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EXHIBIT 2.1
FOR IMMEDIATE RELEASE
Company Press Release
Source: PacificNet.com, Inc.
PACIFICNET.COM COMPLETES DISPOSITION OF CREATIVE MASTER BUSINESS
COMPANY WILL FOCUS EXCLUSIVELY ON E-COMMERCE SOLUTIONS BUSINESS
HONG KONG - OCTOBER 4, 2000 - PacificNet.com, Inc. (the "Company" or
"PacificNet") (Nasdaq: PACT), a leading provider of e-commerce solutions to
Asian businesses, today announced that it has completed the sale of its Creative
Master manufacturing business pursuant to a Share Sale And Purchase Agreement
with a group led by the existing management of the Creative Master business. The
Creative Master business unit was acquired as part of a reverse-merger
transaction that was completed on July 27, 2000. As consideration for this
business, the management group returned 895,765 shares of PacificNet common
stock. These shares, presently held as treasury stock, represent a 10.14%
reduction in the total number of shares outstanding. Moreover, the management
group also assumed all liabilities and obligations relating to the Creative
Master business.
Tony Tong, Chief Executive Officer of PacificNet.com, stated, "The Creative
Master business sale will allow us to focus on our E-Commerce Solutions Business
and our recently released MarketDev and Pro versions of our eMerchant2000
product line. The introduction of these products further enhances our product
and services positioning in Asia. B2B and B2C companies in Asia continue to
recognize that solutions like eMerchant2000 are required to compete in the
global e-commerce market.
About PacificNet.com
PacificNet.com is a leading Asian e-business consulting company that develops
and implements full-service B2B and B2C e-Commerce solutions. PacificNet.com
solutions encompass consultation, implementation, integration and training
services. PacificNet.com has developed a suite of proprietary e-Commerce
software applications (eMerchant2000TM) that have been localized for use
throughout Asia. PacificNet.com is headquartered in Hong Kong SAR, with offices
in the United States, Malaysia and China.
For more information, see www.PacificNet.com
About eMerchant2000TM
EMERCHANT2000(TM) is a series of comprehensive, end-to-end e-commerce business
software application, including front-end customer applications and back-end
services such as order processing and transaction payment processing. The
EMERCHANT2000TM offerings are specifically tailored to meet the varying needs of
companies in both the B2B (EMERCHANT2000TM ENTERPRISE VERSION) and B2C markets
(EMERCHANT2000TM MARKETDEV AND PRO VERSION). EMERCHANT2000(TM) delivers a
comprehensive e-Commerce solutIOn characterized by powerful functionality, ease
of deployment, speed to market and long-term flexibility. In addition to
English, EMERCHANT2000TM has been localized in Traditional and Simplified
Chinese to accommodate the growing Asian
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market.
For more information about eMerchant2000, see www.eMerchant2000.com
This news release includes statements that may constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. This information may involve risks and
uncertainties that could cause actual results to differ materially from such
forward-looking statements. Factors that could cause or contribute to such
differences are described in the Company's 8-K filing dated August 11, 2000 with
the Securities and Exchange Commission.
CONTACT:
MR. CHARLES MUELLER
U.S. CORPORATE HEADQUARTERS
PacificNet.com, Inc.
7808 Creekridge Circle, Suite 101
Bloomington, Minnesota 55439
Tel: 952-983-5808 ([email protected])
MS. GRACE HUNG
BURSON-MARSTELLER
35th Floor
248 Queen's Road East
Wanchai, Hong Kong
Tel: 852-2963-6754 ([email protected])
Copyright 2000, PacificNet.com. All rights reserved
