BlueFire Research Announces New Investment Opinion on PacificNet.com, Inc.; PacificNet Receives Outperform Rating, 12-Month Target Price of $3.25 Share

Apr 04, 2001, 01:00 ET from BlueFire Research

    MINNEAPOLIS, April 4 /PRNewswire/ -- BlueFire Research, an SEC registered
 investment adviser affiliated with BlueFire Partners, today announced a new
 investment opinion on PacificNet.com, Inc. (Nasdaq: PACT).  PacificNet is a
 Hong Kong based company with an SEC and Nasdaq reporting office in
 Minneapolis, Minn. that provides an end-to-end IT solution for Asian
 businesses.  The company reported revenue of $4.7 million in 2000.  BlueFire
 Research has given PacificNet an OUTPERFORM rating for aggressive, speculative
 investors and a 12-month target price of $3.25 per share based on a forward
 revenue valuation of three times projected 2001 revenue of $8.45 million.
     "We are initiating coverage of PacificNet.com common stock with an
 OUTPERFORM rating for speculative investors," said Joanne B. Henry, managing
 director of BlueFire Research, Inc.  "PacificNet offers the opportunity for
 investors to participate in the Asian economy, particularly the growth of
 Internet usage and e-commerce in China.  While market valuations for Internet
 stocks in general are down dramatically, there is still significant growth
 potential in Hong-Kong and mainland China for a low-cost, local solution and
 we're impressed with the partnerships that PacificNet has put together.  The
 management team of Tony Tong and Chuck Mueller, two Accenture (formerly
 Andersen Consulting) alums, combine strong backgrounds in technology
 development, operations and finance.  Management's capabilities, combined with
 their Asian connections, access to inexpensive labor in China and to US
 capital markets, have given the company some unique opportunities for
 partnerships and acquisitions," Henry said.  The company went public in July
 2000 through a reverse merger with an Asian company and PacificNet became
 listed on Nasdaq at that time.
     The initial research report on PacificNet.com, Inc. will be made available
 to BlueFire's proprietary database of investment professionals and through
 nationally recognized services that currently provide equity research online
 or by traditional subscription means.  For more information and a copy of the
 report, please send an electronic mail message to tbart@bluefirepartners.com
 or telephone 612-344-1032.  BlueFire Research reports are also available
 online at http://www.bluefirepartners.com/bfr/index.shtml
     BlueFire Research was formed in January 2000 by Minneapolis-based BlueFire
 Partners to provide investment research on small capitalization growth
 companies in health care, technology, telecommunications, financial
 institutions, consumer, and industrial growth sectors.  BlueFire Research
 prepares and provides research reports and periodic updates to investment
 professionals and the investment community on mid-cap, small-cap and micro-cap
 companies who, in most cases, are clients of BlueFire Partners.
 
     About BlueFire Partners
     BlueFire Partners is an independent, privately held professional firm
 providing strategic consulting services focused on enhancing the enterprise
 value of its clients.  With headquarters in Minneapolis, BlueFire has a
 national reputation for expertise in advising growing companies in the areas
 of corporate strategy, investor relations, public relations, graphic design
 services, media relations, product launch campaigns, performance improvement
 initiatives and leadership development.  BlueFire Research, a subsidiary of
 BlueFire Capital Markets Group, is an SEC-registered investment adviser
 providing investment research on small-capitalization growth companies and
 other investment advisory services.  BlueFire Research reports and updates are
 available online at http://www.bluefirepartners.com/bfr/index.shtml
 
     The research report on PacificNet.com, Inc. was prepared by BlueFire
 Research, a Registered Investment Adviser, and an affiliate of a company that
 provides a variety of professional services for the subject company of this
 report.  However, the subject company of this report has paid no direct
 compensation to the investment adviser or its affiliate for the preparation,
 distribution, and dissemination of this report.  This report is for
 information purposes only and does not constitute an offer or solicitation of
 an offer to buy or sell any securities.  The information provided, while not
 guaranteed as to accuracy or completeness, has been obtained from sources
 believed to be reliable.  No officer, director or employee of BlueFire
 Research, or its affiliates, owns securities in the subject company of this
 report unless it is specifically disclosed.
 
     For more information, contact Joanne Henry or Patrick Donohue of BlueFire
 Research, 612-344-1034.
 
 

SOURCE BlueFire Research
    MINNEAPOLIS, April 4 /PRNewswire/ -- BlueFire Research, an SEC registered
 investment adviser affiliated with BlueFire Partners, today announced a new
 investment opinion on PacificNet.com, Inc. (Nasdaq: PACT).  PacificNet is a
 Hong Kong based company with an SEC and Nasdaq reporting office in
 Minneapolis, Minn. that provides an end-to-end IT solution for Asian
 businesses.  The company reported revenue of $4.7 million in 2000.  BlueFire
 Research has given PacificNet an OUTPERFORM rating for aggressive, speculative
 investors and a 12-month target price of $3.25 per share based on a forward
 revenue valuation of three times projected 2001 revenue of $8.45 million.
     "We are initiating coverage of PacificNet.com common stock with an
 OUTPERFORM rating for speculative investors," said Joanne B. Henry, managing
 director of BlueFire Research, Inc.  "PacificNet offers the opportunity for
 investors to participate in the Asian economy, particularly the growth of
 Internet usage and e-commerce in China.  While market valuations for Internet
 stocks in general are down dramatically, there is still significant growth
 potential in Hong-Kong and mainland China for a low-cost, local solution and
 we're impressed with the partnerships that PacificNet has put together.  The
 management team of Tony Tong and Chuck Mueller, two Accenture (formerly
 Andersen Consulting) alums, combine strong backgrounds in technology
 development, operations and finance.  Management's capabilities, combined with
 their Asian connections, access to inexpensive labor in China and to US
 capital markets, have given the company some unique opportunities for
 partnerships and acquisitions," Henry said.  The company went public in July
 2000 through a reverse merger with an Asian company and PacificNet became
 listed on Nasdaq at that time.
     The initial research report on PacificNet.com, Inc. will be made available
 to BlueFire's proprietary database of investment professionals and through
 nationally recognized services that currently provide equity research online
 or by traditional subscription means.  For more information and a copy of the
 report, please send an electronic mail message to tbart@bluefirepartners.com
 or telephone 612-344-1032.  BlueFire Research reports are also available
 online at http://www.bluefirepartners.com/bfr/index.shtml
     BlueFire Research was formed in January 2000 by Minneapolis-based BlueFire
 Partners to provide investment research on small capitalization growth
 companies in health care, technology, telecommunications, financial
 institutions, consumer, and industrial growth sectors.  BlueFire Research
 prepares and provides research reports and periodic updates to investment
 professionals and the investment community on mid-cap, small-cap and micro-cap
 companies who, in most cases, are clients of BlueFire Partners.
 
     About BlueFire Partners
     BlueFire Partners is an independent, privately held professional firm
 providing strategic consulting services focused on enhancing the enterprise
 value of its clients.  With headquarters in Minneapolis, BlueFire has a
 national reputation for expertise in advising growing companies in the areas
 of corporate strategy, investor relations, public relations, graphic design
 services, media relations, product launch campaigns, performance improvement
 initiatives and leadership development.  BlueFire Research, a subsidiary of
 BlueFire Capital Markets Group, is an SEC-registered investment adviser
 providing investment research on small-capitalization growth companies and
 other investment advisory services.  BlueFire Research reports and updates are
 available online at http://www.bluefirepartners.com/bfr/index.shtml
 
     The research report on PacificNet.com, Inc. was prepared by BlueFire
 Research, a Registered Investment Adviser, and an affiliate of a company that
 provides a variety of professional services for the subject company of this
 report.  However, the subject company of this report has paid no direct
 compensation to the investment adviser or its affiliate for the preparation,
 distribution, and dissemination of this report.  This report is for
 information purposes only and does not constitute an offer or solicitation of
 an offer to buy or sell any securities.  The information provided, while not
 guaranteed as to accuracy or completeness, has been obtained from sources
 believed to be reliable.  No officer, director or employee of BlueFire
 Research, or its affiliates, owns securities in the subject company of this
 report unless it is specifically disclosed.
 
     For more information, contact Joanne Henry or Patrick Donohue of BlueFire
 Research, 612-344-1034.
 
 SOURCE  BlueFire Research