News from Beijing confirms that PacificNet Inc has now completed the acquisition of UK-based Octavian International Limited, a worldwide supplier of gaming technology, solutions and systems. The combined company, with projected annual revenue of US$116 million for 2008, will focus on high-margin gaming technology business. The projected figure is based on sales revenue from existing markets in Europe, CIS and Latin America, and do not take into account sales to new markets in the Asia-Pacific region.

PacificNet designs gaming products specially for the Chinese and Asian markets. In China the company is a leading provider of gaming and mobile technology, e-commerce, and Customer Relationship Management. Through its Chinese subsidiary PacificNet is a licensed provider and sales agent for the country’s welfare lottery.

Octavian International was established in Guildford in 2001 and provides innovative gaming solutions to operators in a wide range of countries, including the UK, Australia, USA, Russia, Colombia, Germany, Italy, Ukraine and India. The company works in close collaboration with hardware manufacturers, gaming industry software developers and distributors.

Commenting on the deal, Tony Tong, CEO of PacificNet, said: "We are delighted that this acquisition has been completed so smoothly. Great synergy exists between PacificNet and Octavian and we are confident that we can harness this to help us garner long-term, high-margin, recurring revenue contracts in emerging gaming markets worldwide.”

Of the marriage that seems to have been made in heaven, he added, “We expect the synergistic effect of combining Octavian's strong global brand name and worldwide gaming distribution expertise with PacificNet's low-cost development resources in China and local Asian gaming expertise to be considerable."

Speaking for Octavian, CEO Harmen Brenninkmeijer said, "We have developed a strong systems-led product portfolio, a clear global growth strategy and effective distribution channels into the casino, AWP and lottery markets. This provides an extremely good and complementary fit with PacificNet's strategic focus, its expertise in the mobile sector and internet-based gaming, and its ambitions in the gaming world in general.”

Octavian will operate as an independent subsidiary of PacificNet and expects to play a leading role in the growth of its parent company, which sees a huge potential in the high margin gaming technology business. PacificNet’s President Victor Tong and Octavian’s Harmen Brenninkmeijer today will jointly present the company's combined global gaming strategy and financial outlooks at the 10th Annual ICR XChange Investor at the St. Regis Monarch Beach Resort in Dana Point, California.
(E-01.17.08)

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