Version 1.02 is a commonly cited release in these historical archives. The ".pak.zip" Extension Issue
Modern iterations, such as tools found on GitHub , often include features to "pakzip" (convert) these proprietary .pak archives directly into standard .zip files for easier editing. Legacy Software and MS-DOS Pakzip
Are you looking to or troubleshoot an IBM software installation ? Version 1
Historically, "PAKZIP" appeared in software catalogs as an MS-DOS utility for file compression. such as tools found on GitHub