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GTCI is all but dead, EZ, or is there any potential here?
Hartcourt to Distribute 5 Million Shares of ETLK As Dividends
September 30, 2002 04:00:00 AM ET
LOS ANGELES, Sept. 30 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com , today announced that it will distribute 5 Million shares of ETLK [Elephant Talk Communications, Inc. (OTC Bulletin Board: ETLK)] as dividends to all shareholders of record on October 21st, 2002. Signature Stock Transfer will handle the distribution to the shareholders of records on that date.
Mr. David Chen, Acting CEO of Hartcourt, comments, "This is the first step in our dividend distribution program. We are planning more distribution of other assets in Q4 of 2002 and Q1 of 2003."
About Hartcourt
The Hartcourt Companies, Inc. is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture divestitures via IPO or public merger to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company's Web site: www.hartcourt.com .
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
EZ
excerpt from GTCI filing......may want to read this:
Results of Operations
During the period from April 1, 2002 to June 30, 2002, we engaged in business development activities. After conducting its due diligence, the Company has elected not to proceed with the merger with Sinobull Group. We are in discussion with a number of other merger candidates.
http://knobias.10kwizard.com/filing.php?repo=tenk&ipage=1839320&doc=1&total=&back=1&....
LOL! Minds, change. eom
M&M Man
General Update: June 21st, 2002
Dear Shareholders,
I would personally like to thank each and every one of you for your continued support of Hartcourt during these challenging times and let you know we are working non-stop to build the company both financially and competitively to become the success we all believe it can be.
We continue to make hard decisions in our efforts to reduce costs across the organization and shorten Hartcourt's path to profitability. It is apparent that the markets are punishing companies with negative cash flow and we are doing everything within our power to eliminate excess cost centers and run as efficiently as possible, while taking extreme care not to negatively impact our basic operations or unduly limit our ability to expand our businesses or affect their transition into higher margin markets. Our core operations continue to develop and are performing well.
I have reduced all marginal personnel and the management team has opted to accept reduced salaries with incentive bonuses to help the company meet its near term cost reduction goals. Every one on the team understands the importance in sharing the sacrifice in tough times and is pulling together to move the company forward. This has been a painful process but one I felt was necessary if the company is to survive and prosper in this harsh environment. I am a firm believer that those at the top of an organization are ultimately responsible, regardless of the external circumstances, and are obligated to share the burden.
There are other developments I would like to share with you. We have decided to take AI-Asia public ahead of SinoBull. AI-Asia is a more attractive candidate, given current market conditions, due to its stronger financials, higher revenue base, and profitability. We are currently exploring alternatives for SinoBull that include injecting additional assets into the company to better position it for listing in this environment. Specific details will be available soon and will be disseminated in press releases.
The favorable disposition of the Hogue case was a positive. The company no longer has any exposure to the disproportionate temporary judgment and now that the judgment in this case has been overturned it allows us to act on the issue of stock dividends of ElephantTalk for our shareholders. Obviously there have been dramatic changes in the markets since our initial policy was conceived and the issuance of a significant portion of Hartcourt's equity position in ElephantTalk to its shareholders is no longer a viable or fiscally responsible alternative. However, I feel it is important for the company to reward its investors for their loyalty, even if on a smaller scale. Details will be released shortly. We are also exploring our ability to have all outstanding shares of Hrct accounted for as a step in this process in an effort to provide transparency and accountability of any unusual short activity.
We have already had discussions with our Accounting and Legal departments regarding the upcoming transition of all stocks on the OTC board to the new BBX and are beginning the compliance process. The regulations of the BBX will go a long way in lifting the profile of smaller cap stocks as they eliminate many of the uncertainties associated with the OTC for funds and investors. In addition, the BBX will require that all short positions are reported and accounted for by market makers.
To conclude, we have accomplished much but there is much left to do. We do not expect this road to be short or easy. Everything that can be done will be done and we have every intention of emerging as a stronger, more competitive, and profitable operation. Again, thank you for your support and I will be in touch again very soon to update you on our continued progress.
Massive dilution or no-go on the RM, take your choice of poison:
7. Sinobull was to have been reverse merged by May31st, what happened to that one?
a) The SEC asked GTCI to redo the proxy....There are about $2 Million in outstanding loans and GTCI creditors having trouble converting with the low shareprice...So it really comes down to existing GTCI shareholders who aren't ready to accept the huge dilution.... It will happen when they come to an agreement with their creditors..
imho, Jerome
Now this division would make a great fit !!!!!!!
'Leading Greater Asia's Next Communications Generation…"
AI-Asia Inc. is a holding company created to acquire and develop companies and assets in the multi-media technology, networking and IT service sectors. AI-ASIA operates 3 wholly owned subsidiaries based in China: Shanghai, Beijing and Hongkong. They are LogicSpace Ltd, Control Technology Ltd, and Kangrun Jiayun Technology Ltd.
AI-Asia is a comprehensive , scaleable, and interactive multi-media company designed to fully service China's ever-increasing demand for online information technology and provides clients; web casting, proprietary internet and intranet platforms, interactive internet technology, video conferencing, advanced streaming and compression technologies, rich media, and broadband capabilities.
AI-Asia also markets and distributes products from leading global technology companies for video conferencing, modular networking products, computer systems, and storage devices. The company has built and manages a strong sales and distribution network throughout China that enables it to provide timely technology solutions, product delivery, and support services for an extensive and growing client base.
The company's objective is to identify, develop, and maintain first-mover technologies, products and services for corporate and consumer internet and intranet deployment. AI-Asia provides its clientele with a comprehensive range of internet enabling solutions, preparing them to participate in the rapidly emerging streaming and broadband communications revolution in China and Greater Asia.
Comprehensive and proprietary real-time audio and video delivery solutions and powerful network infrastructure enables AI-Asia to stream superior-quality multimedia advertising, live event broadcasting, video conferencing and on-demand audio and video content over the internet to target web-enabled audiences globally.
AI-Asia has additionally formed long-term strategic partnerships with some of the world's leading technology companies to combine its own information technology solutions with their products and technologies.
Clients span multiple industries including technology, telecommunications, transportation, insurance, energy, banking, financial services, real estate, media & entertainment as well as government departments, universities, schools, and multi-national companies located in China. Marquee customers include, AOL Time Warner, Microsoft, HP, Kodak, Citibank, China Mobile, China Unicom, P&G, Morgan Stanley, Simens, Compaq, Oracle, Boeing, and China Eastern Airlines.
AI-Asia provides streaming media solutions and media encoding services to clients including the Hongkong Government, Radio Television Hongkong, China Entertainment Television (a division of AOL Time Warner), PCCW-horse, AIA Insurance, ING Life, CIGNA, Thai Airways, and Smartone Mobile.
Our Customers:
Xinhua News Agency Beijing, Guangdong Military Group, Xinjiang Petrol Administration Bureau, Sheng Li Oil Field, Xinjiang Oil field, The People's Bank of China Chengdu Branch, Bank of China Shandong Branch, China Development Bank, Ministry of Health, Central Communist Party School, Tsinghua University, Central Radio and Television University, Guangxi Television University, China Telecom Suzhou Branch, China Telecom Shanghai Branch, Beijing Industry and Commerce Administration Bureau, Beijing Haidian District Public Security Bureau, Asian-Pacific Orient Satellite Communication, Shanghai Automobile Group, Ping An Insurance, China Eagle Securities, Shanghai Eastern TV Station, Eastern Airlines, Legend Group, Citibank, P&G, KodakChina, Fluor Daniel, MorganStanley, Hong Kong Telecom, Panasonic, Motorola, PLA, Hong Kong Telecom, Shandong Power Co., Beijing University, China Telecom, SK Corp, People's Daily, Tom.com, the Chang Sheng Fund and other major multi-national companies in China.
http://www.ai-asia.com/about_ai_asia.htm
This is worth a repost!
NEWS!!
Tuesday June 18, 1:00 am Eastern Time
Press Release
SOURCE: The Hartcourt Companies, Inc.
Hartcourt to Dividend Shares of ElephantTalk Subsidiary; Shares to Be Distributed in Third Quarter 2002
LOS ANGELES, June 18 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: 900009), www.hartcourt.com , announced today that the Board of Directors of Hartcourt have voted to issue a stock dividend of a minimum of 750,000 common shares of Elephant Talk Communications, Inc. (OTC Bulletin Board: ETLK - News) in the third quarter of 2002. The bulk of the shares owned by the company will be retained to fund additional acquisitions and to create a strong asset base for the future. Shareholders will be notified of details of the distribution and the distribution date in a timely manner.
About Hartcourt
The Hartcourt Companies, Inc. is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture divestitures via IPO or public merger to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company's Web site: www.hartcourt.com .
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
SOURCE: The Hartcourt Companies, Inc.
ElephantTalk Partners With Great Wall Broadband For Rollout of VoIP services and Calling Cards in Greater China
LOS ANGELES, Jun 17, 2002 /PRNewswire-FirstCall via COMTEX/ -- Elephant Talk
Communications, Inc. (OTC Bulletin Board: ETLK), today announced that the
company will partner with Beijing Great Wall Broadband Network to launch new
Voice over Internet Protocol (VoIP) and calling card services in Greater China
-- PRC, Taiwan and Hong Kong. ElephantTalk is a subsidiary of The Hartcourt
Companies, Inc. (OTC Bulletin Board: HRCT).
ElephantTalk ( www.elephanttalk.com ), and Great Wall Broadband ( www.gwbnet.com
), will operate a PC2Phone project that will employ ElephantTalk's world-wide
VoIP platform, PC2Phone software and technology, then coordinate with
ChinaRailCom to launch the PC2Phone services to its existing customers, as well
as issuing and selling a "GreatWall- RailCom-eTalk" PC2Phone prepaid calling
card. The soft launch for the project is expected to take place in July.
This agreement with Great Wall will expand on ElephantTalk's initial plans to
resell the company's PC2Phone and PC2Fax services to Great Wall's customers who
are subscribing to its broadband network services. Great Wall Broadband Network
is a PRC nation-wide broadband services provider leading the development of a
comprehensive broadband network across the major cities of China and is quickly
establishing its IP and value-added telecom services. Great Wall has recently
listed in Hong Kong.
According to Great Wall Broadband's plans, it will employ the coming 3 years to
extend into and cover a market of approximately 5 million community users in
PRC. It is also estimated that its subscriber base will reach 2.5 million by
2003. The company has already signed agreements with several metropolitan
communities in the PRC cities like Chengdu, Shanghai, Kunming, Shenzhen, Wuhan,
and Beijing. Within the year, it is estimated that its infrastructure will be
able to cover a market of over one million users in the PRC.
"ElephantTalk looks forward to working with our new partners, Great Wall
Broadband and ChinaRailcom, to bring IP and Calling Card services to under
served areas of China's vast telecom market," said Mr. Russelle Choi, President
and CEO of ElephantTalk. "This is another important step in our strategy to
enter new markets and to offer higher margin VoIP and Calling Card services to
areas in Greater China where the demand for connections to international
destinations rank among the highest in the region. Using VoIP compared to
regular long distance can result in savings as high as 50%-80%. ET has installed
packet-switched technology in its infrastructure and will route VoIP traffic
through its privately managed IP networks."
ElephantTalk has recently reached expanded reseller and cross branding
agreements for VoIP services with three of China's largest and most influential
telecom operators, JiTong Network Communications Company Limited ( www.gb.com.cn
), China Netcom Corporation Limited ( www.cnc.net.cn ), and China Railway
Communications, ChinaRailcom ( www.crc.net.cn ). ElephantTalk is developing its
strategies to capture market share in the expanding and untapped telecom markets
of Greater China and Asia, and is building a leading global Internet Telephony
Service Provider (ITSP), focused on the deployment of IP-based communications.
About ElephantTalk
Elephant Talk Communications, Inc. is a leading telecommunications company
established in 1994 and is located and operated in Hong Kong with offices in
Cerritos, California. It also owns switching facilities in China, Hong Kong,
U.S., Taiwan and Singapore. ElephantTalk operates international long distance
service on both sides of the Pacific to over 220 foreign destinations. They
enable telecommunications carriers and other service providers the ability to
offer long distance, voice, data, fax, and VOIP services to their end-
customers, through an advanced and scaleable network. More information on
ElephantTalk can be found at www.elephanttalk.com
The statements made in this press release, which are not historical facts,
contain certain forward-looking statements concerning potential developments
affecting the business, prospects, financial condition and other aspects of the
company to which this release pertains. The actual results of the specific items
described in this release, and the company's operations generally, may differ
materially from what is projected in such forward- looking statements. Although
such statements are based upon the best judgments of management of the company
as of the date of this release, significant deviations in magnitude, timing and
other factors may result from business risks and uncertainties including,
without limitation, the company's dependence on third parties, general market
and economic conditions, technical factors, the availability of outside capital,
receipt of revenues and other factors, many of which are beyond the control of
the company. The company disclaims any obligation to update information
contained in any forward- looking statement.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X98432466
SOURCE Elephant Talk Communications, Inc.
Q&A from HRCT board:
http://www.investorshub.com/boards/read_msg.asp?message_id=384361
Important Message from Doc...
Hi Dave:
The following Email was sent by Hartcourt management.
Please post on the chat rooms to see if anyone has any
skill to detect where the enmemies are and how to
bring them to justice?
Thanks
Alan
Hi All:
Please work with Dennis and inform all shareholders
that our Web site was hacked and shut down by hackers.
It happened today after they successfully shut down
Lexington Enterprises and ETLK web sites.
I wonder if we should involve the law enforcement
authority on this. Especially after the way the MMs
and the shorters maneuvered to bring down HRCT and
ETLK prices in the last few weeks?
Thanks
HI, yea, I talked with someone with old-GTCI about a week ago, who talked with new-GTCI recently. They had the paperwork done, but a filing was missing, so they had to go back and do the paperwork, but by that time a new filing was due, so they had to start over... they are probably paying for the filings by issuing shares, otherwise than just dumping out, and possible shorting from those couple of institutions that got bought out with equity positions, who knows... Anyway, apparently they have a couple of more pieces to put in the shell after sinobull arrives (which is still alive), that's the line that's being told, fwiw.
imho, Jerome
IMP meant IMO, EOM
The GTCI issue,IMP, is one reason for many deserting HRCT. This is beginning to feel like the old Naz listing for HRCT. Sure is giving credibility to the "bashers". HRCT, how about letting us in on it this time!
more good news for the HRCT team !!!!!!!!
http://biz.yahoo.com/prnews/020610/lam059_1.html
Know the difference between urgent...and...important !!
HRCT DD Links:
Business Description
The Hartcourt Companies Inc. is a holding and developing company specializing in the acquisition and development of private companies within high-growth industries in China and Hong Kong. Hartcourt has strategic investments and operating management controls in a number of technology companies in the following areas: communications, financial media, financial data sourcing and delivery, technology products distribution and online education. In partnership with Chinese entrepreneurs and government-sponsored entities, Hartcourt is targeting specific industry sector leaders for key acquisitions in order to create a synergistic environment for business development, brand building, technology sharing, revenue diversification and increasing market penetration.
Expanded Business Description
http://yahoo.marketguide.com/MGI/busidesc.asp?target=/stocks/companyinformation/busidesc&Ticker=....
Significant Developments
http://yahoo.marketguide.com/MGI/signdevt.asp?target=/stocks/companyinformation/signdevt&Ticker=....
General Information and Share Information
http://biz.yahoo.com/p/h/HRCT.ob.html
Basic Company Profile
http://www.dimgroup.com/cgi-bin/simple2.cgi?symbol=HRCT
BigCharts Interactive Chart
http://www.bigcharts.com/intchart/frames/frames.asp?symb=HRCT&time=8&freq=1
SEC Filings
http://www.nasdaq.com/asp/quotes_sec.asp?symbol=HRCT&selected=HRCT
Recent Press Releases
http://biz.yahoo.com/n/h/HRCT.ob.html
Company Webpage
http://www.hartcourt.com
Officers and Directors
http://yahoo.marketguide.com/MGI/offrdirs.asp?rt=ratio&target=/stocks/companyinformation/officer....
Insider Trade Data
http://biz.yahoo.com/t/h/HRCT.ob.html
Catalysts
http://moneycentral.msn.com/investor/research/wizards/srwcatalysts.asp?Symbol=HRCT
Historical Quotes
http://host.wallstreetcity.com/wsc2/Historical_Quotes.html?Button=NEW+REQUEST&template=hisquote..... http://host.wallstreetcity.com/wsc2/Historical_Quotes.html?Button=NEW+REQUEST&template=hisquote.....
Active Market Makers
http://www.otcbb.com/asp/tradeact_mml.asp?searchby=i&searchfor=HRCT&x=20&y=6
Market Maker Activity
http://www.otcbb.com/asp/tradeact_mv.asp?SearchBy=i&Issue=HRCT&SortBy=v&month=10-1-2000&.... http://www.otcbb.com/asp/tradeact_mv.asp?SearchBy=i&Issue=HRCT&SortBy=v&month=10-1-2000&....
OTCBB Level 2 Quotes
http://www.otcbb.com/asp/mp_quotes.asp?Sort=4&Quotes=HRCT
BarCharts Signals
http://quotes.barchart.com/texpert.asp?sym=HRCT
Stockscores.com Rating
http://www.stockscores.com/index.asp
OTCBB Most Active List
http://quotes.freerealtime.com/dl/frt/stats?exch=D&stat=0
Technical Analysis Education
http://www.stockcharts.com/education/index.html
http://www.e-analytics.com/techdir.htm
http://www.chartpatterns.com
http://www.clearstation.com/education/cover.shtml
http://www.litwick.com
http://www.investormall.com/compleat/averages.htm
Charting Webpages
http://www.bigcharts.com
http://www.prophetcharts.com
http://www.stockcharts.com
SEC Complaint Link
http://www.sec.gov/enforce/comctr.htm
Disclaimer
http://www.investorshub.com/boards/read_msg.asp?message_id=135097
Know the difference between urgent...and...important !!
sometimes......."silence" is good !! :)
http://biz.yahoo.com/prnews/020606/lath040_1.html
Well. . .here we go. . .GTCI turns out to be the twin of "Enova" in about 24 hours. I hope everyone involved with this program feels real good.
Peace,
M&M Man
Oh no.....tell me it's not true ~~~~~ I thought
EVERYTHING that showed up on message boards was gospel !!!!!
EZ <ggggg>
EZ. . .it's not accurate LOL. It's much like the same mistake that happened a while back with LFZA. Computer glitch.
ETLK now trading below a dime, as well.
Time will tell!
M&M Man
Hope you caught THIS earlier today !!!! :)
Is this accurate..........or a dream ???????????
http://www.quicken.com/investments/quotes/?symbol=GTCI
GTCI
Last Trade
8.00
Volume
3,100
Change
+7.99 (+72627.27%)
Avg Volume
102,130
Bid / Ask
8.00 / 15.00
Mkt Cap (mil)
N/A
Open
8.00
Has anyone heard anything? The clock is ticking. . .
Peace,
Just fine, into the sub-pennies we go...
imho, Jerome
May 20, 2002
GLOBAL TELEPHONE COMMUNICATION INC /NV/ (GTCI.OB)
Quarterly Report (SEC form 10QSB)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions and current expectations, estimates and projections. Statements that are not historical facts are forward-looking statements. The words "anticipate," "believe," "could," "estimate," "expect," "project," "intend" and similar words are forward-looking statements. These statements are subject to certain risks, uncertainties and assumptions and related factors that could cause actual results to differ materially from those projected. Although we believe that these expectations, estimates and projections are reasonable, we can give no assurance that they will prove to be correct, and readers are cautioned not to place undue reliance on these forward-looking statements.
Results of Operations
During the period from January 1, 2002 to March 31, 2002 the Company was involved in business development activities. The Company is currently anticipating the closing of the merger with Sinobull Group and is completing its due diligence activities.
The assets of Sinobull include:
Financial Telecom Ltd (FTL), an 18-year old provider of financial data and information to banks and brokerage houses, located in Hong Kong. FTL is also a majority shareholder of Fintel Wireless Ltd, a financial paging network and wireless data operator; Hopeful Internet Technologies Ltd, owner of Sinobull Information Company (formerly known as Guo Mao) a 5-year old financial data and information provider to banks and brokerage houses, located in Shanghai, China; Tiandi Hulian Technologies Ltd, owner of the most popular financial portal in China, WWW.SINOBULL.COM; HC Financial TV Channel Ltd, a Shanghai-based TV production company with plan to launch a Financial TV channel in 2002.
Under the terms of the Letter of Intent, in exchange for all the issued and outstanding stock of Sinobull, we will issue to Sinobull's shareholders a number of shares of common stock constituting 76.32% of the total issued and outstanding capital stock of Global after the completion of the transaction. Sinobull will become a fully-owned subsidiary of Global. The closing of the acquisition is subject to certain conditions, including satisfactory completion of due diligence and execution of a definitive agreement and shareholder approval.
Subsequent to September 30, 2001, we reached a settlement with two major creditors, JE Matthew and EFO Holdings, to convert their loans into common shares of GTCI and into long-term notes.
LIQUIDITY AND CAPITAL RESOURCES
General and administrative (G&A) expenses were $60,395 for the three months ended March 31, as compared to $249,294 for the same period in 2001. We had a decrease in G&A expenses because the company reduced its overhead costs. During the first quarter of 2002, legal and accounting expenses totaled approximately $1,368, payroll costs totaled approximately $2,634, office expenses totaled approximately $3,979, finance charges totaled approximately $171,467, investor relations costs totaled approximately $0, consulting costs totaled approximately $50,053, travel and entertainment costs totaled approximately $0, rent totaled approximately $2,361. During the three months ended March 31, 2002 we raised an aggregate of $10,000 through issuance of Private Placement shares as compared to $0 for the same period in 2001. We used the proceeds of such financing transactions for working capital needs. Our current ratio at March 31, 2002 was (242%) compared to (161%) at March 31, 2001.
Our operating activities provided cash of approximately $1,114 for the three months ended March 31, 2002, compared to ($281,217) for the same period in 2001. During the three months ended March 31, 2002, we had operating losses before depreciation and amortization of approximately $99,770, compared to $315,282 for the same period in 2001. As a result of the above activities and our decreased operating costs, we experienced an increase in cash of $1,114 for the three months ended March 31, 2002.
BUSINESS RISK
Because of management's broad discretion with respect to the acquisition of assets, properties or businesses, GTCI may be deemed to be a growth oriented company. Although management intends to apply substantially all of the proceeds that it may receive through the issuance of stock or debt to suitable acquisitions and development of acquired companies, such proceeds will not otherwise be designated for any more specific purpose. We can provide no assurance that any allocation of such proceeds will allow it to achieve its business objectives. The continuation and development of our business is dependent upon socio-political factors such as China's entry into the World Trade Organization and the liberalization of foreign investment in China's Internet sector. There are inherent risks involved in operating in China, a region where commercial rules and regulations are still uncertain. The potential opening of the information technology/Internet sector to foreign participation will also mean an increase in competition from multinational telecommunications companies in China. The degree to which these factors may affect the Company's future operations and financial results is uncertain and will depend on the success of the management team in executing its business plan and carrying out an effective implementation of the core operations of our joint ventures.
Thanks Spooky! eom:)
M&M Man
MMayr...
From the last Shareholder Letter (04/12/02):
...
The status of the Sinobull market listing is progressing and we are replying to a last minute request from the SEC for additional audit information. This is a routine request and we are currently waiting for the group's audit to be completed for submission to the SEC. Once that information is filed and cleared, we expect the reverse merger of Sinobull to take place shortly after. Our CFO and accounting firm are working diligently to bring this to a timely resolution. And, there is a silver lining to this unexpected delay as Sinobull companies have signed additional business in the past few weeks and this should add to any listing valuation.
...
I think (hope!) everything is on schedule, because they expect the listing in Q2...
Still keeping the faith!
Regards
spooky
Anyone heard anything about when/if this thing is going to R/M with Sinobull? I'm hoping this thing transpires. Things can't be good for HRCT, if they don't.
Peace,
M&M Man
HRCT......Q1 numbers.......
HRCT.......
Wednesday May 15, 4:35 pm Eastern Time
Press Release
SOURCE: The Hartcourt Companies, Inc.
Hartcourt Reports Results for First Quarter 2002
LOS ANGELES, May 15 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT - News), www.hartcourt.com , today reported financial results for the first quarter 2002. Revenues for the quarter were $3,547,599 as compared to $253,361 for first quarter 2001. Hartcourt recorded a loss of ($.01) for first quarter 2002 as compared to a loss of ($0.02) for first quarter 2001. Operating cash flow improved from ($762,201) for Q1 2001 to ($321,323) for Q1 2002.
Hartcourt CEO and President, Dr. Wallace Ching stated: "Overall the economic environment is still recovering and the first quarter had the added impact of seasonal weakness associated with the Chinese New Year and increased competitive pressure in our telecom division. However, our companies showed revenue expansion and bottom line improvement on a year over year basis for the first quarter 2002, and cost savings initiated through our re-organization efforts are beginning to work their way to the bottom line. We continue to move forward with our plans to divest subsidiaries and our divisions Hartcourt Capital and ElephantTalk signed key service agreements during the quarter. In spite of the sector weaknesses we experienced this quarter our companies accomplished important strategic goals and we look forward to the challenges ahead."
Significant achievements in Q1 and subsequent events:
4/17 - ElephantTalk MOU to Acquire 100 Percent of GridTel.Net Limited
( http://biz.yahoo.com/prnews/020417/law028_1.html )
4/17 - Hartcourt Capital retained by ONSE Telecom for private placement
( http://www.hartcourt.com/hCap/170402.htm )
4/17 - Hartcourt Capital to Obtain Equity Listing for CC&E Communications
( http://biz.yahoo.com/prnews/020417/law049a_1.html )
4/12 - Sinobull Distributes Financial Data Services in China Via Mobile
Short Messaging (SMS)
( http://www.hartcourt.com/what_new/0412d02.htm )
4/8 - AI-Asia and Kangrun Technology Ltd. Sign Acquisition Agreement
( http://www.hartcourt.com/hAia/040802.htm )
4/1 - Fintel Granted China Data Distributorship From Bank of China's
Sino Information Services
( http://www.hartcourt.com/hSino/040102.htm )
3/28 - Sinobull to Provide Content For Shanghai Net Bank's Cable TV
Programs
( http://www.hartcourt.com/hSino/032802.htm )
3/28 - Sinobull Also Signs Contract With Wise Spot to Provide Similar
Services
( http://www.hartcourt.com/hSino/032802.htm )
3/22 - Sinobull Launches MetaStock and Sinobull Wireless Internet at
Securex Show in Shanghai
( http://www.hartcourt.com/hSino/032202.htm )
3/21 - ElephantTalk Signs Milestone Agreement With EADS Multacoms For
Expansion in Asia
( http://www.hartcourt.com/hEt/032102.htm )
3/14 - ElephantTalk Announces Three Agreements for Internet Protocol
Services In Greater China. Signs Agreements with Jitong
Communications, China Netcom, and Great Wall
( http://www.hartcourt.com/hEt/031402.htm )
About Hartcourt
The Hartcourt Companies, Inc. is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture divestitures via IPO or public merger to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company's Web site: www.hartcourt.com .
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
SOURCE: The Hartcourt Companies, Inc.
http://finance.yahoo.com/q?s=HRCT.OB
EZ. . .any way you look at it. . .DADE! LOL
This thing needs some attention from management!
Peace,
M&M Man
Mark --- LOL......did you mean DEAD === D.E.A.D. (board) ??
more news !!!!!!
NEWS!!!
Hartcourt Capital Retained by ONSE Telecom for Private Placement
via COMTEX
April 19, 2002
LOS ANGELES, Apr 19, 2002 /PRNewswire-FirstCall via COMTEX/ --
The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT) www.hartcourt.com , announced today that its subsidiary, Hartcourt Capital Inc., together with Swan Advisory Services Company Ltd (SASCO), have been appointed as joint financial advisors by ONSE Telecom Corporation, www.onse.net , to assist the company in completing a private share placement of up to US$100 million worth of new shares. Hartcourt Capital is providing services on an advisory and performance fee basis.
ONSE Telecom Corporation is a full service Korean Telecom company providing local and international long distance, data services for broadband, IPLC, Frame Relay and ATM, Internet services for ISP, portals, IDC and e-commerce, and other value-added services for corporate and private consumers. The company operates one of Korea's largest ISP's, Shinbiro, and introduced broadband service in 2000. ONSE Telecom's has numerous local and international licenses and dual redundant backbone networks supported by multiple core switches, each operating independently with 25 nodes for Internet services and 14 nodes for domestic ATM, providing complete coverage of Korea. The company staffs over 700 employees and audited revenue in 2001 were US$229 million.
'The Korean telecommunications sector has been experiencing unprecedented growth, and possesses one of the world's highest penetrations of broadband access and mobile phone usage. ONSE Telecom Corporation is well-positioned within the sector and we are planning to expand our services and markets,' said Mr. G.Y. Hwang, CEO of ONSE Telecom. 'We are very pleased to retain Hartcourt Capital and SASCO's services, to assist us in a private share placement to fund our operative and strategic development. We all look forward to taking the next steps in fulfilling our long range company goals.'
'It is a great opportunity for Hartcourt Capital to provide investment advisory services for ONSE Telecom Corporation, one of the leading telecommunications providers in Korea,'stated Dr. Wallace Ching, CEO of Hartcourt Capital Inc. 'Korea has one of the world's most progressive communications markets and ONSE is well positioned to capture significant market share in various segments of the sector. The additional funding will assist the company in achieving its strategic goals and increase their role in Korea's rapidly growing telecommunications industry.'
About Hartcourt Capital, Inc.
The Hartcourt Companies, Inc. newly established investment-banking arm Hartcourt Capital, Inc. acts as a bridge between high-growth Chinese companies and the U.S. capital markets. It provides a wide range of strategic and financial advisory services covering mergers and acquisitions, fund raising, private placement, restructuring, and public market listing via initial public offering (IPO) or reverse merger. In addition to serving China's high growth private company sector, Hartcourt Capital is also an integral part of Hartcourt's strategy and business model, introducing innovative and promising companies into the Hartcourt network to complement and enhance competitive advantages throughout the organization. Detailed information on Hartcourt can be obtained via the company's Web site: www.hartcourt.com .
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward- looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward- looking statement.
MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X54362216
SOURCE The Hartcourt Companies, Inc.
Larry Kristof, Vice President of Lexington Enterprises Ltd., +1-604-484-8286, or fax, +1-604-484-8287, info@lexingtonenterprises.com, for The Hartcourt Companies, Inc.
http://www.onse.net
Copyright (C) 2002 PR Newswire. All rights reserved.
ElephantTalk Extends Footholds in Indo-China and South Asian Regions; Hartcourt Subsidiary Signs MOU to Acquire 100 Percent of GridTel.Net Limited
HONG KONG, April 17 /PRNewswire-FirstCall/ -- Elephant Talk Communications, Inc. (OTC Bulletin Board: ETLK) today announced that it has signed a Memorandum-of-Understanding to acquire GridTel.Net Limited, a medium-sized international exchange carrier. The transaction will provide ElephantTalk significant additional corporate and wholesale telecommunication clients and expand the company's established direct routing to transcontinental operating hubs, submarine and terrestrial cabling networks, satellite connections, and related technical support facilities throughout the region. ElephantTalk is a subsidiary of the Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT).
GridTel.Net has points of presence (POPs) assets in Kathmandu, two sites in Bangladesh, Indonesia, Mongolia, Bangkok, Mumbai, Dehli, Manila, and Cambodia. The company has strong relationships with local ISPs and international carriers in the Indo-China and South Asia regions, and provides direct routes to Nepal, India, Bangladesh, Indonesia, Singapore, Cambodia, Laos, Pakistan and the Philippines. GridTel.Net records over 10 million calling minutes per month and is a holder of an External Telecommunications Services (ETS) license in Hong Kong. GridTel's projected annual revenues for 2002 are US$24 million, with approximate annual gross profit of US$1.44 million.
"GridTel.Net has well dispersed points of presence (POPs) throughout the region and consistent monthly traffic of 10 million minutes. This acquisition will significantly deepen our market penetration, expand our reach in the region and can additionally be used as a backbone for our voice-over-internet-protocol (VOIP) roll out in Indo-China and South Asia," said Mr. Russelle Choi, President and CEO of ElephantTalk. "The addition of GridTel's networks and facilities is expected to increase efficiencies, lower operating cost per minute, provide quicker time to market, and improve profit margins for our consolidated operations. This is the next step in our strategy to expand our strong foothold in the emerging Asian telecom markets, which have yet to be fully deregulated, and to take advantage of their tremendous untapped potential."
"We are excited to join ElephantTalk. This combination is consistent with our goal of providing the absolute highest quality voice solutions for our customers," said Mr. Lewis Lu, General Manager of GridTel. "Our customers will benefit from ElephantTalk's global connections, advanced network architecture and quality customer service."
This acquisition continues ElephantTalk's expansion into Greater Asia's emerging telecom markets. The company has recently signed agreements with:
EADS (EADS, NV) subsidiary EADS Multicoms( www.multicoms.net ) JiTong Network Communications ( http://www.gb.com.cn )
China Netcom Corporation ( www.cnc.net.cn )
Great Wall Broadband Network ( http://www.gwbnet.com )
About ElephantTalk
Elephant Talk Communications Inc. is a leading telecommunications company established in 1994, located and operated in Hong Kong with offices in Cerritos, CA. and Boston, MA. The company owns switching facilities in China, Hong Kong, U.S., Taiwan and Singapore. ElephantTalk operates international long distance services on both sides of the Pacific to over 220 foreign destinations. They enable telecommunications carriers and other service providers the ability to offer long distance voice, data, fax, and VOIP services to their end-customers, through an advanced and scaleable network. More information on ElephantTalk can be found at www.elephanttalk.com
The merger is expected to be completed by May 31, 2002.
OH well, I guess next month then. Looks like it's generating a bit of interest, though stuck in this range.
Hey, I just bought, for the first time, another chinese stock, been following it for a while, GOSN. Looks pretty solid, not sure exactly why it has tanked so hard. Late to file, so maybe that is the red flag, not sure. Anyway, financials on it look positive, at .09 I took a gamble for some.
imho, Jerome
GTCI filing:
April 16, 2002
GLOBAL TELEPHONE COMMUNICATION INC /NV/ (GTCI.OB)
Annual Report (SEC form 10KSB)
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.
During the year ended December 31, 2001, the Registrant generated revenues of $50,424 and operating expenses of $2,365,267, resulting in a net loss of $2,314,843 from operations.
General and administrative expenses decreased to $1,742,532 in 2001 from $5,043,696 in 2000 and depreciation and amortization expenses increased to $622,735 in 2001 from $408,347 in 2000. The following is a breakdown of the significant general and administrative expenses incurred in 2000:
In 2001, legal and accounting expenses totaled approximately $73,550, payroll costs totaled approximately $35,160, office and administrative expenses totaled approximately $347,300, finance charges totaled approximately $858,000, consulting costs totaled approximately $1,035,200, travel and entertainment costs totaled approximately $36,950, rent totaled approximately $51,000.
Depreciation and amortization expense increased from $408,347 in 2000 to $622,735 in 2001. This increase was due to the fact that the Registrant's goodwill has been amortized for a full year in 2001.
During the year ended December 31, 2000 the Registrant raised $1,300,000 from the sale of equity securities and $2,077,324 from notes payable to fund current operations. During the year ended December 31, 2001 the Registrant raised $241,800 from the sale of equity securities and $0 from notes payable to fund current operations.
On December 12, 2000, Messrs. Brandenburg, Andresen and Zapton were removed from the Board of Directors of the Registrant, pursuant to a Consent Stockholders' Resolution that was signed by stockholders controlling more than two-thirds of the Company's outstanding shares. The current Board of Directors is comprised of Messrs. Wong and Kennedy.
Subsequently, on February 7, 2001, Messrs. Brandenburg and Andresen resigned as officers of the Registrant pursuant to a mutual settlement agreement that was approved by the Board of Directors of the Registrant. The settlement offer entitles Mr. Brandenburg to retain the 1,000,000 stock options granted on September 28, 1999 at an exercise price of $1.56 per share with an expiration date of September 28, 2002. Mr. Andresen is also entitled to retain 500,000 stock options at an exercise price of $1.375 with an expiration date of January 10, 2003. The settlement offer also entitles them to $180,000 less any governmental
withholdings. The Registrant was expected to pay a total of $50,000 to Messrs. Brandenburg and Andresen within 90 days from February 7, 2001 with the balance being payable on or before July 7, 2001. At December 31, 2001, the Registrant had not made any settlement payments to Messrs. Brandenburg and Andresen.
The current Board of Directors is comprised of Terry Wong and Thomas Kennedy. Terry Wong is currently the President and CEO of the Registrant.
There have been no seasonal aspects that caused any material changes in the Registrant's financial statements.
The Registrant's viability is contingent upon its ability to raise additional funds to support development efforts. There is no assurance the Registrant will obtain additional financing on terms it deems acceptable.
The implementation and expansion of the Registrant's business is expected to require a commitment of substantial funds. The Registrant is currently seeking working capital to fund current operations. During 2000, the Registrant completed a bridge financing.
On June 5, 2000, the Registrant issued a convertible note (the "Note") for proceeds of $250,000, bearing interest at the rate of prime (as announced by the Wall Street Journal ("WSJ")) plus 0.5% per year (9%) at December 31, 2000), compounded annually. The principal and all accrued interest is due on May 30, 2003; however, the holder may demand repayment at any time after May 30, 2002.
The holder may at any time convert all or any portion of the outstanding balance of the Note (but not less than $50,000 unless the remaining balance of the Note is less than such amount), including accrued but unpaid interest thereon, into shares of the Registrant's common stock. The conversion price shall be the lower of (i) $1.30 per share, adjusted for stock splits and reverse stock splits, and (ii) 80% of the five day trailing average of the Registrant's common stock on the date notice of conversion is delivered to the Registrant. The Registrant has recorded a financing cost attributable to the beneficial conversion feature in the amount of $62,500. This amount has been charged to interest expense.
The parties have agreed that the total amount due under the note at December 27, 2001, including interest, is $285,000 and this amount is reflected in the financial statements. In connection with the Sinobull transaction described below, the parties have reached a settlement agreement pursuant to which the
Registrant will pay $150,000 in full and final payment and settlement of the note. The payment is comprised of $20,000 cash, 2,000,000 shares of common stock valued at $100,000, and a promissory note in the amount of $30,000 due one year after the closing of the Sinobull transaction. In connection with the issuance of the above note, the Registrant issued warrants to purchase a number of shares of common stock.
The number of warrant shares purchased shall be calculated as of the date an exercise notice is delivered to the Registrant of (i) 500,000 (or the portion of such 500,000 exercised by holder evidenced by a duly executed exercise notice for such portion) divided by $1.30, adjusted for any stock splits or reverse stock splits of the Registrant (ii) the quotient determined by dividing 500,000 or such lesser portion of the warrant the being exercised, by 80% of the market price. For purposes of this warrant, "market price" shall equal the five (5) trailing average of the Registrant's common stock at the close of market for each day, ending on the date the Registrant receives a duly completed and executed exercise notice.
The warrant expires on June 5, 2005. The fair value of the warrant, using the Black-Sholes option pricing model is $619,075. This amount has been recorded as a deferred financing cost and is being charged to interest expense over the life of the note.
During August 2000, the Registrant issued 9 convertible promissory notes for aggregate proceeds of $285,000. All of the notes are due in August 2003. The Registrant has also issued common stock purchase warrants in connection with the issuance of the notes. The terms of the notes and warrants are substantially the same as those described above, except that the highest exercise or conversion price is $0.71 per share, as opposed to $1.30 per share, and the warrants expire in August 2003. The Registrant has recorded a financing cost attributable to the beneficial conversion feature in the amount of $78,492 charged to interest expense. The Registrant has recorded deferred financing costs of $194,056, representing the fair value of the warrants, as determined by the Black Sholes option-pricing model. This deferred financing cost is being charged to interest expense over the life of the notes.
During 2001, notes in the principal amount of $235,000, plus accrued interest of $14,149, were converted into 4,048,770 shares of common stock.
The Registrant has received aggregate advances pursuant to a convertible debenture totaling $1,149,838. The debenture bears interest at the rate of 9% per year and is due on December 31, 2003. Terms provide that the holder is entitled to convert $177,778 of principal and accrued interest upon issuance (June 30,2000) and a similar amount each month thereafter. The note is convertible at
the lower of $2.50 per share or 100% of the lowest daily trading price for the 20 tracking days prior to conversion. In connection with the issuance of the debenture, the Registrant issued warrants to purchase 1,209,000 shares of common stock, exercisable at prices ranging from $2.24 to $3.75 per share. The warrants expire June 30, 2002. The Registrant has recorded a deferred financing cost of $1,277,530, representing the fair value of the warrants as determined by the Black-Sholes option-pricing model. This deferred financing cost is being charged to interest expense over the life of the note.
The parties have agreed that the total amount due under the note at December 27, 2001, including interest, is $1,500,000 and this amount is reflected in the financial statements. In connection with the Sinobull transaction described below, the parties have reached a settlement agreement pursuant to which the Company will pay $1,000,000 in full and final payment and settlement of the note. The payment is comprised of $200,000 cash, 11,000,000 shares of common stock valued at $550,000, and a promissory note in the amount of $250,000 due one year after the closing of the Sinobull transaction.
The Registrant has received advances pursuant to a line of credit with the Bank of Communication. These advances aggregate $718,889 at December 31, 2000 and are due on demand. The line of credit provides for up to $850,000 in advances and provides for an interest rate of 6.435% per year. The bank held $850,000 in a separate account as collateral for the advances under the line. The line of credit was repaid in full in 2001 and was terminated.
The Registrant believes that it will need funding sources to continue the expansion of its operations and it intends to pursue additional funding in the form of additional direct equity. The Registrant does not intend to develop its own value-added products and services at this time. It will, instead, purchase or license those products and services from third parties.
On April 12, 2001, the Registrant signed a Letter of Intent to acquire privately held Apollo Communications International Corporation (Apollo). Apollo is a niche international telecommunications carrier operating out of Seattle, Washington and Shanghai, China.
The acquisition was expected to be completed during the second quarter of 2001. Upon completion of its due
diligence the Registrant determined that it was not in the best interest of its shareholders to complete this transaction.
On December 14, 2001, The Board of Directors of the Registrant as well as persons holding a majority of the outstanding shares determined that it is in the best interest of the Registrant to enter into a Share Exchange Agreement, whereby the Registrant will acquire 100% of the issued and outstanding shares of SinoBull Financial Group, (SinoBull) a Hong Kong corporation, in exchange for shares representing approximately 76.32% of the total issued and outstanding capital stock of the Company (See Share Exchange Agreement). The proposed exchange is a private placement of restricted securities pursuant to Regulation S and Rule 506 of Regulation D. Following the transaction, SinoBull will operate as a wholly owned subsidiary of the Company.
SinoBull Financial Group develops financial technology, financial operating platforms and Internet-based financial services. SinoBull's operating companies include: Shanghai SinoBull Information Company Ltd., SinoBull Network Technology (formerly Shandgi Networks), WindInfo Ltd., Financial Telecom Ltd., Fintel wireless Ltd., Ton Bo software, HCTV Financial TV channel Ltd. and SinoBull Magazine Ltd. SinoBull.com is a financial information and stock trading website. SinoBull Group and its strategic partners provide news, data and analysis of financial information to the business community and media outlets. Services include; real-time pricing, historical pricing, indicative data, analysis of financial information and electronic communications. Clients include China's investment institutions, commercial banks, government offices and agencies, corporations, and news/media organizations.
SinoBull Group is a financial technology developer and Internet service provider. SinoBull's subsidiaries include: Beijing UAC Stock Exchange Online, Shanghai Guo Mao Science & Technology, SinoBull Network Technology (formerly Shangdi Networks), Financial Telecom (FTL), StreamingAsia and LogicSpace. In addition to quality financial news, real-time market data, financial analysis and commentary via the SinoBull portals.
SinoBull currently offers online trading platform services that allow users to trade online for shares listed on stock exchanges in Shenzhen and Shanghai. This trading platform is currently the only such trading platform
available in the PRC. SinoBull also has a financial portal which offers a comprehensive range of Chinese financial content coupled with an online trading platform service in the PRC.
On December 11, 2001, China became a member of the World Trade Organization (WTO). China's entry into the WTO is expected to expand China's financial market and develop new models and new channels for using foreign capital, and provide foreign enterprises with more business opportunities.
Present indications from Beijing point to the liberalization of foreign investment in China's Internet sector. The liberalization of the telecom sector would allow the Registrant to provide capital and investment in other value-added products and services within the information technology/Internet sector such as IP Telephony and Long Distance Calling Cards that are presently prohibited from foreign participation.
In the meantime, there are inherent risks in operating in this sector where the rules and regulations are still uncertain. Opening of the information technology/Internet sector to foreign participation will also mean an increase in competition from multinational telecommunications companies in China. The degree to which it will affect the Registrant's future operations and financial results is uncertain and will depend on the competency of the management team in executing its business plan and carrying out an effective implementation of the core operations of the joint ventures.
As a result of conducting overseas operations, the Registrant is vulnerable to foreign exchange fluctuations. This is especially true in Asia where currency fluctuations and devaluations are not only determined by market forces but are also affected by the monetary and fiscal policies of foreign governments. There are also risks associated with the laws and regulations that apply to the repatriation of capital from overseas operations.
The success of the Registrant and its subsidiaries' operations in China is subject to the political and economic uncertainties of that region. These unknowns are characterized by unexpected changes in rules and regulations; tariffs or other barriers; policy changes regarding foreign asset ownership; changes in tax laws for foreign companies; unexpected changes in monetary or fiscal policies; market reforms; austerity programs enacted by the government; government subsidies that are anti-competitive in nature; currency exchange regulations and lack of transparency in the financial markets. These and other factors could have an adverse impact on the Registrant's business and financial results in the future or require the Registrant to modify its current business practices.
The market for information technology products and services is characterized by rapidly changing technology, frequent introductions of new products and evolving industry standards that result in product obsolescence and short product life cycles. Accordingly, the Registrant's success is dependent upon its ability to anticipate technological changes in the industry and to continually identify, obtain and successfully market new products and services that satisfy evolving technologies, customer preferences and industry requirements within the markets that the Registrant and its subsidiaries operate.
There can be no assurance that competitors will not market products and services in the Chinese markets that have certain competitive advantages over those of the Registrant and its subsidiaries.
There are also uncertainties and risks attributable to the immature and volatile nature of the Chinese information technology market. This market is still in its nascent stage where sufficient data and market studies are not available for any thorough analysis in determining the viability of the Registrant's business plan. The Registrant and its subsidiaries mainly have to rely on the experiences of its local joint venture partners and of its own management team to make strategic decisions with respect to its operations. This lack of clear and reliable market information dramatically increases the risk of the Registrant making incorrect market assumptions.
The Registrant believes that the size of the emerging market in China contributes positively to its prospects for success and that the current availability of capital seems to support present and future needs of the Registrant's operations. Any material change in the regulatory climate in China could be materially damaging to the Registrant's future prospects for success.
http://biz.yahoo.com/e/020416/gtci.ob.html
HRCT 10K (w/ May 2002 note for GTCI/Sinobull R/M)
http://www.freeedgar.com/search/ViewFilings.asp?CIK=949427&Directory=1017386&Year=02&SEC....
SINOBULL FINANCIAL GROUP:
The Sinobull Financial Group ("Sinobull Group") was formed in November 1999 with
the intention to consolidate various related businesses acquired or expected to
be acquired by Hartcourt or Sinobull.com Inc. ("Sinobull"), a holding company of
the Group incorporated in British Virgin Islands. For the purposes of presenting
these businesses under a unified structure and strong brand name, a
restructuring of the Group resulted in consolidating these businesses under
Sinobull. On April 2, 2001, Sinobull's one share issued and outstanding held by
Mr. Tang Wing On was formally transferred to Hartcourt, and, therefore, Sinobull
became a wholly-owned subsidiary of Hartcourt. Hartcourt had advanced funds to
Sinobull for various acquisitions made by Sinobull since its formation.
Hartcourt plans to develop this investment to a leading position in financial
content, content delivery, financial services, and technology development. On
October 2, 2001 Hartcourt announced its intent to merge Sinobull Group with
Global Telephone Communications Inc. (OTC Bulletin Board: GTCI). The reverse
merger will allow Sinobull to actively trade on the equity markets and unlock
its value for Hartcourt investors. The merger has been approved by GTCI
shareholders and is waiting approval by the SEC. The merger is expected to be
completed by May 31, 2002.
Chinese Finance Portal Inks Wireless Deals
LOS ANGELES, CALIFORNIA, Apr 15, 2002 (Newsbytes via COMTEX) -- Chinese finance portal operator Sinobull Network Technology is looking to tap China's growing wireless population having recently sealed deals with local players.
Sinobull, a unit of Internet investments company The Hartcourt Companies, on Friday said its new partners are offering its financial information and stock quotes via short messaging service (SMS) on mobile phones.
The partners include China Telecom, mobile phone distributor CellStar, mobile network equipment supplier UTStarcom [NASDAQ:UTSI], value-added telecom service provider HongLian95 and portal site Sina.com [NASDAQ:SINA].
Sinobull said it is already scoring a share of the revenues generated by subscribers' requests for financial data and stock reports on their mobile phones.
The company is soon to list in the U.S. Hartcourt said it plans to divest Sinobull through a reverse merger with U.S.-listed Global Telephone Communications Inc.
Hartcourt, in a separate statement, today reported full-year 2001 financial results including a 663 percent growth in revenues to $10.62 million.
As well as Sinobull, Hartcourt currently receives revenues from Elephant Talk, Financial Telecom Ltd, Haike Caijin TV and StreamingAsia.Com Ltd.
Sinobull is online at www.sinobullfinancial.com .
The Hartcourt Companies are at www.hartcourt.com .
By Adam Creed
Reported By Newsbytes.com, www.newsbytes.com .
Copyright 2002 The Washington Post Company
-0-
M&M Man
Sinobull highlights from the CEO's newsletter (of HRCT):
Sinobull Financial Group continues to make progress in post-merger integration and our subsidiaries are already cross-selling products using each other's sales force. A case in point is the recent launch of the MetaStock product in Shanghai which is a result of collaboration between Financial Telecom and Sinobull Information. Our popular financial portal SinoBull.com is generating over 30 million visitors monthly and we are planning to utilize this exposure more aggressively to market the products and services of our subsidiaries.
At the recent Shanghai Securex financial trade show the local bank branches of the Industrial and Commercial Bank of China, the Bank of Communications, and the Agricultural Bank of China all were showing their electronic banking systems embedded with our SinoBull quotation service.
We developed many direct sales leads from bank officials, brokerage firms, and professional investors for our Chinese version of MetaStock and our Sinobull Wireless PDA. Sinobull's PDA bundles the advanced GPRS network application from China Mobile Shanghai, and the top Compaq PDA model, to offer the fastest mobile streaming quotation service in China. This product also provides a plug-in for institutions to download their trading systems into our PDA. In addition, we are currently in talks with China Mobile Shanghai for a joint promotion.
Sinobull's Data services also generated significant interest and after the show we conducted a number of discussions with TV stations, both in Shanghai and Beijing, on the provision of HK stock quotes for their financial TV programs. We also plan to participate in the upcoming nation-wide seminar to be attended by hundreds of China TV channels this summer (possibly in Zhuhai) and to present the Sinobull Data feed to all the attending TV channels.
The status of the Sinobull market listing is progressing and we are replying to a last minute request from the SEC for additional audit information. This is a routine request and we are currently waiting for the group's audit to be completed for submission to the SEC. Once that information is filed and cleared, we expect the reverse merger of Sinobull to take place shortly after. Our CFO and accounting firm are working diligently to bring this to a timely resolution. And, there is a silver lining to this unexpected delay as Sinobull companies have signed additional business in the past few weeks and this should add to any listing valuation.
M&M Man
Letter from CEO of HRCT:
Letter from CEO, Dr. Wallace Ching:
April 12th, 2002
General Update
Much has happened since my last letter; let me bring you up to date. Apart from working closely with each subsidiary, I have focused a lot of my efforts building the team and client base for Hartcourt Capital. For instance, David Chen has joined us full time as Investment Director after helping us to set up Sinobull Media, and Belle Liang has come on board from Credit Suisse First Boston (CSFB) where she was a research analyst covering Greater China. With the addition of our locally recruited associates, the team is rapidly taking shape and our teammates in Shanghai and Hong Kong have already started to actively solicit and evaluate companies in China. The focus is on companies in select high-growth sectors for either direct acquisition or to provide a selection of investment banking services, for instance, to assist them in obtaining a listing on the U.S. markets.
We have already made significant progress and are close to signing a few mandates, including a private placement exercise for a Korean company, and a listing advisory service for an advertising company in Guangzhou. We will certainly keep you updated once these mandates are signed and become disclose-able to the public.
As some of you may notice, we have recently appointed Lexington Enterprises as our official investor relations firm. From the outset, you should expect to see a more structured and aggressive approach in releasing corporate updates and promotion of Hartcourt's business strategy to a broader group of private and institutional investors. Together with our newly designed websites, which are rapidly progressing, we hope to present to our investors a stronger, more focused, unified corporate image.
As for our other group companies, ElelphantTalk has obtained its listing status on the OTC and signed a number of new initiatives, which we have detailed in recent press releases. With assistance from Lexington Enterprises, the next step is to increase media and analyst awareness and convey to potential investors and institutions the company's potential to become one of the leading telecommunication service providers in the Asia Pacific, Indo-China region.
Sinobull Financial Group continues to make progress in post-merger integration and our subsidiaries are already cross-selling products using each other's sales force. A case in point is the recent launch of the MetaStock product in Shanghai which is a result of collaboration between Financial Telecom and Sinobull Information. Our popular financial portal SinoBull.com is generating over 30 million visitors monthly and we are planning to utilize this exposure more aggressively to market the products and services of our subsidiaries.
At the recent Shanghai Securex financial trade show the local bank branches of the Industrial and Commercial Bank of China, the Bank of Communications, and the Agricultural Bank of China all were showing their electronic banking systems embedded with our SinoBull quotation service.
We developed many direct sales leads from bank officials, brokerage firms, and professional investors for our Chinese version of MetaStock and our Sinobull Wireless PDA. Sinobull's PDA bundles the advanced GPRS network application from China Mobile Shanghai, and the top Compaq PDA model, to offer the fastest mobile streaming quotation service in China. This product also provides a plug-in for institutions to download their trading systems into our PDA. In addition, we are currently in talks with China Mobile Shanghai for a joint promotion.
Sinobull's Data services also generated significant interest and after the show we conducted a number of discussions with TV stations, both in Shanghai and Beijing, on the provision of HK stock quotes for their financial TV programs. We also plan to participate in the upcoming nation-wide seminar to be attended by hundreds of China TV channels this summer (possibly in Zhuhai) and to present the Sinobull Data feed to all the attending TV channels.
The status of the Sinobull market listing is progressing and we are replying to a last minute request from the SEC for additional audit information. This is a routine request and we are currently waiting for the group's audit to be completed for submission to the SEC. Once that information is filed and cleared, we expect the reverse merger of Sinobull to take place shortly after. Our CFO and accounting firm are working diligently to bring this to a timely resolution. And, there is a silver lining to this unexpected delay as Sinobull companies have signed additional business in the past few weeks and this should add to any listing valuation.
AI-Asia has combined the operations of LogicSpace and StreamingAsia to reduce overhead and will continue to provide web solution and streaming services while expanding development of Enterprise Resource Planning programs (ERP). We are working hard writing code and expanding this product to take advantage of higher product margins and to meet the increasing demand for business management software from Chinese businesses. The first contract for these services has already been signed.
The development of a small sum transaction payment gateway is in the final stages; this will facilitate online transactions for online games, subscriptions for research articles, and other value added internet services. In addition, AI-Asia has established an engineering team in Shenzhen, which borders Hongkong, to save on costs and is setting up a sales team to market its services in the Pearl Delta area, targeting medium size enterprises.
AI-Asia is also planning to add Kangrun Technologies to provide products and services for network enterprises and media system technology. Kangrun is one of the top IBM distributors (5 star) in China for PC, server, laptop, storage devices and solutions for corporate customers. They are the general sales agent in Northern China for Ortronics. Their clients include; Tsinghua University, Beijing University, China Telecom, SK Corp, People's Daily, Tom.com, and the Chang Sheng Fund. In 2001, Kangrun's unaudited sales revenue was $57 Million RMB / $7.1 Million US.
We continue to structure the division to prepare it for public listing and after signing the acquisition agreements with most of the relevant parties in December 2001, our team has worked hard to overcome any remaining legal obstacles in bringing together the companies under AI-Asia's umbrella. We envision the consolidation of Kangrun Technologies, Control Tech, and LogicSpace will be completed in the second quarter and thereafter we will proceed to take AI-Asia to the public markets.
Lastly, I am looking forward to my trip to the US and Germany. I hope to see you all there and share with you my views and vision for the company.
Comments on the 10K
Last year saw a continuing contraction in the global economic sector and more than three trillion dollars of wealth effect lost from the US stock markets alone. There was also a severe economic downturn in Hong Kong that had a negative impact on some of our businesses. Failure to meet planned objectives on some ventures was an unpleasant reality and a condition Hrct shared with a majority of publicly traded companies.
Our organization doesn't operate in a vacuum and the same environment that effected the overall markets had a pronounced impact on some of our operations and projected ventures. To counterbalance this we lowered overhead, relocated many personnel and operations to China where the costs are significantly lower, consolidated operations, and sought out new markets as we attempted to stay ahead of sharply deteriorating market conditions, while maintaining a balance in our distribution of resources to insure continued growth.
In the past our approach to acquisitions was in line with the highly valued markets and rapidly expanding technology sector. As these market conditions reversed it resulted in the failure of some of these acquired companies to produce the results that were anticipated. As the year reached an end we had some hard decisions to make in relation to certain operations and decided to be proactive and take a very conservative approach by writing down much of the goodwill on under performing assets in the 4th quarter of 2001.
We felt this was especially prudent in light of the potential changes in the regulatory environment in accounting practices for technology companies. While this strategy produced one-time loss items, it allows us to move forward in 2002 with minimal exposure to unusual events and to significantly lessen their continuing drag on our financials. This will help expedite the company's successful transition to cash flow positive and profitable operations.
In addition, this conservative approach has prompted us to change the timeline for completion of the V-2 Technology acquisition while we examine viable strategies to restructure the areas of the business with high cash burn rate and consolidate the valuable remaining assets. We will continue to pursue development and distribution agreements with V-2 in the interim. To compensate for this move we have acquired Kangrun Technologies (see recent press release), a firm with $7 million in revenues. We have also decided to suspend our development of Renew Logistics until we can devote the necessary resources to make this venture successful.
Our objective is to create a solid foundation for our future growth and establish the most favorable conditions to achieve our financial objectives. We have made significant progress, while maintaining a strong and growing presence in our business segments as we continue to pursue new business opportunities and target complementary acquisitions.
We plan to continue to oversee and refine our operations and ventures to maintain this level of accountability throughout our organization. We expect additional challenges but we are confident in our ability to successfully achieve our goals.
Looking forward
We have just been through one of the sharpest recession in the last twenty years. Hartcourt has persevered, and it has made our operations more efficient and more focused.
In spite of the poor market conditions Hartcourt has evolved into a synergistic network of 5 business divisions, with 200 employees, and 12 portfolio-operating companies with estimated annual revenues in excess of $20 million. A figure that currently doesn't include revenues from Kangrun Technology, Control Tech, or potential contributions from Hartcourt Capital.
Now we begin our task of taking a refocused and revitalized organization forward as the opportunities in China continue to expand and we make strong and successful efforts to extend our operational reach to additional locations in Greater Asia.
I am excited about our future and I look forward to updating you on our progress. And finally, I would like to thank you, our shareholders. I know these have been difficult times and the entire Hartcourt organization extends its deepest appreciation for your support.
Best Regards,
Dr. Wallace Ching
M&M Man
Well, too bad this type of PR didn't come out on this stock when it was 1999-2000, it would send it up to the stratosphere quick.
Sinobull Network Technology, has signed
partnership agreements with five of Greater China's leading telecom and
Internet companies to begin the distribution of its comprehensive financial
information, stock quotes, and analysis on the local and international stock
markets to millions of mobile phone users in China. Sinobull Network owns and
operates http://www.sinobull.com , one of the leading financial information portals
in China ... voted "Most Popular Financial Web Site" two years running by the
China Security Times.
The company's recently signed revenue sharing deals with key players in
the mobile data business include:
-- UTStarcom (Nasdaq: UTSI) http://www.utstar.com -- the key supplier of PAS
mobile networks and equipment for China Telecom, China's largest
telecom company
-- CellStar http://www.cellstar.com -- one of China's largest mobile phone
distributors
-- China Telecom 168 -- 168 is the SMS service of China Telecom
-- HongLian95 http://www.hl95.com -- a major value added telecom services
provider in China
-- Sina.com (Nasdaq: SINA) http://www.sina.com -- one of Greater China's largest
portals
-- China Telecom Hotline -- information hotline services from China
Telecom, via fix line
"Mobile data communication is a very exciting area of growth for the
mobile communication industry, and Sinobull Network has successfully leveraged
its unique advantages in financial content to secure revenue sharing
agreements with these key industry players", said Dr. Wallace Ching,
Hartcourt's CEO. "The agreements have generated revenue from day one, and we
expect a very healthy growth in this business as the mobile data market
continues to expand."
China has recently passed Japan and the US and now has the largest mobile
phone user population in the world, with approximately 140 million registered
subscribers. Data mobile communication is becoming a very important sector of
revenue growth for carriers. Short messaging service (SMS) enabled mobile
chat, financial data, and other forms of data communication have become very
popular with mobile users and is growing at a rapid rate. According to
industry reports, SMS traffic is projected to generate approximately
300 million USD for China's mobile phone markets in 2002.
Hartcourt has announced that it will publicly divest its operating
division, the Sinobull Financial Group, in a reverse merger with Global
Telephone Communications Inc. (OTC Bulletin Board: GTCI). The reverse merger
will result in Sinobull Financial Group actively trading on the U.S. equity
markets.
About Hartcourt
The Hartcourt Companies is a holding and development enterprise that has
built a broad network of Internet, media, and telecommunication companies in
Greater China. In partnership with leading Chinese entrepreneurs and
government-sponsored entities, Hartcourt is developing and investing in
emerging technologies while building an integrated commercial framework for
its subsidiaries and their partners. Hartcourt's operative business strategy
is designed to facilitate a series of venture divestitures via IPO or public
merger to fully realize the value of these assets for its investors. Detailed
information on Hartcourt can be obtained via the company's Web site:
http://www.hartcourt.com .
About Sinobull Financial Group
Sinobull Financial Group develops financial technology, financial
operating platforms and internet-based financial services. Sinobull's
operating companies include: Sinobull Information Company Ltd., Sinobull
Network Technology, Financial Telecom Ltd., Ton Bo software, HCTV Financial TV
channel Ltd. and Sinobull Magazine Ltd. Sinobull.com is a financial
information and stock trading website. Sinobull Group and its strategic
partners provide news, data and analysis to the business community and media
outlets. Services include; real-time pricing, historical pricing, indicative
data, analysis and electronic communications. Clients include China's
investment institutions, commercial banks, government offices and agencies,
corporations, and news/media organizations. http://www.sinobullfinancial.com .
imho, Jerome
NEWS! ------ and more !! :)
http://www.investorshub.com/boards/read_msg.asp?message_id=329380
============================================================
Sinobull Distributes Financial Data Services in China Via Mobile Short Messaging (SMS) Hartcourt Subsidiary Signs Key Distribution Deals
LOS ANGELES, Apr 12, 2002 /PRNewswire-FirstCall via COMTEX/ -- The Hartcourt
Companies, Inc. (OTC Bulletin Board: HRCT) www.hartcourt.com, announced today
that its subsidiary, Sinobull Network Technology, has signed partnership
agreements with five of Greater China's leading telecom and Internet companies
to begin the distribution of its comprehensive financial information, stock
quotes, and analysis on the local and international stock markets to millions of
mobile phone users in China. Sinobull Network owns and operates www.sinobull.com
, one of the leading financial information portals in China ... voted "Most
Popular Financial Web Site" two years running by the China Security Times.
The company's recently signed revenue sharing deals with key players in the
mobile data business include:
-- UTStarcom (Nasdaq: UTSI) www.utstar.com -- the key supplier of PAS
mobile networks and equipment for China Telecom, China's largest
telecom company
-- CellStar www.cellstar.com -- one of China's largest mobile phone
distributors
-- China Telecom 168 -- 168 is the SMS service of China Telecom
-- HongLian95 www.hl95.com -- a major value added telecom services
provider in China
-- Sina.com (Nasdaq: SINA) www.sina.com -- one of Greater China's largest
portals
-- China Telecom Hotline -- information hotline services from China
Telecom, via fix line
"Mobile data communication is a very exciting area of growth for the mobile
communication industry, and Sinobull Network has successfully leveraged its
unique advantages in financial content to secure revenue sharing agreements with
these key industry players", said Dr. Wallace Ching, Hartcourt's CEO. "The
agreements have generated revenue from day one, and we expect a very healthy
growth in this business as the mobile data market continues to expand."
China has recently passed Japan and the US and now has the largest mobile phone
user population in the world, with approximately 140 million registered
subscribers. Data mobile communication is becoming a very important sector of
revenue growth for carriers. Short messaging service (SMS) enabled mobile chat,
financial data, and other forms of data communication have become very popular
with mobile users and is growing at a rapid rate. According to industry reports,
SMS traffic is projected to generate approximately 300 million USD for China's
mobile phone markets in 2002.
Hartcourt has announced that it will publicly divest its operating division, the
Sinobull Financial Group, in a reverse merger with Global Telephone
Communications Inc. (OTC Bulletin Board: GTCI). The reverse merger will result
in Sinobull Financial Group actively trading on the U.S. equity markets.
About Hartcourt
The Hartcourt Companies is a holding and development enterprise that has built a
broad network of Internet, media, and telecommunication companies in Greater
China. In partnership with leading Chinese entrepreneurs and
government-sponsored entities, Hartcourt is developing and investing in emerging
technologies while building an integrated commercial framework for its
subsidiaries and their partners. Hartcourt's operative business strategy is
designed to facilitate a series of venture divestitures via IPO or public merger
to fully realize the value of these assets for its investors. Detailed
information on Hartcourt can be obtained via the company's Web site:
www.hartcourt.com .
About Sinobull Financial Group
Sinobull Financial Group develops financial technology, financial operating
platforms and internet-based financial services. Sinobull's operating companies
include: Sinobull Information Company Ltd., Sinobull Network Technology,
Financial Telecom Ltd., Ton Bo software, HCTV Financial TV channel Ltd. and
Sinobull Magazine Ltd. Sinobull.com is a financial information and stock trading
website. Sinobull Group and its strategic partners provide news, data and
analysis to the business community and media outlets. Services include;
real-time pricing, historical pricing, indicative data, analysis and electronic
communications. Clients include China's investment institutions, commercial
banks, government offices and agencies, corporations, and news/media
organizations. www.sinobullfinancial.com .
Forward-looking statements
The statements made in this press release, which are not historical facts,
contain certain forward-looking statements concerning potential developments
affecting the business, prospects, financial condition and other aspects of the
company to which this release pertains. The actual results of the specific items
described in this release, and the company's operations generally, may differ
materially from what is projected in such forward- looking statements. Although
such statements are based upon the best judgments of management of the company
as of the date of this release, significant deviations in magnitude, timing and
other factors may result from business risks and uncertainties including,
without limitation, the company's dependence on third parties, general market
and economic conditions, technical factors, the availability of outside capital,
receipt of revenues and other factors, many of which are beyond the control of
the company. The company disclaims any obligation to update information
contained in any forward- looking statement.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X19925389
SOURCE The Hartcourt Companies, Inc.
CONTACT: Larry Kristof of Lexington Enterprises Ltd., +1-604-484-8286,
or fax, +1-604-484-8287, info@lexingtonenterprises.com, for The Hartcourt
Companies, Inc.
URL: http://www.sinobullfinancial.com
http://www.sinobull.com
http://www.hartcourt.com
http://www.prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
page from the new/upgraded Hartcourt (HRCT) website !!
http://www.hartcourt.com/about_chart.htm
Sinobull this and Sinobull that! Its the same thing WONG used on GTCI stockholders, Y2K contract with Chinese Government, calling cards and that company files for bankruptcy, VOIP, fake web site pages.
His Daddy damn Communist. I bet the stockholders of GTCI paid for dozens of trips for him to visit his relatives.
I just love that S-8 filing more shares for the crooks. Please Lord have someone from the SEC. look at these people.
I bet he tells us that his eyes are round.
Ah, who knows. I'd say by the end of the month, but that's a pretty stale cliche by now. My guess is that NASD is looking at the cheap shares that were issues, making sure that they are legit. Probably shades of grey, but in the end, just legal dumping, barely. It will be good to put it all behind us, let's say for sure by the end of the year!
imho, Jerome
EZ. . .rumor has it IBM is down over 10 bucks on that news LOL!
J/K
Peace,:)
M&M Man
A1 ASIA PRESS RELEASE...
AI-Asia, a Hartcourt Subsidiary, and Kangrun Technology Ltd. Sign Acquisition Agreement
LOS ANGELES, Apr 8, 2002 /PRNewswire-FirstCall via COMTEX/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com
, announced today that AI-Asia, Ltd. (HK), its subsidiary, has signed an agreement to acquire 100 percent of the economic proceeds of Kangrun Jia Yuan Technology Ltd. of Beijing, China ( www.kangrun.com ). Kangrun provides system integration, networking solutions, modular networking products, computer systems and storage devices to corporate enterprises in China.
Two major strategic partnerships of Kangrun are IBM-China ( www.ibm.com ) and Ortronics (www.ortronics.com ). In 2001, Kangrun's unaudited sales revenue was $57 Million
RMB / $7.1 Million US.
The transaction is structured so that AI-Asia will acquire 100 percent of Kangrun's revenues, profits, and expenses and provides AI-Asia the exclusive right to acquire 100 percent of the share capital of Kangrun when restrictions on foreign ownership are lifted. Currently, a foreign entity cannot directly
hold ownership in Kangrun Technology due to the restrictions imposed by the Chinese government on foreign ownership in distribution businesses.
Kangrun is one of the top IBM distributors (5 star) in China for PC, server, laptop, storage devices and solutions for corporate customers. They are the general sales agent for Northern China for Ortronics. Their clients include; Tsinghua University, Beijing University, China Telecom, SK Corp, People's Daily, Tom.com, and the Chang Sheng Fund.
Mr. Xia Qing, CEO of Kangrun, comments, "We are anxious to complete this transaction with AI-Asia so we can proceed with Kangrun's expansion plans. The admission of China into the WTO has opened many marketing opportunities for companies like Kangrun, and we plan to pursue them aggressively. Hartcourt, the
parent company of AI-Asia, has established a reputation in China as a can-do company. We are proud to be part of this deal."
"Kangrun Technology is a great fit for AI-Asia," said Dr. Wallace Ching, Hartcourt's CEO. "They are generating solid revenues and China's opening technology markets and Government mandated IT spending create excellent expansion opportunities for their businesses. Together with ControlTech and
LogicSpace/StreamingAsia, we continue to structure the AI-Asia division to prepare it for public listing. We look forward to their addition to AI-Asia's systems technology and networking operations."
About Hartcourt
The Hartcourt Companies is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging
technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture divestitures via IPO or public merger to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company's Web site:
www.hartcourt.com .
About AI-Asia
AI-Asia Inc. is a holding company division of The Hartcourt companies created to acquire assets and companies in the multi-media technology and services sector. Its objective is to identify, develop, and maintain first- mover technologies,
products and services for corporate and consumer internet deployment. AI-Asia is providing its clientele with a comprehensive range of internet enabling solutions, preparing them to participate in the rapidly emerging streaming and
broadband communications revolution in Greater China.
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the
company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward- looking statements. Although
such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information
contained in any forward- looking statement.
For more information, please contact:
Larry Kristof
Vice President
Lexington Enterprises Ltd.
Suite 204, 910 Richards Street
Vancouver, BC V6B 3C1
E: info@lexingtonenterprises.com
T: 604.484.8286
F: 604.484.8287
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X36857054
SOURCE The Hartcourt Companies, Inc.
CONTACT: Larry Kristof, Vice President, of Lexington Enterprises Ltd.,
+1-604-484-8286, or fax, +1-604-484-8287, info@lexingtonenterprises.com
URL: http://www.ortronics.com
http://www.ibm.com
http://www.hartcourt.com
http://www.prnewswire.com
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