Staruni Corporation (SRUN)

[cjp01]

New Board for Elephant Talk at ETLK...

This board is for posting about the Staruni Corp. "SRUN".

I contacted Ihub about modifying or changing this board to reflect the reverse merger and I was told that it is easier to start a clean board for the new Elephant Talk company.

This SRUN board will remain archived for all to read.

So, to converse about Elephant Talk please start posting on ETLK.

Thanks,
Chris

[Minddoc7]

Chris, I hope that you mean new symbol and not another " new
board." With all these board changes, I feel like some of the
migrants out on the East End!!!

[cjp01]

NEW BOARD AT ETLK!!!!

[cjp01]

MERGER NEWS!!!

January 17, 2002 08:06

Elephant Talk Ltd., a Hartcourt Subsidiary, Completed the Merger With Staruni Corporation

New Entity, Elephant Talk Communications Inc., Will Be Traded Under New Ticker Symbol, ETLK

LOS ANGELES, Jan. 17 /PRNewswire-FirstCall/ -- Staruni Corp. (OTC Bulletin Board: SRUN) today announced the closing of the merger with Elephant Talk Limited, a subsidiary of The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT). Staruni also announces the approval of a 1 for 10 reverse split. The company will change its name to Elephant Talk Communications, Inc. and commence trading of its shares on the US OTC Bulletin Board Market on January 22, 2002 under the ticker symbol ETLK. As a result of the merger, 51.8% of the outstanding shares will be distributed to The Hartcourt Companies Inc., 38.2% to the shareholders of Elephant Talk Limited and 10% to Staruni shareholders. Complete details are available in the coming 8K filing. Additional information can be found at www.elephanttalk.com .

"We are pleased to finalize the merger and commence trading of our shares in the US markets. The listing will allow us to raise the necessary capital for business expansion and unlock the valuation of our company," said Mr. Russelle Choi, President and CEO of Elephant Talk Communications, Inc. "The Company's strategy is to leverage our expertise and established relationships with carriers in the region to pursue early entry into selected deregulating markets in the PRC and Asian Pacific regions," added Mr. Choi. "We have also successfully signed new service agreements and are currently implementing interconnections with first tier North American carriers for terminating their minutes in the region. Fusing our established network with new technology expertise will consolidate our ability to provide high quality services to end-users and provide positive returns for our investors."

Hartcourt's CEO and President, Dr. Wallace Ching stated: "This is a rewarding event for Hartcourt and its shareholders. In a difficult environment, we have been able to execute our strategy to create market valuation for our assets. This is the first of our companies to become publicly traded and our Sinobull and AI-Asia divisions will follow, as planned. The process allows the newly trading companies to be valued in the public markets and enhances its ability to raise capital for further growth and acquisitions. It also provides Hartcourt leverage and liquidity over the ownership in the companies to facilitate new ventures and acquisitions of its own. As we rapidly develop the commerce framework between our companies, the synergy will create additional funding, marketing, and expansion opportunities to continue the successful deployment of our organizational plans."

Elephant Talk is striving to become the leading Internet Telephony Service Provider (ITSP) focusing on the deployment of IP-based communications services. The information technology and telecommunications sectors are experience rapid development. The Company is well positioned to capture market share in the expanding China market through its strategic partnerships and service agreements with various Chinese authorities, incumbent telecom houses, and state enterprises with nation-wide ISP, ICP, Call Centers and V-SAT licenses. Its recent partnership with JiTong Communications is an example of this strategy's success. In the coming quarters, the Company will be phase-launching its PC-to-Phone and PC-to-Fax services with strategic emphasis on Greater China markets.

About Elephant Talk Communications, Inc.

Elephant Talk Communications Inc. (ET) is a licensed ISR carrier (licenses including US FCC 214, HK ETS and ISP PNETS) providing voice, data transmission, pre-paid calling cards and ISP services. ET commenced operations as an international long distance services provider in late 1994 by establishing and operating hubs in Hong Kong and the US as its gateway to the North American and World carrier markets. The Company is a facility-based international long distance carrier offering highly reliable, low-cost switch-voice services for both the wholesale and retail market. ET is a brand-name provider of global long-distance telecom services and one of the leading international telecommunication service providers in Hong Kong. ET integrates advanced US telecommunication technologies to service China and Hong Kong's first tier telecommunications carrier markets, while facilitating price point and first-mover advantages for Hong Kong based carriers.

Forward-Looking Statement

Certain statements in this news release may constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward looking statements to differ materially from the forward-looking statements.

MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X29523728

SOURCE Staruni Corporation; The Hartcourt Companies, Inc.

/CONTACT: Roxana Yung, General Manager of Elephant Talk Communications
Inc., 011 (852) 2707 0703, or fax, 011 (852) 2707 0707,
[e-mail]/

/Web site: http://www.elephanttalk.com /

(HRCT SRUN ETLK)

[cjp01]

Part of the reverse merger mailing...good read

The following article was a mailing from another company. I thought it would be a good read and relevant because of what Hartcourt is currently undertaking. Enjoy.

What is a Reverse Merger?

Investors are familiar with the traditional IPO (initial public offering) as a method for going public. However, the current market environment makes going public just about impossible. This doesn't' mean that no new companies are coming to market. Many people don't realize there are numerous other ways for private company to become publicly traded outside of the IPO.

One widely used method is the "Reverse Merger", a simplified, fast track method by which a private company can become a Public Company. This method for going public is more prevalent than most investors realize. One study estimates that 53% of all companies obtaining public listings in 1996 did so through the "Reverse Merger". The same study concluded about 30% of newly publicly listed companies got there through Reverse Mergers in 1999.

Percentages have recently dropped because Wall Street Investment Banking firms have had a huge appetite for IPOs in the late 90s. This led to many marginal companies receiving enormous financial windfalls. In today's climate we expect reverse mergers to become more prevalent with very few IPOs finding their way to completion.

Simply defined, a reverse merger occurs when a public company which has no business and usually limited assets acquires a private company with a viable business. The Private company "Reverse Merges" into the already public company, which now becomes an entirely new operating entity and generally changes name to reflect the new merged company's business. The original public company, commonly known as a Shell company, has value because of its publicly traded status. The shell company is generally recapitalized and issues shares to acquire the private company, giving shareholders and management of the private company majority control of the newly formed public company.

Reverse Mergers are also commonly referred to as Reverse Takeovers, or RTO's. Benefits of Going Public Through the RTO (Reverse Take Over)

The RTO (reverse take over) method for going public has numerous benefits for the private company:

Initial costs are much lower and excessive investment banking fees are avoided.

The time frame for becoming public is considerably shorter.

There is no significant regulatory review or regulatory approval for the transaction.

The company can now use its stock as currency to finance acquisitions and attract quality management.

Capital is easier to raise as investors now have a clearly defined exit strategy.

Insiders can create significant wealth if they perform.

Negatives of Going Public Through the RTO:

There is no capital raised in conjunction with going public.
There is limited sponsorship for the stock.

There is no high powered Wall Street Investment Banking relationship.

The stock generally trades on a low exposure exchange.

Things You Should Know About RTOs

Investors Beware Many highly successful companies have become public through the RTO process. However, there some important negatives investors should be aware of. There is a much higher failure rate amongst RTO companies versus the traditional IPO. Much smaller and less successful companies are able to become public through the RTO, and many are badly undercapitalized. Often these stocks trade very inefficiently in the absence of any sponsorship or following. There is a cottage industry of merchant bankers and entrepreneurs who specialize in orchestrating reverse mergers. Unfortunately, there are no barriers to entry in this field. Therefore, scams are common place.

Through various methods, scam artists manage to accumulate large positions in the free trading shares of the shell company. An RTO is consummated with a marginal private company, and the scam artists put together a massive publicity campaign designed to create activity in the stock. Unrealistic promises and absurd claims of corporate performance find their way to the public. The enhanced trading volume allows the scam artist to dump his shares on the unsuspecting public, most of whom eventually lose their money once the newly formed public company fails. This scam is commonly known as a "Pump and Dump".

Alternatively there a hundreds of examples of highly successful companies which have yielded millions in profits for investors that have gone public through the RTO. Many of these companies deserve exposure to investors. Initial valuations can be reasonable, providing excellent opportunities for individual investors to accumulate positions ahead of Wall Street institutional money.

Some High Profile and Successful RTOs

Armand Hammer, world renowned oil magnate and industrialist, is generally credited with having invented the "Reverse Merger". In the 1950s, Hammer invested in a shell company into which he merged multi decade winner Occidental Petroleum.

In 1970 Ted Turner completed a reverse merger with Rice Broadcasting, which went on to become Turner Broadcasting.
In 1996, Muriel Siebert, renown as the first woman member of the New York Stock Exchange, took her brokerage firm public by reverse merging with J. Michaels, a defunct Brooklyn Furniture company.

One of the Dot Com fallen Angels, Rare Medium (RRRR), merged with a lackluster refrigeration company and changed the entire business. This was a $2 stock in 1998 which found its way over $90 in 2000.

Acclaim Entertainment (AKLM) merged into non operating Tele-Communications Inc in 1994.

Cross Media Marketing (XMM), a stock that SmallCap Digest readers are familiar with, merged into non operating Brack Industries in 1998. Cross Media is on track to generate $150 million in revenues and over $15 million in profits in 2002.
Although we can't confirm this from old records, Viacom is rumored to have been an RTO. There are hundreds of other examples of highly successful RTOs and thousands of failures.

Individual investors can profit from knowing about these situations before Wall Street gets involved and places its own inflated value on the company. Investors that got into Cross Media early November are getting a taste of the benefit of getting in ahead of Wall Street money managers. The SmallCap Digest issued a short term trading alert on this company November 6th. At the time the stock was trading at 6x next year's earnings with a 50% growth rate. If Wall Street had done the IPO you would have never seen such a compelling value in the open market.

[asia]

I´m sorry. I see the first trade.

Let´s hope the best for the future

[asia]

boatRgirl:

Thanks. And why is no trade today??? SRUN and GTCI
Or nobody will buy shares of these companies

[boatRgirl]

andiklimm: First trading day will be Jan. 22

[asia]

Is this the first tradingday?

[cjp01]

SOME NEW INFO...

http://www.nasdaqtrader.com/dailylist/history/2002/dividends/di01162002.stm


New symbol will be ETLK and the r/s will take place on 1/22/02!

Chris

[boatRgirl]

Hmm, has anyone tried to buy or sell today? Maybe the stock is halted pending the news?? We'll see.......

[asia]

boatRgirl:

I saw it yesterday too. I think we see some great news in the near future.

Greetings from Germany

[cjp01]

I got my 8 page mini-booklet from SRUN today. It came via an Etrade mailing.

As of November 26th, 2001 there were 34,626,899 outstanding shares. A 10 for 1 reverse stock split will lower the O/S to 3,462,690. The price will be adjusted upwarded to reflect the split when the split occurs.

Chris

[boatRgirl]

ANYONE- I just went to the hrct website, clicked on ET website, then it did the "download language" thing. Then I clicked on Press Centre, and then Press Releases, and there is a release at the top that has the new name:" Elephant Talk Communications, Inc, turns new PHASE with OTC listing." When you try to "click" on that one, it won't open YET !! Does this mean they are getting ready to tell us something, or has this been there all along and I missed it??? Thanks, Deb

[mmayr]

Anyone holding SRUN seen there position shrink yet (from the R/S)? I'm still wondering when that will kick in (on GTCI, as well).

Peace. . .

Keep the Faith!

M&M Man

[EZ2]

Thanks Minddoc7 !!!! :)

[boatRgirl]

Hey Mindoc: Thanks for posting the info. I didn't get anything in the mail yet. I'm glad the split is 1/10 and NOT 1/20 !!!! Sounds good to me !

[Minddoc7]

** INFO **
Just received my information statement from Staruni Corp. It stated:
- a reverse stock split pursuant to which every ten (10) shares of the Company outstanding prior
to the reverse stock split, will be reduced to one (1) share;
- Approve the new name of Elephant Talk Communications, inc." for the Company.

[boatRgirl]

SRUN is moving on up today ! Volume is good too. currently at 417,000......Somethings cookin !!!!

[cjp01]

CEO of SRUN now listed as part of the Hartcourt management team.

See prior post or go to www.hartcourt.com and look under Hartcourt management team.

So I guess the srun deal must be near completion and hopefully we will hear some news soon.

Chris

[cjp01]

Hartcourt's Management Team

Dr. Alan V.Phan, Chairman
A graduate of Pennsylvania State University and Sussex College of Technology, Dr. Phan founded Hartcourt in 1990 and served as its Chairman and CEO since then. From 1986 to 1990, he was Executive Vice President of Em Kay Group, in charge of international projects and aircraft sales.

From 1975 to 1986, Dr. Phan was the owner and operator of many of his own business, including Alpha Supermarkets, UBI Business Brokers, KIP Pictures, Alpha Real Estate Investments, Caf¡§/ Bonjour, Interwest Trading, Government Contracts?- and other investment projects such as Magic Markers, Delta Savings and Loan, World Oil Supplies, VIAS and Artista Agency. From 1972 to 1975, he was Regional Manager of Eisenberg Group of Companies, developing and managing the Group's industrial and trading projects in Southeast Asia. During this same period, he was appointed as Lecturer at University of Saigon. At present, Dr.
Phan has frequently been invited to give lectures at many universities on the subject of International Business and Asia Investments.

Dr. Wallace Ching, CEO
Dr. Ching holds a Bachelor of Arts degree in engineering science with first class honors from Oxford University, England, and a Ph.D. in computer and information science from the University of Pennsylvania, United States. He is Chartered Financial Analyst holder, currently serves as the Managing Director of PAMA
Group (Hong Kong) Limited, formerly known as Prudential Asset Management Asia Limited, and is in charge of technology-related investment activities. He is responsible for originating, evaluating, structuring and completing private equity and venture capital investment with a technology focus in the Asia Pacific region.

Dr. Ching is also an assessor of the Small Entrepreneur Research Program (``SERAP'') under the Innovation and Technology commission of the Hong Kong Government.

From 1995 to 1998, Dr. Ching worked for HSBC Private Equity Management Limited as an Associate Director and was responsible for originating, evaluating and executing investment transactions and monitoring investments for regional private equity funds. From 1993 to 1995, Dr. Ching worked for HSBC Asset Management Hong Kong Limited as an Investment Manager. Prior to joining HSBC, he worked for Goldman Sachs & Co. as a fixed income research associate. The HSBC Group is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865. HSBC Holdings PLC is one of the largest banking and financial services organizations in the world with 6,500 offices in 79 countries and territories.

Stephen Tang, COO
Mr. Stephen Tang is the Chief Executive Officer of the SinoBull Group. Concurrently, he is the Chief Operating Officer of The Hartcourt Companies, Inc and Hartcourt Capital Inc. Mr. Tang has more than 16 years experience in the management of information technology business and services. He is the founder of
Financial Telecom Limited, a member of the SinoBull Group, providing real time financial information service in Hongkong. He also has extensive experience in the development, manufacture and international marketing of communication devices.

Before his involvement in the information technology business and services, Mr. Tang had spent 8 years in investment banking. He worked for two regional financial institutions serving corporate clients in Hongkong, Thailand, Malaysia, Indonesia and the Philippines.

Mr. Tang holds a master's degree in business management from the Asian Institute of Management, Manila. He completed his under-graduate study in management and accounting at the Hongkong Baptist University.

Currently, Mr. Tang is a Trustee of the AIM Scientific Foundation, the fund-raising arm of the Asian Institute of Management. He is also a councilor of the Hongkong Information Technology Federation, the representative body of the information technology industry in Hongkong.

Allan Yuen, Executive Consultant
Mr. Allan Yuen joined Sinobull in year 2000. Prior to joining Hartcourt, he has been in the telecom industry for more than 20 years. After his study in Hong Kong Polytechnic University, he has been working as an engineering manager for Topp Electronics Inc., a Miami based company. He was the founding staff and
general manager for the Hong Kong office of Binotone International Corp., a British listed company. Followed by which, he found his own company in 1977 and later re-named SinoAmerican Telecom Inc., a listed company on American Stock Exchange. He was interviewed by Fortune magazine in 1996 after his innovative proprietary VoicePager was widely accepted in the PRC paging market since 1995.

Manu Ohri, Vice President and CFO
Mr. Ohri possesses over 19 years of experience in all aspects of financial and operations management including Initial Public Offerings, SEC reporting, investor relations, mergers and acquisitions, strategic planning, budgeting and forecasting. Mr. Ohri is a Certified Public Accountant in California with over
six years of consulting experience with Deloitte & Touche and PriceWaterhouseCoopers. Mr. Ohri earned his Masters in Business Administration from the University of Detroit and Bachelors in Accounting from the University of Delhi in India.

Jamie Hassan, Group Financial Controller
Ms. Jamie Hassan, came to Sinobull in Year 2001. Prior to joining Hartcourt, she had 12+ years of diversified financial and operations experiences acquired from several MNCs in the United States and Asia, in industries from E-commerce, financials services, manufacturing, non-profit and trading arenas. She
received her MBA in International Business and Finance from Manhattan College, New York in 1999 and a Bachelor of Science in Accounting and Business Administration from the City University of New York at Staten Island.

Angela Peng, China Representative
Angela Peng has over 10 years of working experience in operational and marketing management in the area of financial service, consumer and industry products. She holds a Bachelors degree in Economics from Beijing Second Foreign Language University, and a MBA from Memorial University, Newfoundland,
Canada.

Sinobull Financial Group

Jiang Tai, CEO nad Managing Director of Sinobull Info.
Mr. Jiang Tai, aged 33, is the Managing Director of the SinoBull financial Group, And has been the managing director of Sinobull Information (formerly Guomao) for 5 years. Being responsible for business development and strategic marketing of Sinobull products. He has over 8 years strategic marketing, business
development, public relations and general management experience. He received his Bachelor of Science degree in 1990 and finished his Master in Science at Fudan University in 1993. He has held the position of Assistant General Manager in Shanghai Hopeful Computer Service Co., Ltd. since 1993 and was promoted to the position of general manager in 1994. In 1996, he established the core business of "Guo Mao" in the position of General Manager and
Managing Director.

Alex Pang, COO of FTL
COO of FTL, graduated in 1975 from HK Baptist University in Business Management. After serving for a MNC for 15 years, he joined the company in 1990 to establish a paging network and call center for distribution of real-time financial data to the market.

Kenneth Li, COO of Sinobull Info.
Joined HCTV in Year 2000. Before that, he had been the CEO of several well-known nationwide and international firms in financial markets. He has had over 10 years of experience in the field.

David Y. Chen, President of Sinobull Media Group
David came from Hello Asia as its VP of Sales and Marketing and Managing Director of Greater China. Prior to this, he worked for TBS & CNN International. Mr. Chen holds a BS in Economics from Monash University in Melbourne, Australia.

Terry Wong, Director of Sinobull Financial Group
Terry has extensive experiences and held several senior executive positions in the telecommunications, real estate and investments in Asia and North America. Mr. Wong received his BA degree in Commerce&Finance form Simon Fraser University, Canada

Elephant Talk Communications Inc.

Russelle Choi, President and Chief Executive Officer
Mr. Choi is a co-founder of the Company. He is responsible for the overall strategic direction of the Company. He has over 20 years~{!/~} experience in management and consultancy in a range of industries, including media and telecommunication industries in Hong Kong, China and the U.S. Mr. Choi has a BBA from University of Toronto, Canada.

Pius Lam, Vice President and Chief Operation Officer
Mr. Lam is a co-founder of the Company. He is responsible for all of the Company~{!/~}s operations. Prior to the establishment of the company, he successfully co-founded New Tech Information Systems Limited, an international systems integrator for the hospitality industry. Mr. Lam has 16 years~{!/~} experience in the computer and telecommunications industries. Mr. Lam has a MBA in Economics and Finance from the State University of New York and a BSc from State University of Pennsylvania, USA.

Bruce D. Stuart, Director
Since 1997, Bruce Stuart has served as the CEO of Staruni Corporation (OTCBB "SRUN").

Mr. Stuart graduated from U.C.L.A. in 1969 with a degree in political science, and in 1972 with a Juris Doctorate degree. He has been a member of the California State Bar since 1973. From 1993 to 1997, Mr. Stuart served as vice-president of PerfectData Corporation (NASDAQ "Perf"). From 1984 to 1997 he served as Secretary and General Counsel of Flamemaster Corporation (NASDAQ "Fame"). Mr. Stuart is the creator of the Staruni's internet business, including the Internet Service Provider "Cyberhotline", a National Carrier.

AI-Asia Group

Mr. Alan Chow, CEO of StreamingAsia
Mr. Alan Chow, aged 37, is the CEO of the StreamingAsia Group. Mr. Chow joined the Group in November 2000. Experienced in sales and marketing areas and corporate strategy foundation for over 13 years, he has held senior management positions in several MNCs engaged in the IT businesses in the Greater China region.
Mr. Chow holds a Master's degree in Business administration from South Australia and a full member of the Chartered Institute

Mr. Ben YE, CEO ( Co-founder) of V2 Technology, Inc.
Mr. Ye is responsible for the overall company operations and strategic directions. Prior to co-founding V2 Technology, Inc., Mr. Ye led a Tsinghua multimedia project team in his first year of graduate study at Tsinghua University, which he managed and served numerous multimedia projects for large coporations.
Mr. Ye holds a Bachelor of Science Degree and a Master of Science Degree in Electronic Engineering from Tsinghua University.

Paul Cheng, COO of Streaming Asia
Paul has been working for Nortel Networks in Canada and as the Managing Director of Momentum Asia Co. Ltd., subsidiary of ALCO Electronics Ltd. (a public company in Hong Kong, 328). Before joining Logicspace, Paul is a Business Development Director of Asia Tech Holdings Ltd. (Digital Group, 8030). Paul holds a Computer Engineering degree from McMaster University of Hamilton, Ontario, Canada.

S.W. Cheung, CEO of Renew Logistics
Currently the Director of Renew Logistics Ltd., received his B.A. and MSc at the University of California, Berkeley in the early eighties. He further obtained his Ph.D. at the University of Warwick, UK in 1996. Dr. Cheung has more than 18 years of management experience in the fields of education, industry and information technology an a member of several professional organizations. He is also the strategic advisor of several listing companies in
HK.

[EZ2]

SRUN filing ??????

http://www.investorshub.com/boards/read_msg.asp?message_id=233549

http://www.investorshub.com/boards/read_msg.asp?message_id=233557

[cjp01]

China unveils Chinese version of WTO agreement


BEIJING, Dec 26 (Reuters) - Two weeks after joining the World Trade Organisation, China has announced the pledges it made for membership in the world trade club to its people.

The Foreign Trade Ministry on Wednesday posted a long-awaited Chinese language version of the WTO agreement on its Web site at www.moftec.gov.cn.

The ministry unveiled an English version on the eve of formal entry, which took place on December 11. The Web site crashed as thousands logged on to view the massive document but the ministry later fixed the problem.

The Chinese version is a translation of the English, covering everything from tariffs to safeguard measures.

Analysts and diplomats say China's slowness in publishing the document left some local officials still ignorant of Beijing's WTO pledges, hampering implementation.

A Shanghai publishing house recently rolled out with a Chinese version filled with errors, but officials said it was unauthorised and they were trying to recall the publication, state media reported.

The Foreign Trade Ministry has said a published version of the WTO pact would be available soon, and the government wanted to make sure it was error-free.

06:38 12-26-01

[cjp01]

HARTCOURT PR...


Dr. Wallace Ching to Be Hartcourt's President and CEO; Hartcourt Capital Plans to Launch a China Venture Fund in July 2002


LOS ANGELES, Dec. 11 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: 900009), www.hartcourt.com, announced today that its Board of Directors have selected and appointed Dr. Wallace Ching as President and Chief Executive Officer effective January 1st, 2002. Dr. Ching will replace Dr. Alan Phan whose employment contract will be expired on the same date. Dr. Phan will remain as Hartcourt's Chairman and Director until his term ends in June 30th, 2002.

Capitalizing on Dr. Ching's connection with the institutional investors in Hong Kong, Hartcourt Capital Inc., a wholly-owned subsidiary of Hartcourt, is planning to launch a China Venture Fund to fully exploit the opportunities presented by the opening of the China's financial markets after WTO. Dr. Ching, a well-known expert on Asia's asset fund management, will also be the CEO of Hartcourt Capital Inc.

Dr. Wallace Ching, a Chartered Financial Analyst, is a graduate of Oxford University in England and obtained his Ph.D. at the University of Pennsylvania in the US. Prior to joining Hartcourt, he was Director of PAMA Group in Hong Kong, the former Asian private equity arm of Prudential Insurance. His experience also includes employment at HSBC (Hong Kong And Shanghai Bank Corp) Private Equity in Hong Kong and Goldman Sachs in New York.

Dr. Phan comments, "I would like to welcome Dr. Ching to the Hartcourt team. Dr. Ching is the ideal candidate to continue our tradition of success and to take Hartcourt to the next level. His skills and experience with entrepreneurs, technology, and developing businesses match the needs of our companies perfectly. His strong relationships in China and especially with institutional investors provide access to the capital resources and partnership alliances Hartcourt will require to continue our expansion in Greater China, the world's largest consumer and corporate markets."

Dr. Ching said, "I am honored to follow the footsteps of Dr. Phan in leading Hartcourt toward the successful completion of our corporate mission. This is an exciting and rewarding time to be building a business in China. In a market that presents tremendous opportunities, it is my goal to position Hartcourt to capitalize on these opportunities, especially in this post-WTO era. I look forward to the responsibility of guiding Hartcourt and providing our management teams with my experience and commitment, in the ongoing effort to increase shareholder value as we develop the full potential of the Hartcourt organization"

About Dr. Wallace Ching

-- Dr. Ching holds a Bachelor of Arts degree in engineering science with first class honors from Oxford University, England, and a Ph.D. in computer and information science from the University of Pennsylvania, United States.

-- A Chartered Financial Analyst

-- Currently serves as Director of PAMA Group (Hong Kong) Limited,

formerly known as Prudential Asset Management Asia Limited, and is in

charge of technology-related investment activities. He is responsible

for originating, evaluating, structuring and completing private equity

and venture capital investment with a technology focus in the Asia

Pacific region.

-- Dr. Ching is also an Assessor of the Small Entrepreneur Research

Program ("SERAP") under the Innovation and Technology commission of the

Hong Kong Government.

-- From 1995 to 1998, Dr. Ching worked for HSBC Private Equity Management

Limited as an Associate Director and was responsible for originating,

evaluating and executing investment transactions and monitoring

investments for regional private equity funds. From 1993 to 1995, Dr.

Ching worked for HSBC Asset Management Hong Kong Limited as an

Investment Manager. Prior to joining HSBC, he worked for Goldman Sachs

Co. as a fixed income research associate. The HSBC Group is named

after its founding member, The Hongkong and Shanghai Banking

Corporation Limited, which was established in 1865. HSBC Holdings PLC

is one of the largest banking and financial services organizations in

the world with 6,500 offices in 79 countries and territories.

About Hartcourt

The Hartcourt Companies is a holding and development enterprise that is building 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 in its four main divisions to fully realize the value of these assets for its investors.

Certain statements in this news release may constitute "forward looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements.

For further information please contact: Manu Ohri of The Hartcourt Companies, [phone] Ext 207 Email: [e-mail]

MAKE YOUR OPINION COUNT - Click Here

http://tbutton.prnewswire.com/prn/11690X37140782

SOURCE The Hartcourt Companies, Inc.

CO: Hartcourt Companies, Inc.

ST: California

IN: FIN MLM CPR TLS OTC

SU: PER PDT

12/11/2001 05:00 EST http://www.prnewswire.com

[EZ2]

news............

Press Release
SOURCE: The Hartcourt Companies, Inc.
Hartcourt's Chairman to Donate 5 Million Shares to Company

LOS ANGELES, Dec. 5 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: 900009), www.hartcourt.com , announced today that its Chairman, Dr. Alan Phan, has agreed to donate 5 Million common shares of Hartcourt to the company for its own use. This gift from Dr. Phan will enable Hartcourt to reduce its outstanding shares and allow the company to record an extraordinary gain. The gain will be determined by the market price on the dates in which the shares are received.

Mr. Manu Ohri, CFO of Hartcourt commented; ``Dr. Phan's extremely generous decision to gift 5 million shares back to Hartcourt will allow the company to book extraordinary gain, reduce the outstanding shares available to the markets by 6.5% and provide additional flexibility for fund raising and further acquisitions. On behalf of the company and its shareholders, I would like to thank Dr. Phan for this amazing gift.''

Dr. Phan said, ``Nobody deserves this gift more than the loyal Hartcourt shareholders who have supported the management solidly throughout the good times and the bad times. I have always maintained that money is not my motivation for working hard to make Hartcourt become the leading company in the financial and hi-tech industries of China. In the past two years, Hartcourt has achieved remarkable progress in the face of extremely unfavorable business climate. We have added important assets and advanced technological capabilities in all four operating divisions, made significant improvement in our fundamentals and established excellent new government and institutional relationships, resulting in a number of additional licenses and contracts for our businesses. This success alone is the biggest satisfaction of my career.''

About Hartcourt

The Hartcourt Companies is a holding and development enterprise that is building 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 in its four main divisions to fully realize the value of these assets for its investors; Sinobull Financial Group, Media Services Group, Broadband/Telecommunications Group and E-learning Group.

About Sinobull Financial Group

Sinobull Financial Group is a financial data provider and technology developer. Sinobull's operating companies include: Shanghai Sinobull Information Company Ltd. (formerly Guo Mao Science & Technology), Sinobull Network Technology (formerly Shangdi Networks), 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 complementing Sinobull Group's product and service offerings. The companies in the Group provide news, data and analysis to the business community and media outlets; real-time pricing, historical pricing, indicative data, analytics and electronic communications. Clients include China's investment institutions, commercial banks, government offices and agencies, corporations, and news/media organizations. Details on Sinobull Financial Group could be found at www.sinobullfinancial.com .

About ElephantTalk

Based in Hong Kong, ElephantTalk is one of the leading international long-distance service providers to Hong Kong and portions of China. Established in 1995, it holds a number of licenses including US FCC 214, HK ETS and ISP PNETS allowing it to provide voice, data transmission like IDD, pre-paid calling card and ISP services. Its customers include major telecom carriers based in the U.S. and Hong Kong. Additional information regarding ElephantTalk can be found at www.elephanttalk.com .

About AI-Asia

AI-Asia Inc. is a holding company created by Hartcourt 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 plans to provide its clientele with a comprehensive range of Internet enabling solutions, preparing them to participate in the rapidly emerging streaming and broadband communications revolution. Operating companies include: Streaming Asia, Logicspace, Syndicate Asia, V2 Technology and Control Tech Centenary Group Ltd., with an investment in Total System Solutions (TSS) and Empact Technologies Inc.

About E-Learning

This program has been formulated as a joint effort of Hartcourt, California State University at Fullerton and Northern JiaoTong University of Beijing. The E-Learning program is designed as an expanding multi-discipline program that initially features American-standard Management and IT courses for China's entrepreneurs.

Forward-looking statements

Certain statements in this news release may constitute ``forward looking'' statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements.

For further information please contact: Manu Ohri of The Hartcourt Companies, [phone], ext. 207, [e-mail].

SOURCE: The Hartcourt Companies, Inc.

[cjp01]

HARTCOURT QUARTERLY RESULTS...

Hartcourt Reports Record Results for Third Quarter 2001


LOS ANGELES, Nov 13 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com , today reported financial results for the third quarter ended September 30, 2001. Revenues for the third quarter exceeded estimates reporting $3,809,526, a 103% increase over the $1,877,865 recorded in Q2 2001 and an 1100% increase over the $333,641 for Q3 2000. Revenues were $5,940,752 for the nine months ended September 30, 2001 as compared to $1,024,081 for the same period in year 2000.

Hartcourt reported ($0.00) per share or a loss of ($216,024) for the third quarter 2001 as compared to a loss of ($979,235) or one-cent ($0.01) per share for Q2 2001 and loss of ($2,730,762) or five cents ($0.05) per share for the third quarter 2000. For the nine months ending September 30, 2001, the company reported a loss of four cents ($0.04) per share vs. a loss of nine cents ($0.09) per share for the same period in year 2000.

Cash flows from operating activities showed a significant improvement from $1,144,522 for Q2 2001 to $216,168 for Q3 2001, and down appreciably year over year from $2,017,897 for Q3 2000. Revenues for the three months ended September 30, 2001 were derived from Hartcourt's 100% ownership of the Sinobull.com Inc., 85% ownership of Streaming Asia Limited, 66.67% ownership of HCTV, 58.53% ownership of Financial Telecom Limited, and 51% ownership in subsidiary Elephant Talk Ltd.

Mr. Manu Ohri, Hartcourt CFO said, "The third quarter continued to show significant progress in all divisions. Revenues continued to expand, operational margins showed sustained improvements, and operating expenses continued to decline. We have continued to respond to changing market conditions by re-focusing our business model and eliminating less productive units. We are experiencing growth across our entire organization and expect this trend to continue in the fourth quarter with an estimated $4.7 to $5.0 million in revenues and improved cash flow results."

Hartcourt Chairman Alan Phan, stated: "Hartcourt has just experienced another landmark quarter. In spite of a challenging environment we continue to record steady progress on four fronts: improving financials, refinement and execution of our business strategies, completion of acquisitions, and the public divestiture of our assets. Today we reported significant progress in revenue growth and bottom line results with impressive improvements over both quarter and yearly comparisons. The sale of under performing assets and the integration of improved financial and management oversight has shown immediate positive results as we continue on our path to profitability. The recent acquisitions of Renew Logistics and Control Tech Centenary Group Ltd. add to our strong network of companies and our plans to take our Elephant Talk and Sinobull Financial Group public on the US markets are on schedule. We expect to continue this strategy with the AI-Asia Group. These are essential steps in establishing a market value for our assets, and to give them direct access to the capital markets. We continue to assess operational performance across our organization and to position our companies to take full advantage of China's entry into the WTO."

Hartcourt's third quarter 2001 accomplishments and subsequent events:

-- Hartcourt Completes the Acquisition of 85% of StreamingAsia Group

-- Hartcourt Establishes AI-Asia Inc. as Holding and Development Co. for All Media Services Assets:

-- ElephantTalk Ltd. signed a Letter of Intent to Merge With Staruni Corporation (OTC Bulletin Board: SRUN)

-- Sinobull Financial Group signed a Letter of Intent to Merge With Global

Telephone Communications Inc. (OTC Bulletin Board: GTCI)

-- ElephantTalk Ltd. Forms a Partnership With JiTong, a telecommunications giant in China

-- AI-Asia Inc. Purchases 100 Percent Of Renew Logistics Ltd.

-- AI-Asia Inc. Purchases 100 Percent Of Control Tech Centenary, a distributor of Polycom Products

About Hartcourt

The Hartcourt Companies is a holding and development enterprise that is building 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 in its four main divisions to fully realize the value of these assets for its investors; Sinobull Financial Group, Media Services Group, Broadband/Telecommunications Group and E-learning Group.

About Sinobull Financial Group

Sinobull Financial Group is a financial data provider and technology developer. Sinobull's operating companies include: Shanghai Sinobull Information Company Ltd. (formerly Guo Mao Science & Technology), Sinobull Network Technology (formerly Shangdi Networks), 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 complementing Sinobull Group's product and service offerings. The companies in the Group provide news, data and analysis to the business community and media outlets; real-time pricing, historical pricing, indicative data, analytics and electronic communications. Clients include China's investment institutions, commercial banks, government offices and agencies, corporations, and news/media organizations. Details on Sinobull Financial Group could be found at www.sinobullfinancial.com .

About ElephantTalk

Based in Hong Kong, ElephantTalk is one of the leading international long- distance service providers to Hong Kong and portions of China. Established in 1995, it holds a number of licenses including US FCC 214, HK ETS and ISP PNETS allowing it to provide voice, data transmission like IDD, pre-paid calling card and ISP services. Its customers include major telecom carriers based in the U.S. and Hong Kong. Additional information regarding ElephantTalk can be found at www.elephanttalk.com .

About AI-Asia

AI-Asia Inc. is a holding company created by Hartcourt 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 plans to provide its clientele with a comprehensive range of Internet enabling solutions, preparing them to participate in the rapidly emerging streaming and broadband communications revolution. Operating companies include: Streaming Asia, Logicspace, Syndicate Asia, Control Tech Centenary Group Ltd., with an investment in Total System Solutions (TSS).

About E-Learning

This program has been formulated as a joint effort of Hartcourt, California State University at Fullerton and Northern JiaoTong University of Beijing. The E-Learning program is designed as an expanding multi-discipline program that initially features American-standard Management and IT courses for China's entrepreneurs.

Forward-looking statements

Certain statements in this news release may constitute "forward looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements.

For further information please contact:

Manu Ohri of The Hartcourt Companies, [phone], [e-mail]



http://tbutton.prnewswire.com/prn/11690X58385853

SOURCE The Hartcourt Companies, Inc.

CO: Hartcourt Companies, Inc.; Sinobull Financial Group; ElephantTalk;AI-Asia Inc.

ST: California, China, Hong Kong

IN: CPR MLM TLS OTC

SU: ERN

11/14/2001 02:59 EST http://www.prnewswire.com

[mmayr]

MrEC. . .

That's a good question. I'm just as confused as anyone else. I would suspect that the LONGS in this case just may get a good payday. Then again, SRUN and GTCI are rather thinly traded shares. Who knows? I'm hoping just to see some value on Enova shares. Will it be a 1-1 trade for Enova. . .which will go to SRUN. . .then to ET? Or will SRUN go to ET and then ET is exchanged for Enova? Hmmm? We'll just have to keep watching.

Hope for the best!

Keep the Faith!

M&M Man

[MisterEC]

ENOVA shareholders are already known. It is not possible to be an ENOVA shareholder now. The shares HRCT owns of SRUN will go to them? That is in effect getting ET as the value for the note SRUN holds which when paid off would go to ET? This is rather comlicated, but it looks like ENOVA shareholders will be getting a premium to the worth of what ENOVA was.

Then if we new shareholders buy SRUN we are in effect buying ET. What is that worth:?)

[mmayr]

From Dr. Phan. . .

"As for Enova, we will distribute all those SRUN shares
to its holders; but please wait until the vote for the
reverse merger is completed.
Other than that, we will keep the train moving,
despite the turbulent weather outside."

Best
Alan


Keep the Faith!

M&M Man

[mmayr]

Chris. . .I didn't know you were all over SRUN! LOL! Try and find out how the Enova shares will equate with SRUN, when you get time. Keep up the great work!

Peace,. . .

God Bless America. . .

Keep the Faith!

M&M Man

[K]

Just a matter of time before we see this moving nicely up the scale.
Have a great weekend all
Karen

[TENNISSTUD]

Toys 'R' Us Launches Major Branding Campaign


Commercials Signal More than 400 Stores in Chain Redesigned

PARAMUS, N.J., Oct. 15 /PRNewswire/ -- Toys "R" Us, the name synonymous with kids and fun for more than 40 years, today announced the launch of a major branding campaign for the first time in more than a decade. The 60-second spot broke on ABC's "Wonderful World of Disney" on Sunday, October 14 and speaks to the major redesign of more than half the chain's stores. The campaign was created by Leo Burnett USA.

"For the past 18 months we've been rebuilding our business to provide our customers with stores that are easier to navigate and feature exclusive products that they can't get anywhere else combined with a superior shopping experience that's second to none," said John Eyler, Chairman and CEO of Toys "R" Us, Inc. "Now, with about 60% of the chain in the new store formats -- the balance will be ready by holiday 2002 -- we're ready to tell the world about what's been going on at Toys "R" Us through our new branding campaign."

Campaign Features an Old Favorite with a New Attitude

Geoffrey, the Toys "R" Us mascot for more than 35 years, stars in the new campaign, but like the stores, he's been transformed. More than 16 feet tall and operated by four master puppeteers, the new Geoffrey was created by the master of movie creatures, Stan Winston. The animatronic Geoffrey talks and has more points of motion than any other creature Winston has created, including the dinosaurs of "Jurassic Park." Geoffrey also features the voice of Jim Hanks, who played the role of Woody in "Buzz Lightyear of Star Command: The Adventure Begins" and is the brother of actor Tom Hanks.

"Geoffrey is a perfect representative of the new spirit of Toys "R" Us. He's fun, intelligent, trustworthy and simply somebody kids and adults alike would love to be with. He is an icon that kids love and parents trust," said Warren Kornblum, Executive Vice President Worldwide Marketing and Brand Management. "When we looked at introducing our guests to all the changes that have been underway in our stores, we felt strongly that we needed to update our brand identity to go along with the new store experience. Toys "R" Us is a highly recognizable global brand and our commercials convey the excitement that our guests will find at Toys "R" Us."

COMMERCIAL HIGHLIGHTS

The new campaign reflects many of the in-store changes, with Geoffrey as the "spokesgiraffe." In the series of commercials, Geoffrey works with store employees on toy training, he tells customers what products are hot for the holidays and he even gives tours of the store and plays with toys.

"We were thrilled to partner with Toys "R" Us to bring Geoffrey to life in a relevant, memorable way. He is a great brand icon for the world's biggest and best toy store, appealing to parents and kids alike," said Cheryl Berman, chairman and creative officer at Leo Burnett USA. "Geoffrey's just what we need in today's world to remind us of the delight we experience in making our children happy."

Campaign teasers broke on Wednesday, October 10. The campaign then made its debut Sunday, October 14 during ABC's Wonderful World of Disney with the premiere 60-second spot, "Showtime," featuring Geoffrey on a cross country trek to the new Toys "R" Us Times Square flagship store. Seven additional spots will break through the end of the year. The spots will reach kids and adults, running on network and cable nationally, including such top-rated programming as "The Practice," "West Wing," and "Friends."

Toys "R" Us -- The world's leading resource for kids, families and fun currently operates 1,583 stores; 702 toy stores in the United States, 498 international toy stores, including franchise stores, 185 Kids "R" Us children's clothing stores, 153 Babies "R" Us stores and 45 Imaginarium stores. The company also has Internet sites at http://www.toysrus.com, http://www.babiesrus.com and http://www.imaginarium.com.

Leo Burnett currently handles many of the world's most valuable brands including McDonald's, Coca-Cola, Walt Disney, Marlboro, Kellogg, Tampax and Nintendo. With worldwide billings of $8.278 billion in 2000, Leo Burnett is a wholly owned subsidiary of Chicago-based Bcom3 Group, Inc. (http://www.bcom3group.com), one of the world's largest marketing communications holding companies.

MAKE YOUR OPINION COUNT - Click Here

http://tbutton.prnewswire.com/prn/11690X18794695

SOURCE Toys "R" Us

CO: Toys "R" Us; Leo Burnett USA; Bcom3 Group, Inc.

ST: New Jersey

IN: ADV REA

SU: CHI

10/15/2001 14:20 EDT http://www.prnewswire.com

[cjp01]

MORE JITONG!!!!

With last weeks article about "Jitong's partner" seeking back door US listing, ET will not go unnoticed for long.

Chris


China Telecom may split, merge with Netcom, Jitong

(12 October 2001) The Chinese government is trying to figure out what to do with China Telecommunications Corp., the nations’ monopoly fixed-line phone provider.

Top officials have been debating for years how to increase competition in the sector without destroying one of the country’s few profit-making state firms. Now it looks like they may be close to a decision.

According to the Oct. 7, Yeu Gang Xinxi Ribao (Guangdong-Hong Kong Information Daily), the government is expected to make an announcement on China Telecom’s fate by the end of the year. Sources say the telecom is going to be split up into two units.

One unit will be in the northern part of the country and will merge with China Netcom Corp. The other will be in southern China and will merge with Jitong Network Communications Co.

Yeu Gang Xinxi Ribao reports that the State Development Planning Commission (SDPC) has led much of the discussion on China Telecom’s future. Originally, two schemes were proposed: splitting the company vertically and horizontally.

The vertical split entailed breaking the telecom into non-competing long distance, local and data transmission units. The horizontal split would simply break China Telecom into northern and southern units.

The horizontal scheme later evolved into several different versions. One version envisioned the telecom merging with China Netcom in the north, while the southern unit would remain China Telecom. Both north and south units would be given licenses to provide mobile phone services.

Later, it was decided to merge the southern unit with Jitong Communications.

Recently, the Hong Kong press has reported that the State Council is considering a plan to consolidate the telecom sector to reduce the number of providers to three or four. The above-mentioned division and mergers of China Telecom would be part of this plan.

New telecom providers popping up

In related news, the over 1,000 specialized telecom networks across the country are separating from their original owners to become stand-alone telecom providers.

Among them, China Railway Communications Corp., whose telecom network belonged to the railway service before it became a telecom, has obtained a license to provide basic telecom services.

Power Telecom, whose network belonged to the State Power Corp., is also said to have obtained a telecom license as well.

Other telecom networks affiliated with the crude oil sector and the water resources sector are also in the process of separating from their original owners.

[cjp01]

JiTong partner gets backdoor listing in US
(2001/10/10)(Agencies)



US-based VoIP start-up ElephantTalk and Chinese fixed-line operator JiTong have entered into a global deal to market IP telephony services under the JiTong brand.


Under the deal, JiTong, one of seven licensed telecoms operators in China, will take over ElephantTalk's global network of POPs while ElephantTalk will become a reseller and marketer of services for JiTong, who will be responsible for provisioning, technical support and after-sales services.


No financial details have been released. It is also unclear whether JiTong owns shares in ElephantTalk.


ElephantTalk's parent, Hartcourt Companies, has confirmed ElephantTalk had entered into a reverse merger with Staruni Corp, a company traded on the OTC board. The move will result in ElephantTalk actively trading on the US equity markets.


"After all necessary approvals, Staruni's ticker and name will change to become ElephantTalk," Hartcourt said in a statement. "Hartcourt targets the completion of all the merger requirements during the fourth quarter and will maintain a majority interest in the new public company."


http://search.chinadaily.com.cn/itchina/2001-10-10/37589.html

[cjp01]

About JiTong...(Another quality partnership for Elephant Talk)

Since 1994, Jitong has emerged as one of China’s top network service and solutions providers. I am delighted to welcome you to our updated Website, and I hope that you will find the latest news about our company informative and helpful.

As an Internet user you will already appreciate many of the benefits of communications and services based on modern high speed data technology. At Jitong, we are dedicated to providing these benefits for thousands of corporate and individual customers in China.


Back in 1994, our pioneering company was entrusted with the building of China’s prestigious Golden Bridge Project. Following the successful launch of this project, we are continuing to realize the bold objective of harnessing the full potential of the IP based network for our valued customers. Jitong providies integrated data communications and value-added service and solutions that make the difference in doing business throughout China. All Jitong products and services are backed by rapid response 24x7 technical and customer support to maintain our network and services in top mission-critical condition.

Our energetic management team is backed by our industry experts and researchers.We aim to become the preferred integrated data communications service provider in China, focusing on high-quality basic and value-added data solutions through state-of-the-art technologies.

As China moves into full membership of the WTO, I am confident that the high-speed world of Jitong’s enhanced network and services will provide one of the key drivers for the country’s economic growth and for its solid business relationships throughout the world.

Whatever your business in China, or whatever your plans for investing in China’s progress, I look forward to welcoming you into partnership with Jitong and to supporting your ambitions through our innovative and continuously expanding value-added services.

Cordially
Qi Mingqiu
Chairman and President
Jitong Network Communications Company Limited

[cjp01]

WE GOT NEWS!!!

October 08, 2001 09:30

ElephantTalk, a Hartcourt Subsidiary, Forms Partnership With JiTong; ET to Resell JiTong PRC IPLC/I-phone/I-fax Service Under Co-Brands Worldwide

LOS ANGELES, Oct. 8 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT 900009), www.hartcourt.com, announced today that ElephantTalk, its telecom subsidiary, has entered into a reseller agreement with JiTong Network Communications Company Limited ("JiTong") to provide a variety of IP-based telecom services. JiTong is one of the five government-owned telecom giants in China with their own communication infrastructure. It is the famous owner and operator of the Golden Bridge fiber optics and Internet services. Both companies will jointly develop and market new brands of IP telephony solutions in major countries worldwide.

Under the terms of agreement, ElephantTalk will interconnect its global point-of-presence (POPs) with JiTong's network. ElephantTalk will market and resell JiTong's IP-based services including I-phone and I-fax services, while JiTong will be responsible for service provisioning, technical support and after-sales services to customers. The agreement signifies the beginning of close, long-term, working partnership between the two companies.

"This is a perfect opportunity for both companies to expand their networks globally by sharing their resources, especially services to the commercial sector," said Mr. Russelle Choi, CEO of ElephantTalk. "To meet the projected exponential growth of demand for IP-based services after China's access to WTO, we will be providing and delivering, on time, innovative, branded technology solutions for IP telecommunications."

"The combined force of the two company's technologies will help deliver IP-based network and telecommunication services to business enterprises in the most efficient way possible, minimizing service latency and delivering best links to end-users," continued Mr. Choi, who added the fusion of expertise will enhance both companies' competitiveness in the global market while establishing them as leaders in China's IP services market.

On September 25, Hartcourt announced that it will publicly divest its ElephantTalk (ET) subsidiary in a reverse merger with Staruni Corp. (OTC Bulletin Board: SRUN). The reverse merger will result in ElephantTalk actively trading on the U.S. equity markets. After all necessary approvals, Staruni's ticker and name will change to become ElephantTalk. Hartcourt targets the completion of all the merger requirements during the fourth quarter and will maintain a majority interest in the new public company.

About Elephant Talk Ltd

ElephantTalk, a licensed ISR carrier (including US FCC 214, HK ETS and ISP PNETS allowing it to provide voice, data transmission such as IDD, pre-paid calling card and ISP services), commenced operations in 1995. Its customers include major telecom carriers in the U.S. including AT&T, Cignal Global, Frontier, and MCI WorldCom; and Hong Kong's 1st-tier carriers New World Telephone, New T&T, and WorldCom Asia Pacific. More information on Elephant Talk could be founded at www.elephanttalk.com.

About JiTong Network Communication Co, Ltd.

Designed primarily to serve the finance and economy sectors, JiTong's dedicated broadband communication network covers 80 cities nationwide with 80 nodes and 18 international that connect to the Internet backbones of China Telecom, AT&T, Global One and MCI among others, with a total bandwidth capacity of 91Mbps. Its services and solutions include Internet access (the 167 connection), data transmission, web hosting, internet data centers, virtual private networks, VPND, E-commerce solutions, Internet Global Roaming etc ... Additional information on JiTong could be founded at www.jitong.com.

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 spin-offs 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

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, but not limited to, factors detailed in Hartcourt's filings with the Securities and Exchange Commission including recent filings of Forms 10-K and 10-Q. The forward-looking statements should be considered in light of these risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Hartcourt undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by Hartcourt or any other person that the events or circumstances described in such statement are material.

For further information, please contact Mr. Manu Ohri of The Hartcourt Companies, Inc., [phone], ext. 207.

MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X19273353

SOURCE The Hartcourt Companies, Inc.

/CONTACT: Manu Ohri of The Hartcourt Companies, Inc.,
[phone], ext. 207/

/Web site: http://www.jitong.com /

/Web site: http://www.elephanttalk.com /

/Web site: http://www.hartcourt.com /

(HRCT SRUN)

[cjp01]

My favorite part of the PR...

"Elephant Talk Ltd. has its principal office in Hong Kong, an affiliated office in Boston, and several points of presence (POPs) in various cities in the People's Republic of China and Southeast Asia. Its activities involve selling wholesale telephone service to such customers as AT&T, MCI and Global Crossing, as well as providing phone cards to those who wish to call China and around the globe. The company was founded in 1994 and did over 15 million in revenues for each of the past two years."

Nice revenues with top shelf clients. If you go to the Elephant Talk website they have recently secured some "NEW" business from Liu Chong Hing Bank and Emperor Group. Emperor Group is comprised of 4 publicly listd companies which have over 300 subsidiaries!

Chris

[cjp01]

About Elephant Talk...

ElephantTalk Limited ("ET" or the "Company"), which has become a member of the Hartcourt Companies (http://www.hartcourt.com), commenced operations as an international long distance services provider in late 1994 by establishing and operating hubs in Hong Kong and the US as its gateway to the North American and World carrier markets. The Company is a facility-based international long distance carrier offering highly reliable, low-cost switch-voice services on both wholesale and retail market.

The basic strategy of the Company for competition is to leverage its expertise and established relationships with carriers in the Asian-Pacific region to pursue early entry into selected deregulating markets. As part of the execution of its strategy, the Company has also successfully signed service agreements and is currently implementing the interconnections with top North American carriers like AT&T, WorldCom and Teleglobe for their terminating their minutes in Asia-Pacific region with ElephantTalk.

The Company has targeted Asia Pacific and North America as its primary service regions. In addition, ET has been one of the few pioneers in developing a successful business relationship with various National PTTs or Competitive Carriers in the Asia-Pacific countries, especially China - the world's fastest growing telecommunication market. Currently the Company provides international long distance service for its carrier customers on both sides of the Pacific to over 220 foreign countries through a flexible network comprised of resale arrangements with long distance providers, leased transmission facilities, various foreign termination relationships and international gateway switches.

ElephantTalk, as a licensed ISR carrier with its US based facilities, carrier interconnection, special terminal arrangements and existing circuits between US and Hong Kong aims to provide the best price and first-mover advantages for Hong Kong based carriers.

ElephantTalk at work By integrating the most advanced and sophisticated telecommunication technologies from USA, ElephantTalk brings to Hong Kong people a wide variety of and a more complete international telecommunication services.

[cjp01]

Hartcourt/Staruni PR...

Hartcourt's Subsidiary, ElephantTalk, to Merge With Staruni


LOS ANGELES, Calif., Sept. 25 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com, today announced that it will publicly divest its ElephantTalk (ET) subsidiary in a merger with Staruni Corp. (OTC Bulletin Board: SRUN). The reverse merger will allow ElephantTalk to actively trade on the equity markets and unlock its value for Hartcourt investors. In addition, ElephantTalk will now have its own access to the capital markets to raise the necessary capital to expand its businesses.

Mr. Russelle Choi, CEO of ET, comments, "We are excited and proud to be entering the US public market and we are planning to apply for listings on the Frankfurt and Hong Kong markets as well. We look forward to rewarding our shareholders with a well-managed, growing, profitable business that is poised to take advantage of the coming opportunities in Greater China. We are already moving forward with plans to add substantial revenues over the next few quarters and expand operations. ET has just begun recording revenues on two new international markets which should substantially impact our top line. ET has also reduced operating margins through a re-negotiation of our major lease line expenses. We have also unveiled our new website today at www.elephanttalk.com. These are just the first steps in our strategy to develop ET into a world class telecommunications organization in Asia and the US."

Hartcourt plans to continue its divestiture strategy with SinoBull and AI-Asia and is on schedule to have these subsidiaries enter the public markets during Q4. The education division will stay within Hartcourt. In 2002, Hartcourt shareholders will have major equity stakes in four operating companies trading on multiple world exchanges.

Dr. Alan Phan, Chairman of Hartcourt, said, "Today Hartcourt has achieved the first step in fulfilling its promise to maximize the value of its assets for investors. The spin off of ElephantTalk is the first in the process of monetizing Hartcourt's assets through public divestitures. We expect the capitalization of ElephantTalk to validate our investment in ET and set the stage for the public listings of SinoBull and AI-Asia. Further details of the merger, including equity distributions via dividend shares, will be forthcoming."

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 ElephantTalk

Based in Hong Kong, ElephantTalk is one of the leading international long-distance service providers to Hong Kong and portions of China. Established in 1995, it holds a number of licenses including US FCC 214, HK ETS and ISP PNETS allowing it to provide voice, data transmission like IDD, pre-paid calling card and ISP services. Its customers include major telecom carriers based in the U.S. and Hong Kong. Additional information regarding ElephantTalk can be found at www.elephanttalk.com.

About Staruni

Staruni Corp. is an Internet service provider. The Company provides a wide array of Internet services tailored to meet the needs of individual and business customers, including customers with little or no online experience. The Company does business mainly in southern California. Its primary service offering for individual customers is dial-up Internet access and value-added services.

Forward-looking statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, but not limited to, factors detailed in Hartcourt's filings with the Securities and Exchange Commission including recent filings of Forms 10-K and 10-Q. The forward-looking statements should be considered in light of these risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Hartcourt undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by Hartcourt or any other person that the events or circumstances described in such statement are material.

For further information, please contact Mr. Manu Ohri of The Hartcourt Companies, Inc., [phone], ext 207.

MAKE YOUR OPINION COUNT - Click Here

http://tbutton.prnewswire.com/prn/11690X55648518

SOURCE The Hartcourt Companies, Inc.

CO: Hartcourt Companies, Inc.; Staruni Corp.; ElephantTalk

ST: California, China

IN: TLS MLM CPR NET ITE OTC

SU: TNM

09/25/2001 13:00 EDT http://www.prnewswire.com

[boatRgirl]

Anyone: Can I assume that the SRUN shares, even though they will be a reverse split, will be worth some good money?? ET seems to be a VERY valuable player in Hrct.s portfolio. They have a new web site, and with the WTO opening up soon, I think its a winner! Our shares of SRUN should be worth a lot more if they will be traded as ET...JMO, any thoughts? Deb

[cjp01]

NEWS... Acquisition Of Elephant Talk!!!

Tuesday September 25, 9:34 am Eastern Time
Press Release
SOURCE: Staruni Corp.
Staruni Corp. to Acquire Elephant Talk Ltd.

LOS ANGELES--(BUSINESS WIRE)--Sept. 25, 2001--Staruni Corp. (OTCBB:SRUN - news), an Internet Service Provider and Web Developer of e-commerce sites and solutions and e-service Internet companies, today announced it has signed an agreement evidencing its intent to acquire all of the outstanding shares of Elephant Talk Ltd., a telecommunications company based in China.

In contemplation of the change in its business plan through the acquisition of Elephant Talk, the company has formally withdrawn its application to register shares of SRUN on Form SB-2, previously filed with the U.S. Securities and Exchange Commission. Its notification of the withdrawal was filed by Staruni with the SEC on Friday, Sept. 21, 2001.

Elephant Talk Ltd. has its principal office in Hong Kong, an affiliated office in Boston, and several points of presence (POPs) in various cities in the People's Republic of China and Southeast Asia. Its activities involve selling wholesale telephone service to such customers as AT&T, MCI and Global Crossing, as well as providing phone cards to those who wish to call China and around the globe. The company was founded in 1994 and did over 15 million in revenues for each of the past two years.

The total transaction shall involve a reverse stock split, a combination of both the ET and Staruni Boards of Directors, and a shareholders' meeting to approve the entire transaction. The date for such meeting has not been set; however, the entire transaction is due to be finalized prior to the end of the calendar year. The details of these transactions will be disclosed in a Form 8-K to be filed in the next 15 days.

The statements made in this news release that 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 facts may result from business risks and uncertainties including, without limitation, the companies dependent on third parties, market conditions, technical factors, the availability of outside capital and receipt of revenues, and other facts, many of which are beyond the control of the companies mentioned in this release. Each company disclaims any obligation to update information contained in this news release, and readers are cautioned not to place undue reliance on any forward-looking statement.


--------------------------------------------------------------------------------
Contact:

Staruni Corp.
Bruce D. Stuart, 310/470-9358, 310/470-9127 (Fax)
[e-mail]
www.cyberhotline.com
www.staruni.com

[EZ2]

ET site:
http://www.elephanttalk.com/

Staruni site:
http://www.staruni.com/

Hartcourt site:
http://www.hartcourt.com/index.html

[EZ2]

NEWS !!!!!!!! Tuesday September 25, 9:34 am Eastern Time
Press Release
SOURCE: Staruni Corp.
Staruni Corp. to Acquire Elephant Talk Ltd.
LOS ANGELES--(BUSINESS WIRE)--Sept. 25, 2001--Staruni Corp. (OTCBB:SRUN - news), an Internet Service Provider and Web Developer of e-commerce sites and solutions and e-service Internet companies, today announced it has signed an agreement evidencing its intent to acquire all of the outstanding shares of Elephant Talk Ltd., a telecommunications company based in China.

In contemplation of the change in its business plan through the acquisition of Elephant Talk, the company has formally withdrawn its application to register shares of SRUN on Form SB-2, previously filed with the U.S. Securities and Exchange Commission. Its notification of the withdrawal was filed by Staruni with the SEC on Friday, Sept. 21, 2001.

Elephant Talk Ltd. has its principal office in Hong Kong, an affiliated office in Boston, and several points of presence (POPs) in various cities in the People's Republic of China and Southeast Asia. Its activities involve selling wholesale telephone service to such customers as AT&T, MCI and Global Crossing, as well as providing phone cards to those who wish to call China and around the globe. The company was founded in 1994 and did over 15 million in revenues for each of the past two years.

The total transaction shall involve a reverse stock split, a combination of both the ET and Staruni Boards of Directors, and a shareholders' meeting to approve the entire transaction. The date for such meeting has not been set; however, the entire transaction is due to be finalized prior to the end of the calendar year. The details of these transactions will be disclosed in a Form 8-K to be filed in the next 15 days.

The statements made in this news release that 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 facts may result from business risks and uncertainties including, without limitation, the companies dependent on third parties, market conditions, technical factors, the availability of outside capital and receipt of revenues, and other facts, many of which are beyond the control of the companies mentioned in this release. Each company disclaims any obligation to update information contained in this news release, and readers are cautioned not to place undue reliance on any forward-looking statement.


--------------------------------------------------------------------------------
Contact:

Staruni Corp.
Bruce D. Stuart, 310/470-9358, 310/470-9127 (Fax)
[e-mail]
www.cyberhotline.com
www.staruni.com

[MisterEC]

SRUN holds the ENOVA note, right? Maybe Phan meant to just give the company as is?

[EZ2]

MrEC ~ I hear ya !! I guess where the added "mystery" now comes into place resulted from yesterday's PR w/ HRCT.
Now.....in recognition that "everything" is pure speculation/rumor == at best........isn't AI-AsiaInc. the "shell" of choice right now.........or.........why the build-out ??
EZ >:-} ( that's supposed to be my inquisitive look :)

[MisterEC]

How high can it go? I do not know what difference it would make how high the price goes. It is not going to be bought, just used. Assets will be placed in the shell. How much will they be worth and how high will they go is the question.

A shell OTCBB is worth somewhere between 1 and 2 million, right? Anything over that is the premium right now.

[EZ2]

OT: this may shine some light >>>>>>>>>>
Liberty Satellite Proposes Acquisition and Reverse Split

ENGLEWOOD, Colo. -- (OTCBB NEWSWIRE) -- August 17, 2001, Liberty Satellite & Technology, Inc. (LSATA: 2.30) has agreed with Liberty Media Corporation (NYSE: LMC) to acquire 100% of Ascent Entertainment Group, Inc., as well as Liberty Media's 89% ownership interest in Liberty Satellite LLC. LSATA will also complete a 1 for 5 reverse stock split of LSATA's Series A and Series B common stock, to increase the market price per share of our common stock and to position the Series A common stock to meet the minimum bid price requirement for listing on the Nasdaq National Market.

However, many issues that complete reverse splits in the name of achieving a broader market listing have seen their stock price plummet to and below pre-split levels.



In connection with the acquisition, LSATA will issue Liberty Media 340,000,000 shares of its Series B common stock in the combined transaction, expected to close in October 2001, subject to stockholder approval. After the close of the transaction, Liberty Media's equity ownership of LSAT will comprise approximately 84% of LSATA's outstanding shares.



Ascent Entertainment Group, through its majority-owned subsidiary On Command Corporation (Nasdaq: ONCO) operates the leading provider of interactive in-room entertainment, information and business services to the lodging industry. Liberty Satellite LLC has strategic ownership positions in ASTROLINK International LLC, Wildblue Communications, Inc., Aerocast.com, Inc., and the Sky Latin America DTH satellite platform, as well as investments in General Motors Class H common stock, Sprint PCS Group stock and XM Satellite Radio. LSAT is currently the managing member of Liberty Satellite LLC, with an approximate 11% ownership interest in the joint venture. Upon consummation of the proposed transaction with Liberty Media, LSAT will own 100% of the common equity of Liberty Satellite LLC.

The proposed transaction with Liberty Media and reverse stock split will be submitted for approval at LSAT's 2001 Annual Stockholders Meeting, currently expected to be held in October 2001.

At 9:43 EST, LSATA is higher by .23 (11%). Volume is 17,100.

[mmayr]

Minddoc. . .

I still don't understand why HRCT sold Pego Systems. The company was already turning revenues. . .and earnings. It never ceases to amaze me. The insights I've gathered from a few message boards lead me to believe the following:

SRUN is going to be a "shell" company. It will probably be in order to speed up a listing on a US exchange. . .of a HRCT subsidiary. HRCT has recently announced their increased ownership in both SA and ET. SRUN's business model is focused on Internet services. Internet services require cable, satellite or telephone lines. . .for operation. ET is a provider of telecommunications in China. ETNS. . .is a backbone network of broadband, etc. ET has a relation to ETNS. Well. . .I think most people see where I'm headed.


Reverse split: I have never seen a "reverse split" that has been beneficial for shareholders that presently own a stock (in the short-term). However, the long-term may be different. Anyone caught wind of the 10Q for HRCT, yet? Perhaps that will shed some light on the intentions with SRUN.

Peace. . .

Keep the Faith!

M&M Man

[Minddoc7]

SRUN: Quarterly Report (SEC form 10QSB)


August 14, 2001

STARUNI CORP (SRUN.OB)
Quarterly Report (SEC form 10QSB)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
General

The Company's major focus is the creation and development of its ISP business. As a by-product, the Company has also been involved in the development of its Web Hosting and Web Design business.

Results of Operations

During the third quarter of 2001, the Company improved its financial condition. The Company increased its revenues over the comparable quarter and nine month periods in 2000. As a direct result of increased revenues for the first through third quarters of 2001, the Company's overall financial health is improving.

On November 16, 2000, the Company acquired from Enova Holdings, Inc. all of the outstanding shares of Pego Systems, Inc. in exchange for Fifteen Million (15,000,000) restricted shares of the common stock of Staruni. Enova Holdings, Inc. is a Nevada corporation, with its principal offices located in Los Angeles, California.

Pego Systems, Inc. was a privately held corporation in the business of distribution and development of environmental-control and filtration systems. It had been in business for 27 years with such customers as Coca- Cola, Mobil Oil and other Fortune 500 Companies. The addition of Pego, with its significant revenues, was expected to add significant shareholder value to Staruni. Pego owned a manufacturing site, consisting of a 22,000 square foot facility located in Long Beach, California.

The Company operated Pego Systems, Inc. as a wholly owned subsidiary from November 16, 2000, until March 1, 2001. On March 1, 2001, the Company discontinued operations of Pego Systems, Inc. and sold 100% of its interest in Pego Systems, Inc. to Embro Investments of Hong Kong, Peoples Republic of China for the sum of one million five hundred thousand dollars ($1,500,000). The $1,500,000 is represented by a promissory note which accrues interest at 8% per annum and is due and payable on January 14, 2004. Management has determined it prudent to report the note from Embro and the related sale of Pego to Embro at $500,000 due to issues surrounding the collectibility of the full amount of the note, rather than $1,500,000. Consequently the financial statements reflect the sale at $500,000 not $1,500,000.

Three Months ended June 30, 2001, and Nine Months ended June 30, 2001

Gross revenues for the three months ended June 30, 2001, were $110,210 compared to $41,813 for the same period in 2000, an increase of $68,397. The gross revenues for the three months ended June 30, 2001, were higher than the comparable three months in 2000 due to the Company operating Pego Systems.

Gross revenues for the nine months ended June 30, 2001, were $216,614 compared to $169,902 for the same period in 2000, an increase of $46,712 The gross revenues for the nine months ended June 30, 2001, were higher than the comparable six months in 2000 due to the operation of Pego Systems.

Net loss was $18,238 for the three months ended on June 30, 2001, compared to a net loss of $117,099 for the comparable three months in 2000. Net loss as a percentage of revenues for the three month periods were 16.5% and 280%, respectively. The decrease in net loss resulted from an increase in revenues coupled with a decrease in general and administrative expenses.






Net income was $346,543 for the nine months ended on June 30, 2001, compared to a net loss of $165,268 for the comparable nine months in 2000. Net income as a percentage of revenues for the nine months ended June 30, 2001, was 160% compared to a net loss as a percentage of revenues of 97% for the nine months period ended June 30, 2000. The reason for the large swing is due to a net decrease in expenses of approximately $45,000, an increase in revenues of approximately $46,700, and extraordinary gain on the sale of discontinued operations of a net of $420,149 after deducting a $348,654 loss from discontinued operations.

General, and administrative expenses were $73,366 for the three months ended on June 30, 2001, and $120,433 for the comparable period in 2000, a decrease of $47,067, or approximately39%. The decrease in general and administrative expenses resulted from the decrease in administrative costs following the sale of Pego Systems.

General, and administrative expenses were $179,988 for the nine months ended on June 30, 2001, and $205,385 for the comparable period in 2000, a decrease of $26,397. The primary reason for the decrease was the decrease in advertising.

Operating loss was $18,238 during the three months ended on June 30, 2001, compared to an operating loss of $117,099 for the comparable three months in 2000. The Company's operating loss decreased $98,861 over the comparable period in 2000, due primarily to a decrease in advertising costs.

Operating loss was $73,606 during the nine months ended on June 30, 2001, compared to an operating loss of $165,268 for the comparable nine months in 2000. The Company's operating loss decreased $91,652 over the comparable period in 2000.

Capital Resources and Liquidity

The Company had a net working capital of $144,285 for the period ended June 30, 2001, as compared to $121,631 as of September 30, 2000 (year-end).

Net stockholders' equity in the Company was $644,285 as of June 30, 2001, compared to stockholder's equity of $121,8420 as of September 30, 2000. The increase in net stockholder's equity is primarily due to the sale of Pego Systems and correspondent increase in receivables and stock issued.

Cash flows used in operations were $64,414 for the nine months ended June 30, 2001, as compared to cash flows used in operations of $175,440 for the comparable period in 2000.

Cash flows provided by investing activities were $70,149 for the nine months ended June 30, 2001, and $0.00 for the nine months ended June 30, 2000.

Cash flows generated by financing activities were $0.00 for the nine months ending June 30, 2001, as compared to $112,294 generated by financing activities for the comparable period in 2000. The Company's financing activities have primarily consisted of private placements of its common stock.

Impact of Inflation

The Company believes that inflation has had a negligible effect on operations over the past three years. The Company believes that it can offset inflationary increases in the cost of materials and labor through increased sales and improved operating efficiency.





Capital Expenditures

The Company made no significant capital expenditures on property or equipment during either 2000 or to date in 2001. The Company has no present plans for any significant capital expenditures during the remainder of this fiscal year

[cjp01]

SRUN's SB-2 Filing. July, 26th 2001

It's only 142 pages. Have fun!



http://www.10kwizard.com/filing.php?repo=tenk&ipage=1460406&doc=1&total=&back=2&...


Chris