The acquisition is subject to conditions, which include due diligence, but is expected to close in the first few months of 2008.

The CED of Octavian, Harmen Brenninkmeijer, is set to become an Executive Director of PacificNet and a member of the board of directors, and will continue to serve as CEO of the Octavian subsidiary within PacificNet's gaming division.

When the earn-out provisions and profit targets set out in the acquisition agreement have been achieved, Brenninkmeijer is then due to become President of PacificNet's Global Gaming Division.

Brenninkmeijer said: "Being part of a company with the market presence and profile of PacificNet would significantly enhance Octavian's global growth potential. At the same time it would enable us to extend and enhance still further the range of gaming and lottery solutions we are able to provide to existing and new customers worldwide."

"We are very excited about working with Octavian," said Victor Tong, President of PacificNet. "Octavian's experienced creative development teams are able to create proven games that are tailored to individual jurisdictions and are highly cost-effective."

"Also, Octavian has a well-proven, robust and flexible systems offering. we see strong synergistic development between Octavian and our other subsidiary companies in the areas of gaming product development, R&D, marketing and distribution, and geographical coverage," he added.

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