PacificNet Games enters financing deal.
PacificNet Inc. is a leading provider of Customer Relationship Management, mobile internet, e-commerce and gaming technology in China, announced that their subsidiary, PacificNet Games Limited (PacGames) entered into a definitive agreement for a $5 million financing in the form of a convertible secured note from institutional investor, Pope Asset Management.
‘We are delighted to receive the first institutional investment for PacGames which should help us further accelerate our product development and sales marketing for our gaming products in Macau and the rest of Asia and expand our market share in Asia's high growth gaming market,’ said Victor Tong, President of PacificNet, and CEO of PacGames. ‘After achieving early success in the Macau gaming market we believe that PacGames is ready to expand into other parts of Asia as we see strong demand and opportunities for growth in other Asian gaming markets. We are satisfied with PacGames success in Macau as we have quickly become one of the leading local suppliers of gaming machines to some of the most famous casinos in Macau, including Hotel Casino Lisboa, Holiday Inn Casino Macau, Jai Alai Casino, etc.’.
He added that the selection of PacGame's electronic gaming machines by leading hotel casinos in Macau marks a huge win for PacGames and further enhances PacificNet's strong position in Macau's gaming market. With the new focus on the rapidly growing gaming market in greater China, Macau and Asia, the company will continue the pursuit of becoming a leading technology and service provider to the casino operators and gaming industry in Asia. This additional capital will allow PacGames to continue the expansion in the rapidly growing Asian gaming markets. Tong believes that the investment will further their current initiatives in gaming technology and greatly enhance an already existing customer base, revenue, profit, and shareholder value.