Pacificnet.com gets onto Nasdaq through the back door

Pacificnet.com has completed a reverse takeover of Creative Master International, and so becomes the first Asian internet company to achieve a back-door listing on Nasdaq. Under the terms of the deal, Pacificnet.com and Creative Master International will swap shares, with Creative issuing 21.5 million new shares to Pacificnet.com. The new company will be 80% owned by Pacificnet and 20% held by the public. The company will trade on Nasdaq under the symbol PACT. Pacificnet has announced that it intends to sell off Creative Master - a manufacturer of toy cars.