pact_ext.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 12b-25
 
NOTIFICATION OF LATE FILING
 
SEC FILE NUMBER
000-24985
CUSIP NUMBER
69511V207

 
(Check One):  x Form 10-K    ¨ Form 20-F    ¨ Form 11-K    ¨ Form 10-Q   ¨Form N-SAR       ¨  Form N-CSR
 
For Period Ended: December 31, 2007
[_] Transition Report on Form 10-K
[_] Transition Report on Form 20-F
[_] Transition Report on Form 11-K
[_] Transition Report on Form 10-Q
[_] Transition Report on Form N-SAR
 
For the Transition Period Ended: ____________________________________
 
Read attached instruction sheet before preparing form.  Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
 
 
 
PART I - REGISTRANT INFORMATION
 
Full Name of Registrant
PacificNet Inc.
 
Former Name if Applicable
 
Address of Principal Executive Office (Street and Number)
23/F, Tower A, Timecourt, No. 6 Shugang Xili
 
City, State and Zip Code
Chaoyang District, Beijing, China 100028
 
 
PART II
RULES 12b-25(b) AND (c)
 
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed.  (Check box if appropriate)

x
(a)  The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
 
(b)  The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K, Form N-SAR or From N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report of transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
 
(c)  The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
 
PART III
 NARRATIVE
 
State below in reasonable detail the reasons why  Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

In January 2008, the Company entered into a significant acquisition with Octavian International Limited.  Due to the related organizational changes, the audit of the Company’s books and records for the year ended December 31, 2007 is taking longer than expected.  As a result of the foregoing, the Company could not finalize its financial statements within the prescribed time period.
 
PART IV
OTHER INFORMATION
 
(1)
Name and telephone number of person to contact in regard to this notification
  
 
 
 
Mitchell S. Nussbaum, Esq.
 
212
 
407-4159
 
(Name)
(Area Code)
(Telephone Number)
 
(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months (or for such shorter) period that the registrant was required to file such reports) been filed?  If answer is no, identify report(s).
x Yes   ¨No
(3)
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
xYes    ¨No
 
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
  
     

 
PacificNet Inc.
(Name of Registrant as Specified in Charter)
 
Has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date : April 1, 2008
By:  /s/ Victor Tong        
         Name: Victor Tong
         Title:  President
   
 
INSTRUCTION:  The form may be signed by an executive officer of the registrant or by any other duly authorized representative.  The name and title of the person signing the form shall be typed or printed beneath the signature.  If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the form.
 

PART IV.
OTHER INFORMATION

We previously disclosed that we have changed our strategy from telecom services to gaming technology.  Meanwhile, we have been trying to dispose of non-gaming companies and assets.  Our financial statements for the fiscal year ended December 31, 2007, will differ significantly from the previous fiscal year ended December 31, 2006 and due to the acquisitions and disposition mentioned above, it is not practicable to estimate the magnitude of the difference prior to the preparation of financial statements.