Press Releases

BEIJING, Dec 5 /PRNewswire/ -- PacificNet Inc. (OTC Bulletin Board: PACT), a leading provider of e-commerce and gaming technology in China, announced today that its director Mr. Guojing Su, a renowned lottery industry expert in China, delivered a speech on China's Welfare and Sports Lottery Industry at the 5th International Conference and Forum on Gaming Industry and Public Welfare 2008. In addition, PacificNet CEO Victor Tong, CFO Phillip Wong, and other key executives attended the event. Mr. Su, a well-known expert and researcher in China's lottery industry addressed the conference and provided guidance and suggestions on China's lottery industry development and government policy making. Mr. Su's conference speech covered key topics including: challenges and opportunities facing the gaming industry in China, gaming & tourism industries and their impacts on the economic development and public welfare in various regions in China, responsible gaming and prevention of negative social impacts of the gaming industry, and prevention of addictive or pathological gambling behavior, as well as a brief discussion on China's government regulations on lottery industry and a suggestion on the establishment of legal system with the concept of "Harmonious Society".

The 5th International Conference and Forum on Gaming Industry and Public Welfare was held in Beijing, China on 22-24 November 2008, jointly organized by China Center for Lottery Studies (CCLS) at Peking University, Macao Polytechnic Institute, Institute for Tourism Studies, and Macao Tourism and Casino Career Center. Committed to foster a healthy development of the gaming industry in China, including that in Hong Kong SAR, Macao SAR, and Taiwan, this annual conference provides a platform for communication, exchange and debate on issues facing policy makers, operators, as well as scholars in the industry. The organizers are particularly keen to provoke high quality research in gaming and in the gaming industry. Theme of this year's conference is "Global Trend of Recreation and Gaming Industry". Conference speakers include:

     -- Mr. Jia Kang, Director, Institute of Finance, Ministry of Finance
     -- Mr. Ding Feng, Director, Legislative Affairs Office of the State
        Council P.R. China
     -- Mr. Wang Zhenyao, Director, Office for Charity Coordination and
        Promotion, Ministry of Civil Affairs
     -- Mr. Wei Jixiang, Deputy Director, National Sports Lottery Association
     -- Professor Shen Mingming, Director, and Dr. Wang Xuehong, China Centre
        for Lottery Studies (CCLS) Peking University
     -- Professor William Eadington, Professor of Economics and Director of
        the Institute for the Study of Gambling and Commercial Gaming at the
        University of Nevada, Reno
     -- Professor David Forrest, Centre for the Study of Gambling,
        University of Salford, UK
     -- Professor Zeng Zhonglu, Macau Polytechnic Institute
     -- Mr. Guo Shiyou, Director, Sports Lottery Centre of Henan Province,
        P.R. China
     -- Professor Feng Jiachao, Gambling Institute of University of Macau

Concurrent to the conference, the China Gaming Expo, hosted by China Center for Lottery Studies, is a top gaming conference and exhibition tailor made for China market. It has gained great support from the State Council's Ministry of Finance, Ministry of Civil Administration, Legal Office, National Sports Lottery Association, National Welfare Lottery Association, provincial and municipal lottery associations, as well as other lottery associations from home and abroad. China Gaming Expo provides an excellent chance for contact decision-makers of lottery industry, for gripe the development of Chinese lottery industry. In the expo the exhibitor will show the most advanced lottery equipment. Many leading companies such as Intralot, Gtech, G-Lot, PacificNet, Openlot and Beijing Sport Lottery Information Promotion Ltd. all attend the event.

"As a member of the lottery technology industry, it is PacificNet's obligation to comply with relevant rules and regulations and actively boost the lottery industry," said Victor Tong, PacificNet CEO. "Our Director Su's expertise and knowledge in this area is an asset to PacificNet as well as a great addition to the Chinese lottery industry. Compared with Western countries, China's lottery business still lags far behind but has far greater potentials."

In 2008, China published a draft management regulation on lotteries and is seeking public opinions. Public hearings have been held along with expert consultation before new lottery regulations are set up. If officially issued, it would be the China's first national management regulation on lotteries since the launch of China lottery industry in 1987. The new lottery regulation is expected to issue next year. The new regulation is aimed to enhance supervision of the fast-growing lottery industry and stamp out fraud, which has been on the rise since China launched its first lottery two decades ago. Currently, China has a provisional regulation on the management of lottery distribution and sales, which was issued by the Ministry of Finance in 2002. According to the proposed draft of the new lottery regulation, no individual, organization or government department could sell lotteries without permission from the State Council. The China Welfare Lottery Administrative Center and the Sports Lottery Administrative Center of the China General Administration of Sport, both state-run, are the only two legitimate lottery issuers. The draft regulation also requires lottery vendors to keep the identity of lottery winners confidential and demands transparency of money taken in and how it is spent on a regular basis. Lottery funds should cover lottery prizes and management funding for lottery sellers. The remaining funds should be spent on the improvement of public welfare, according to the draft, quoting that a percentage of the revenue would be decided by State Council financial departments. Individuals or government departments violating the regulation by selling lotteries unauthorized by the State Council would be fined and face criminal charges and any illegal gains would be confiscated, according to the draft lottery regulation.

According to a recent report titled "Economic and Social Development of China in 2007" by National Bureau of Statistics of China (http://www.stats.gov.cn ), China's total lottery sales in 2007 had exceeded 100 billion yuan (US$13.7 billion), an increase of 18 billion yuan or 20 percent over last year, setting a 20-year record in China's lottery history. Of the total sales, 62 billion yuan went to social welfare lottery while 38 billion yuan belonged to sports lottery. In 2007, a total of 63 billion yuan worth of social welfare lottery tickets were sold, raising 21.7 billion yuan of social welfare funds. China spent a record 106 billion yuan (US$14.7 billion) on welfare programs in 2007, with almost a fifth of the funding coming from record lottery revenues. A major sources of funding for social welfare programs, China Welfare Lottery, which contributed more than 21 billion yuan, saw a 25 percent rise in lottery sales to 63 billion yuan in 2007. The Ministry of Civil Affairs reported that welfare expenditure increased by 34.6 percent in 2007 over the previous year.

2007 is the 20th anniversary of the launching of lottery in China, over the years lottery has contributed considerably to the country's social welfare, philanthropy and public sports. In 1987, the first year of lottery issuance, the sales was barely 17.40 million yuan, then it enjoyed a steady year-on-year growth. In 2006, it reached 81.93 billion yuan. Lotteries have generated huge economic and social returns in China over the past two decades. The country had issued 363 billion yuan (49 billion U.S. dollars) of lottery tickets through 2006. More than a third of the proceeds were spent on public welfare, such as the development of public sports facilities, education and health care for the handicapped. China launched its first lottery in June 1987 and stipulates that a minimum of 35 percent of takings must go to the welfare sector.

    For more information on China Lottery Gaming Conference, please see:

    China Center for Lottery Studies, University of Beijing:
     http://ccls.pku.edu.cn
    Ministry of Finance of the People's Republic of China:
     http://www.mof.gov.cn
    Ministry of Civil Affairs of the People's Republic of China:
     http://www.mca.gov.cn

    PRC Lottery Official Websites:
     China Welfare Lottery:
      http://www.clo.com.cn
     China Lottery:
      http://www.zhcw.com
     China Sports Lottery:
      http://www.lottery.gov.cn
      http://www.lottery.gov.cn/xsdt/2008-11-24/1684803.html
     World Lottery Association, WLA:
      http://www.world-lotteries.org
     Sohu Sports:
      http://sports.sohu.com/20081121/n260777657.shtml

About Mr. Guojing Su

Mr. Guojing Su is a renowned lottery industry expert in China and has served on PacificNet's board as an independent director since January 2008. He is currently the CEO of Beijing Lottery International Information Technology Development Ltd., a member of the China IT Channel Committee as well as a member of the 9th Beijing Enterprise Committee of the China National Democratic Construction Association. In 2005, Mr. Su became a shareholder of Beijing Lottery International Information Technology Development Ltd. In the same year, the company cooperated with the China Center for Lottery Studies of Peking University to found the magazine "Gaming Industry and Public Welfare" where Mr. Su served as a Special Advisor. From 2004 to 2005, Mr. Su worked for the PRC government as the General Manager of the Paperless Lottery Department at the Beijing Welfare Lottery Center. Mr. Su is often referred to by industry reporters as "China's Gaming Expert" because of his insights on gaming in China. Mr. Su graduated from the Shanghai Polytechnic University where he studied Science and Technology from 1989 to 1992 and studied law at the Party School of the Central Committee of C.P.C. from 1998 to 2000. Mr. Su also worked in Russia for three years and speaks Russian.

About PACT

PacificNet (OTC Bulletin Board: PACT) is a leading provider of gaming and mobile game technology worldwide with a focus on emerging markets in Asia, Latin America and Europe. PACT's gaming products are localized to their specific markets creating an enhanced user experience for players and larger profits for operators. PACT's gaming clients include the leading hotels, casinos, and gaming operators in Macau, Europe and elsewhere around the world. PACT employs about 500 staff in its various subsidiaries with offices in the US, Philippines, Hong Kong, Macau, China.

Safe Harbor Statement

This Company's announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, PacificNet's historical and possible future losses, limited operating history, uncertain regulatory landscape in China, and fluctuations in quarterly and annual operating results. Further information regarding these and other risks is included in PacificNet's Form 10K and other filings with the SEC.

    For more information, please contact:

     PacificNet Beijing Office:
     Becky Zhao
     Tel:   +86-10-5922-5000
     Email: ir@Pacificnet.com
     23/F, Building A, TimeCourt, No. 6 Shuguang Xili,
     Chaoyang District, Beijing, China 100028

SOURCE PacificNet Inc.

SEATTLE, Dec. 5 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTA: CTIC) today announced that that its Board of Directors has authorized a "Modified Dutch Auction" tender offer to purchase a portion or all of five series of Convertible Notes (the "Notes") as follows:

    -- 4% Convertible Senior Subordinated Notes due 2010
    -- 5.75% Convertible Senior Notes due 2011
    -- 6.75% Convertible Senior Notes due 2010
    -- 7.5% Convertible Senior Notes due 2011
    -- 9% Convertible Senior Notes due 2012

The Company currently expects to utilize up to $10 million for the tender, from cash currently on hand, cash expected to be received in connection with the closing of the recent collaboration with Spectrum Pharmaceuticals, and/or cash to be received in connection with a second closing of a sale of notes to a single institutional investor. Currently, there is an aggregate of $124 million of Notes outstanding. The tender offer is expected to commence in the near future.

Under the "Modified Dutch Auction" procedure, CTI would offer to purchase a portion or all of the outstanding principal amount of the Notes at a price currently expected to be no greater than $80 or less than $50 per $1,000 principal amount of Notes, plus accrued and unpaid interest. A "Modified Dutch Auction" tender offer allows holders of Notes to indicate the principal amount of Notes that such holders desire to tender and the price within the specified price range at which they are prepared to tender such Notes.

CTI intends to conduct the tender offer in order to reduce the principal amount of its outstanding indebtedness and to provide an opportunity to holders of the Notes to gain liquidity with respect to the Notes that they may not otherwise have. CTI believes that reducing its outstanding indebtedness will be in the best interests of its stockholders as it will reduce the substantial interest payments required on the Notes and may help to provide the company with additional flexibility to raise additional capital in 2009.

This announcement is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any Notes. The Company expects to announce further information on the details of the proposed tender offer in the near future. The tender offer, if commenced, will be made solely by and subject to the terms and conditions set forth in a Schedule TO (including the Offer to Purchase and related Letter of Transmittal) that will be filed by CTI with the Securities and Exchange Commission ("SEC"). The Schedule TO and related materials will contain important information, including complete instructions on how to tender Notes, and should be read carefully and in their entirety before any decision is made with respect to the Offer. The Offer to Purchase and Letter of Transmittal will be delivered to all holders of Notes. Once the Schedule TO and offer documents are filed with the SEC, they will be available free of charge on the SEC's website at http://www.sec.gov.

This press release contains forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. The risks and uncertainties include whether the closing conditions, including the consent of Biogen Idec Inc., will be satisfied in order to consummate the collaboration with Spectrum Pharmaceuticals, Inc.; whether the second closing of the sale of notes to an institutional investor will occur if the Company elects to sell such additional notes to them; that the Company may be unable to commence the contemplated tender offer or complete the contemplated tender offer as it continues to have a substantial amount of debt outstanding and the quarterly interest expense associated with the debt is significant; the Company's operating expenses continue to exceed its net revenues and the Company will continue to need to raise capital to fund its operating expenses; as well as other risks listed or described from time to time in the Company's most recent filings with the SEC on Forms 10-K, 8-K and 10-Q. Except as required by law, the Company does not intend to update any of the statements in this press release upon further developments.

     Media Contact:
     Dan Eramian
     T: 206.272.4343
     C: 206.854.1200
     E: media@ctiseattle.com
     www.CellTherapeutics.com/press_room

     Investors Contact:
     Ed Bell
     T: 206.272.4345
     Lindsey Jesch Logan
     T: 206.272.4347
     F: 206.272.4434
     E: invest@ctiseattle.com
     www.CellTherapeutics.com/investors

SOURCE Cell Therapeutics, Inc.

SEOUL, South Korea--(BUSINESS WIRE)-- ENERTECH Co., Ltd, a manufacturer of various power-saving devices in South Korea, announced today that they have launched a new power-saving device named "EnerKeeper" and expanded its distribution to the global market.

EnerKeeper is an innovative power-saving device that eliminates harmonic, unbalance, and inactive power for effective power usage and cost savings.

EnerKeeper is built through Zig-Zag Winding method in its core and coil instead of using other electronic parts, IC, or condenser. Based on this structure, ENERTECH applied its exclusive ATW (Auto Transformer Winding) technology to eliminate energy-wasting factors such as harmonics, unbalance, and reactive power in order to achieve higher energy efficiency and up to 15% in electronic cost savings.

EnerKeeper is developed for various applications such as home, commercial, and industrial uses and has already been installed Korea's major factories and facilities such as Bank of Korea, Korea District Heat Corporation, Korea Electronic Power Corporation, POSCO, Samsung Heavy Industries, Hanjin Heavy Industries, KT, Seoul National University, and other major apartment complexes.

EnerKeeper was also recognized as "highly recommended product for government facilities" by Korean government, and earned various certifications including ISO 9001, CE, and product certifications from China, Korea, and Europe.

Based on their product achievement, ENERTECH is jointly developing new products such as hybrid power-saving transformer, preventative current transformer, and photopile modules with Korea Electronic Power Corporation and 5 other major electronic power corporations.

Hoon Yang Park, the CEO of ENERTECH, said, "ENERTECH provides safe and highly efficient power-saving devices through our AWT technology. We will also become a major contributor of the global green energy movement as well when we complete the development of a new hybrid power-saving device."

About ENERTECH Co., Ltd.

Established in 2003, ENERTECH is an expert in electronic power devices as it manufactures power-saving devices, intelligent robots, and photopile modules. Their product research and development are recognized with 5 domestic patents, 3 international patents, and PCT as well as recognition from Korean government such as "INNO-BIZ" award. For more information, please visit www.enerkeeper.com.

    Source: ENERTECH Co., Ltd

SEATTLE, Dec. 5 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTA: CTIC) today announced that a single institutional investor shall purchase, for $32.65 million, newly issued 10% Convertible Senior Notes due 2011 (the "Notes"), with a conversion price of $0.137 per share.

The new Notes would have a $32.65 million initial principal balance and feature a make-whole provision entitling the holder, upon any conversion of the Notes, to receive the interest payable through scheduled maturity, less any interest paid before conversion.

The Company has also agreed to repurchase from the investor, for approximately $29 million, approximately $30 million aggregate principal amount of outstanding 15% Convertible Senior Notes, Series B 18.33% Convertible Senior Notes and 9.66% Convertible Senior Notes (collectively, the "Repurchased Notes") that were issued in June, August and October 2008, respectively. For such repurchase, the Company will use approximately $16.4 million of the proceeds from the offering of the new Notes, plus funds to be released to the Company from the escrow account that was established to pay the make-whole and interest payments on the Repurchased Notes. Warrants to purchase approximately 5.15 million shares of common stock which are held by the investor are also being surrendered to the Company and will be cancelled. The Company expects to receive net proceeds of approximately $16.3 million from the new Notes (before payment of fees and expenses), after the repurchase of the Repurchased Notes and prior to depositing approximately $9.8 million in escrow for the new Notes' make-whole provision. The new Notes will rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company.

In addition, the Company obtained a conditional put option to require the investor to purchase up to $6 million of its Series C 10% Convertible Notes (the "C Notes"), related to a tender offer for up to $124 million principal amount of the Company's outstanding convertible notes that the Company may commence in the near future. If the Company receives tenders of at least $62 million of its outstanding convertible notes, it has the option to require the investor to purchase $3 million principal amount of the C Notes, and if the Company receives tenders of at least $93 million of its outstanding convertible notes, it has the option to require the investor to purchase $6 million principal amount of the C Notes. The C Notes would have substantially the same terms as the Notes.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the transaction.

A prospectus supplement relating to the new Convertible Senior Notes to be issued in the offering has been filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying base prospectus may be obtained directly from Cell Therapeutics, Inc., 501 Elliott Avenue West, Suite 400, Seattle, Washington 98119.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

This press release contains forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. The risks and uncertainties include that the Company continues to have a substantial amount of debt outstanding and the quarterly interest expense associated with the debt is significant; the Company's operating expenses continue to exceed its net revenues and the Company will continue to need to raise capital to fund its operating expenses; as well as other risks listed or described from time to time in the Company's most recent filings with the SEC on Forms 10-K, 8-K and 10-Q. Except as required by law, the Company does not intend to update any of the statements in this press release upon further developments.

     Media Contact:
     Dan Eramian
     T: 206.272.4343
     C: 206.854.1200
     E: media@ctiseattle.com
    http://www.CellTherapeutics.com/press_room

     Investors Contact:
     Ed Bell
     T: 206.272.4345
     Lindsey Jesch Logan
     T : 206.272.4347
     F : 206.272.4434
     E: invest@ctiseattle.com
    http://www.CellTherapeutics.com/investors

SOURCE Cell Therapeutics, Inc.

TAIPEI, Taiwan, Dec. 5, 2008 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (Nasdaq: SIMO), a leading fabless semiconductor company that designs, develops, and markets high-performance, low-power semiconductor solutions for the multimedia consumer electronics market, today announced that it will participate in the following upcoming conferences:

       The 11th Annual Needham Growth Stock Conference
       Wednesday, January 7, 2009 at 3:00 p.m. (Eastern Time)
       New York Palace Hotel - New York, NY

       Nomura AC@CES 2009
       Thursday, January 8, 2009 (meetings only; no Webcast)
       Wynn Las Vegas - Las Vegas, NV

       The 2nd CLSA Asia Investors' Forum
       Monday & Tuesday, February 9-10, 2009 (meetings only;
        no Webcast)
       Four Seasons Hotel - Las Vegas, NV

       Merrill Lynch "Taiwan, Technology & Beyond" Conference
       Wednesday & Thursday, March 18-19, 2009 (meetings only;
        no Webcast)
       Shangri-La's Far Eastern Plaza Hotel - Taipei, Taiwan

       B.Riley & Co. 10th Annual Las Vegas Investor Conference
       Wednesday & Thursday, March 18-19, 2009 (meetings and Webcast)
       Palms Casino Resort - Las Vegas, NV

Interested parties can listen to a live audio Webcast of the Company's presentation on the Investor Relations section of Silicon Motion's website at www.siliconmotion.com. A replay of the Webcast will be available for 90 days following the events.

About Silicon Motion:

We are a fabless semiconductor company that designs, develops and markets high performance, low-power semiconductor solutions for the multimedia consumer electronics market. We have three major product lines: mobile storage, mobile communications, and multimedia SoCs. Our mobile storage business is composed of microcontrollers used in NAND flash memory storage products such as flash memory cards, USB flash drives, SSDs, embedded flash applications, and card readers. Our mobile communications business is composed of mobile TV tuners, CDMA RF ICs, and electronic toll collection RF ICs. Our multimedia SoCs business is composed of products that support portable multimedia players, DAB systems, PC cameras, and embedded graphics applications.

CONTACT: Silicon Motion Technology Corporation
         Investor Contact:
         Jason Tsai, Director of IR and Strategy
           +1 408 519 7259
           Fax: +1 408 519 7101
           jtsai@siliconmotion.com
         Investor Contact:
         Selina Hsieh, Investor Relations
           +886 3 552 6888 x2311
           Fax: +886 3 560 0336
           ir@siliconmotion.com
         Media Contact:
         Sara Hsu, Project Manager
           +886 2 2219 6688 x3509
           Fax: +886 2 2219 6868
           sara.hsu@siliconmotion.com.tw