PacificNet Approves China Venture

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:

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.