Featured Story
Huawei 5G products not hurt by US sanctions – sources
Measures against China's biggest network equipment vendor have not had a noticeable impact on the quality of its products, Light Reading has learned.
PacificNet announces director approval of the telecom joint venture in China and results of annual stockholder meeting
January 2, 2003
MINNEAPOLIS -- PacificNet Inc. (Nasdaq: PACT) announced results of its Annual Meeting of the Stockholders held on December 30, 2002. More than 15.8 million votes were presented at the Annual Meeting (by proxy and in person), representing about 65% of all voting shares of PACT. Results of the Annual Meeting are:
1. The following eight members were elected to the Board of Directors: Tony Tong, Victor Tong, ChoSam Tong, ShaoJian (Sean) Wang, Richard C.H. Lo, Yue (Justin) Tang, Yongjun (Charles) Fu, and David Fisher. 2. Clancy and Co., P.L.L.C. was ratified as the Company's independent auditors for the fiscal year 2002; 3. Other Business:
a) The stockholders approved a stock compensation plan to employees, directors, and advisors of PacificNet which provides for the issuance of up to 2,000,000 PACT shares to PacificNet's employees, advisors, and directors. The stock compensation plan is designed to reduce the Company's cash expenses while maintaining Nasdaq's stockholders equity requirement; b) The stockholders also expressed support for the Equity Joint Venture Agreement announced on December 22, for the formation of a joint venture to provide value-added telecom services in Greater China.
PacificNet also announced that on December 29, its Board of Directors approved the Joint Venture Contract signed between PacificNet and International Elite Limited dated December 20, 2002. On December 22, PacificNet announced the signing of a joint venture agreement with International Elite Limited with the following business scope: provision of value-added telecom services including call center, telemarketing, CRM, database and data-mining services, mobile applications, paging, roaming, SMS, MMS, mobile commerce, VoIP, etc. in the Greater China Region. PacificNet also announced that it will execute a 5-for-1 reverse stock split on or around January 6, 2003, as approved at the Special Shareholders' Meeting on March 25, 2002. The reverse stock split is intended to meet Nasdaq's $1 minimum bid price requirement. PacificNet Inc.
You May Also Like