PacificNet, a vendor of gambling and mobile game technology, e-commerce, and Customer Relationship Management (CRM) solutions in China, announced that its Chairman & CEO Tony Tong has been elected as a new member of the Euro-Asian Cooperation on Gaming Association Limited at the 3rd Annual Euro-Asian Summit of Leaders at the Asia GEM (News - Alert) 2008 in Manila.

 

The ECG is an association for gambling operators, suppliers, and regulators which promotes the development and growth of the industry. The summit coincided with the Asia GEM 2008, a gambling expo in Manila.

 

Tong was elected by the members of the Euro-Asian Cooperation on Gaming Association Limited as the latest member of the ECG at the Le Salon Hyatt Hotel and Casino in Manila.

 

Founded in 2006 by a group of gambling industry leaders, the ECG now includes Chairman Efraim Genuino, Lam Yin Lok (Chairman of Jimei Group), Jack Binion (Chairman of Blizzard Asset Management), Tony Boyd (Chairman of Casino Services International), Kazuo Okada (Chairman of Aruze Gaming), Sebastian Salat (President of WMS), Louis Ng (Director and COO of Sociedade de Jogos de Macau, SJM), and David Orrick (Director of Austrian Gaming Industries and Novomatic Group of Companies), among others.

 

Late last month China-based CRM and gambling technology vendor PacificNet announced that three holders of PacificNet's Convertible Subordinated Debentures filed an involuntary petition for Chapter 11 relief in federal bankruptcy court late Saturday, March 22nd in Wilmington, Delaware.

 

"The company has retained counsel to oppose the filing because the petition fails to meet the standard for invoking an involuntary bankruptcy and fails to take into consideration other binding agreements between the company and the petitioning creditors that control

the relationships between them," PacificNet officials said in a prepared statement. "The company intends to vigorously oppose the petition and move for dismissal of the filing, and if successful will seek damages and attorneys fees."

 

The vendor "intends to take all appropriate actions and remedies regarding the involuntary petition," said CEO Tony Tong. "We are working very hard with the advice of counsel to resolve this issue as soon as possible. We regret the action taken by these bondholders, however, we must be sure that any settlement reached is fair to all parties involved, including our shareholders. In the meantime, we will continue to operate as usual with no changes to our day-to-day operations."

 

Earlier this month PacificNet announced the election of Stephen Crystal as a member of the Board of Directors. Crystal, who was elected as an Independent Director, is the Chief Executive Officer and President of TableMAX Holdings.