PacificNet, a vendor of gambling and mobile game technology, e-commerce, and Customer Relationship Management (CRM) in China, has announced it has filed the amended Annual Reports on Form 10-K/A with the SEC containing re-audited financial statements with respect to fiscal years 2004 and 2005.
PacificNet's annual report may be viewed at the SEC Web site at:
http://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000815017.
"We are happy to announce the filing of our amended 10K annual report," said Tony Tong, Chairman and CEO of PacificNet. "The completion of the re- audit allows the management team to fully focus our efforts on executing our business plan."
As previously announced, the company's prior independent public accountants have withdrawn their audit reports regarding the company's financial statements for the years 2004 and 2005 resulting in the Nasdaq Listing Qualification Panel's decision to commence delisting proceedings with respect to PacificNet's common stock.
The Nasdaq Listing Qualifications Panel had granted, however, the company's request for continued listing on the Nasdaq Stock Market, subject to the condition that on or before September 27, 2007 the company re-file the above years form 10K or face a determination by the Nasdaq Listing Qualifications Panel whether or not to grant continued listing.
On March 30, 2007, PacificNet received a letter from the Nasdaq Stock Market indicating that the company's common stock was subject to delisting pursuant to Nasdaq Marketplace Rule 4310(c)(14).
Nasdaq Marketplace Rule 4310(c)(14) requires, among other things, that annual reports filed with Nasdaq contain audited financial statements.
The Nasdaq delisting letter was issued as a result of the company's filing of a Current Report on Form 8-K with the Securities and Exchange Commission on March 22, 2007, which stated that its former independent auditor, Clancy & Co., P.L.L.C, withdrew its previously issued audit reports related to the company's consolidated financial statements for the fiscal years ended December 31, 2005 and 2004.
Nasdaq advised that as a result of the withdrawal of the audit report, PacificNet’s Annual Reports on Form 10-KSB that include financial statements for the fiscal years ended December 31, 2005 and 2004 were incomplete and therefore insufficient to satisfy Nasdaq Marketplace Rule 4310(c)(14).
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David Sims is a contributing editor for ContactCenterSolutions. To see more of his articles, please visit his columnist page.