PacificNet's (PACT.PK) subsidiary, PacificNet Games Limited has acquired Able Entertainment Technology Limited, a leading electronic gaming technology provider based in Macau.
On August 3, 2006, PacificNet's wholly owned subsidiary PacificNet Games Limited completed the acquisition of 100% of Able Entertainment Technology Ltd, by exchanging 65% of the share ownership of PacificNet Games Limited and by the issuing of 200,000 restricted shares of PacificNet Inc. Upon completion of this transaction, PacificNet owns 35% of PacificNet Games Limited.
Under the purchase agreement, Able Entertainment Technology Ltd. has committed to generate an audited annual profit of US$1,600,000 and will provide for an adjustment to the purchase price if it does not achieve an annual net profit of US$1,600,000 during the first 12-month period and US$3,000,000 during the second 12-month period.
"We are very impressed by the experience of Able Entertainment Technology's founders and their team of electronic gaming machine designers and developers and their expertise in Macau's Chinese casino and gaming market," said Tony Tong, Chairman and CEO of PacificNet.
