Contact Center Solutions Featured Article

April 21, 2008

CRM Vendor PacificNet Sells Epro Telecom

By David Sims


 
PacificNet has said it has signed an agreement to sell its entire interest in Epro Telecom, a telecom, call center, and CRM company in China, for $21 million Hong Kong dollars, or about $2.6 million United States dollars, of which the company has already received partial payment.
 
The company expects the sale to free up cash for its gambling operations.
 
Additionally, PacificNet said it expects to achieve minimum $30 million revenue for fiscal 2008. The company also revealed the receipt of a non-compliance letter from the Nasdaq on April 16, owing to the delay in the filing of its Form 10-K for the period ended December 31, 2007. PacificNet officials say they company intends to file its 10-K annual report within one month.
 
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.
 
 
 
David Sims is a contributing editor for TMCnet. To see more of his articles, please visit his columnist page.
Don’t forget to check out TMCnet’s White Paper Library, which provides a selection of in-depth information on relevant topics affecting the IP Communications industry. The library offers white papers, case studies and other documents which are free to registered users. Today’s featured white paper is, Best Practices in Agent Retention brought to you by Enkata.
 


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