Here is a nice summary of PCNTF (Pacific Internet) from the prospectus...it was scanned, so there are plenty of typos:
Pacific Internet is a. leading provider of Internet access and Internet services in Singapore, Hong Kong and the Philippines, and ultimately. is seeking to become the premier Internet service provider (ISP) in the Asia-Pacific region. The Company, which believes it is the only Asia-Pacific ISP operating in 'multiple countries, has developed a successful ISP model based on its understanding of Asia-Pacific cultures and aggressive and innovative marketing' of a full range of Internet access alternatives and Internet services to consumers and corporate customers. To take advantage of the growth opportunities, the Company sees in the. Asia-Pacific region, 'the Company seeks to establish market leadership in the Internet access business for its targeted geographic markets,; enabling it to achieve economies of scale and attract business partners and advertising revenues and, subsequently, to introduce other value-added Internet services including e-commerce, real-time Internet faxing and Internet telephony' ("VoIP"). In Singapore, the Company's successful ISP model achieved. a market. share of approximately 40% of all dial-up subscribers as of November 30, 1998. The model was introduced to the Philippines in 1997 and is being transplanted to Hong Kong. For the six months ended June 30, 1998, the Company had consolidated revenues of S$33.l million (Us$19.7 million) and net. income of S$5.8 million (US$3.5 million), achieving profitability after three years of operation. As of June 30, 1998, the Company had 163,887 dial-up subscriber's and 498 leased line "subscribers, representing increase's of 75%. and 64%,
respectively, 6ver June 30,1997 levels. As of December 31, 1998, the' Company had 203,490 dial-up subscribers 'and 593 leased line" subscribers. The Company's Singapore' ISP Was voted "'Best 'Internet Service Pr6vider"in 1997 'and 1998 by.readcrs of thesingapore edition of Computerworid. .
The Company believes that the Asia-Pacific region presents promising growth opportunities for providers of Internet access and Internet services. In many countries in the Asia-Pacific region, the development of Internet access and Internet services is in its infancy, creating' opportunities. for a regionally-focussed ISP like .the Company to quickly acquire a significant subscriber base and; become a market leader in a region with an aggregate population of 2.7 billion. International Data Corporation ("IDC"), an international consulting firm, forecast in its August 1998 publications that in the Asia-Pacific region the number of Web users will increase from. 6.6 million in 1997 to 34.2 million in 2002 (reflecting a compound annual growth rate of 39.0%), while in the' 3inore developed ISP market in the United 'Siates, IDChas' forecast that the nunnber of Web users will increase from 38.7 million to 135.9 million over the same period' (refl,e,cting..a compound, annual; 3growth rate of 28.6%). The Company believes that the recent economic'. downturn. in the ..AsiatPaciflc. region has not significanfly slowed the rate or Internet penetration~ in many Asia-Pacific markets, as c~nsumers and; porporate>. customers have 4iscovered that certar,n. Internet applications,~~ such as e-mail and ~Website advertising, represent lower-cost substitutes for non-Internet products and service 5.' In. addition,. the Company believes that. th.e recent volatility in Asia-Pacific ,financial markets has increased the demand for. reliable, around-the-clock news,. and. information. on local, regional and global events,~ which is often readily. available only through the. Internet Despite the 'challenging economic environment facing many countries in the Asia-Paciflc region, the Company increased its subscriber base substantially in all three of its existing markets in both the six and twelve month periods ended June 30, 1998.(My emphasis)
The Company believes that, as the Internet market grows, the critical competitive factors will be market leadership in individual countries and access to a substantial subscriber base across geographic markets in the Asia-Pacific region. Market leadership and a substantial subscriber base are expected to enable the Company to Attract advertisers, on-line merchants and other Web-oriented businesses to the Company's Website portal, and provide an effective platform for the launch of technologically-advanced, value-added Internet services. The following are the principal elements of the Company's long-term. strategy for becoming the leading provider of Internet access in the Asia-Pacific region:
e ' ' Expand Regionally. The Company plans 'to build upon its successful track record by aggressively ekpandihg into selected new markets and expanding within existing markets through selective acq'uisitions of existing ISPs or starting up new ISPS. The Company recently entered into a memorandum of understanding relating to a joint venture ISP in India, and is currenfly evaluating a number of other potential markets, including major cities in Australia, China, Indonesia, South Korea and Taiwan, as well as additional metropolitan areas in the Philippi,nes.
 Exploit E.conomi'es of Scale. By building an interconnected As'ia-Paciflc 'ISP network, the Company. expects to take advantage of economies of scale in several ke,'y areas of its operations.. The Company expects that, as' its 'network of lSPs grows, its large scale and regionaL 'coverage will effectively 'create' significant barriers, to entry for its competitors and increasingly ' allow it to strengthen and. multiply its strategic relationships with' hardware and software suppliers, telecommunications 'providers, advertisers and other existing and potential strategic partners,
 Transplant the Paci'fi'c internet ModeL The. Cbmpany believes that the Pacific Internet model it developed in Singapore is the key to its.current success and future regional expansion. The Company plans to 'use the marketing and. technical experience it has gained in building up its existing ISEs in order to qnicll,y and effectively equip, configure and grow ISPs, both in new markets and through newly'~ 'acquired ISPs. The ~principal characteris. 'tics of the Pacific Internet model are: aggressive, multi7cbannel, lifestyle-oriented marketing and branding; high-quality, price-competitive Internet access and Internet service offerings that target both consumers and corporate customers~ to diversify revenue steams and to max' 'jinize utilization of expensive international network bandwidth; statt~of-the-art equipment configured to enhan'ce scalability, purchased from a select' number" of leading manufacturers ~and maintained by the Company's expert techuic'al professionals; high qua' lity.-'of service standards; friendly, around-the-clock teclmical 'support designed~ to meet the differing needs of consumers ,and corporate customers; established strategic relationships with information technology leaders and hetwork backbone operators; access to the resources, expercis'e and contacts of its government-linked shareholders' in Singapore; and its entrepreneurial and m'uiti-e'thnic' team of 'employees who are familiar with 'the many cultures in th& As'ia-Paciflc' region.
e
Strengthen the Company's PortaL To strengthen the. Company's ability ,to serve ,as a portal (a principal entry point ,and gateway for, surfing the Internet,), eacli of, the Company '.,s ISPs operates a liyely, colorful and. use.r-friendly Web site oifenng inviting, easily identifiable hyperlinks to a wide variety of services. Tb., ese Websites currently. attract over 7.28 million pa.ge-views (representing over 135.2 million hit,s) per. month. The Cornp any regularly 'adds to its Websites new original. 'and third-party content, suited to its local audiences, to .enhance, the Intern,et experience of its,, customers, increase loyalty to. the Pacific Internet brand, make the ~Company's. Websites more :attrac.tive to advertisers and increase the traffic flow to' the Company's other services and activities.
the cJmpany be' lieves that its strategy of focussing, on market leadership in Int'ernet access wilt poSition it to lead the develppment and introduction of higher-value Internet services for its consumers and corporate customers. The Company believes it' was one of the first Internet service providers in the Asia-Pacific"region to offer high speed ADSL access services, as well as. various integrated message services 'that c&ter to the high reliance 3cn mobile telephones and pagers in many of' the markets in which the Company' operates. Within the next yeat the "Cbmpany expec'ts that it may be able to introduce, on a trial basis, cable-modem Internet access, Ibternet telephony, real-time Intern'et fax service and additional turnkey F-commerce soltifions.
~~The Compan'y operates .an international network that prdvides high bandwidth and highly reliable data transmis'sion paths which connect the Company's customers ~to the Internet.. The. Company's, .multiple international Internet connections include the "A-Bone",~ a regional Internet backbone linked to eight ~countties
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