and annual operating results. Further information regarding these and other risks is included in PacificNet's Form 10K and other filings with the SEC.

For more information, please contact: If to PacificNet: PacificNet USA office: Jacob Lakhany Tel: +1-605-229-6678 Email: investor@pacificnet.com

SOURCE PacificNet, Inc.

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