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Bericht vom Shareholder meeting!!!
The HRCT meeting in SF started with some 15 shareholders in attendance.
It began with an introductory report by CEO Victor Zhou. He was very upbeat about Hartcourt prospects and soon turned the meeting over to Dr. Hu.
Dr. Hu laid out his business plan emphasizing a very active, centralized management plan.
He presented a slide show to accompany his executive summary, which described HRCT as a holding company for vocational education in China. He noted that as of 2005 there were 28 million students in Chinese vocational schools with the number rising to 52 million over the next 5 years.
HRCT's immediate goal was to acquire about 20 schools by 2008 and 50 by 2010. Revenues from 10 schools were forecast at $40 million, thus $200 million for 50. He described his numbers and estimates as conservative. Dr. Hu reiterated his goal of seeing a shareprice of .50 by the end of this year, but noted that his was a target and not a guarantee.
Dr. Hu noted the new HRCT 6-member Strategic Advisory Committee and planned to have them all meet in China in the near future.
He planned to expand his current Technical Expert Committee to 10 people. These people would oversee the educational structures at Hartcourt schools.
Dr. Hu considered that the current acquisitions of Yucai and China Princely were essentially done deals, with some bureaucratic formalities left to conclude. Numbers from this institutions will begin appearing in the next annual report.
Dr. Hu fielded questions throughout his presentation as well as at the end.
Q&A:
As to the mechanics of acquisitions, he outlined deals that would mix shares and cash, minimising use of current cash and locking distributed shares for at least one year.
As to the types of vocational schools under consideration, most were seen to be within 1-2 hours flying time of Shanghai. Each of these schools currently offered a broad mix of vocational training and he saw it as part of Hartcourt's plan to
steer them into more specialized categories.
As to marketing and acquisition he looked to offer incentives to teachers and to work with real estate developers to establish new educational centers.
As to revenue the schools would pay Hartcourt management fees as well as a percentage of their profits. A significant revenue stream potential was seen in the China Princely acquisition, because it is the only institution in China that has the right from the Ministry of Education to issue certification to teachers. Dr. Hu negotiated 100% ownership in China Princely.
As to competition there was some local competition, but HRCT appears to be in the leading position due to its early entry into this market. Privatization by the government was only approved in October 2005. Some comparisons were made with New Oriental, which Dr. Hu noted specialized in short term training programs, like for chefs, that lasted months rather than years.
As to a move to Nasdaq Dr. Hu hoped to get there in 2 years and that if necessary he would not rule out a reverse split to attain a requisite share price for the move.
I am sure that other shareholders who were present will be happy to add to the above summary.
I was very impressed with Dr. Hu's presentation, his diligence, his attentiona to detail, and his efforts to answer all questions as directly as possible. I remain a committed shareholder and look forward to the shareholder meeting next year in Hawaii.
--------------------------------------------------------------------------------
www.timelines.ws
Thanks for the report, great stuff. Maybe I haven`t read it yet, did they say anything about how they finance the acquisitions?? Did they say anything about an investor?
Tia
Gustav
Ich hatte es auch gehofft, rechne aber nicht mehr damit! Wahrscheinlich werden sie beim SHM ihre langfristige Strategie erklären und evtl. ein paar schwammige Aussagen über die Finanzierung machen, aber nichts konkretes! Aber ich lasse mich gerne überraschen...
Gustav
@ Ente: Das ist hier ja auch eine seriöse Langfristanlage!!!
Gustav
Anfang der Woche ziemlich unwahrscheinlich, aber vielleicht am Donnerstag oder Freitag, um das SHM noch etwas mehr in den Vordergrund zu schieben!??
Ich denke, daß die Umsätze zum Ende der Woche schon noch etwas zulegen!!
Gustav
@ CE: Und dann würden wir alle weiter kaufen, da das dann wirklich der Durchbruch ist....!!! Nein, ich bin wirklich auf die nächsten 2 Wochen gespannt!! Wie lange ist das chinesische Neujahrsfest denn eigentlich? Ist es am 23.2. schon vorbei?? Vielleicht bekommen wir dann ja noch news zu der Finanzierung!? Sie werden ja wohl kaum die Finanzierung bei dem SHM offenlegen, ohne eine öffentlich PR abzugeben (dürfen sie doch auch gar nicht)!
Gustav
Wenn unser größter Kontraindikator sogar eingestiegen ist, kann ja nichts mehr schief gehen...!!! Wahrscheinlich hat unsere liebe Ente schon innerhalb der letzten 2 Stunden über 20 % gemacht, da sie bei 0,051 gekauft hat!!?
Gustav
Autsch, das ist ja eine prima Eröffnung in Frankfurt! 0,051 Euro! Gut das ich gestern noch 0,071 bezahlt habe...! Heute ist letzter Handelstag vor dem chinesichen Neujahrsfest, d.h. es wird wohl heute und auch nächste Woche keine news geben. Damit ruhen die Hoffnungen auf dem SHM in Las Vegas!
Hatte seit Silvester auf eine bessere Performance gehofft...
Gustav
@ CE: Durch Deine negative Art hälst Du den Kurs ja tatsächlich unter 0,10, sonst wäre er ja schon längst bei 0,50...lol.
Gustav
@ bauingenieur: Da Du auf mein Posting anspielst und antwortest, nur so viel: Selbstverständlich warst Du NICHT gemeint!!!!
Dann mal gute Nacht
Ich verstehe nicht, warum viele mit der Kritik von der Chinaente nicht klar kommen!! Es ist doch sein gutes Recht auch kritische Töne und Warnungen anzuschlagen. Ich bin ebenfalls seit 99 dabei (und habe nicht nur ein - oder zweimal nachgekauft, was schon nicht mehr irrational sondern krankhaft zu sein scheint...) und bin zur Zeit 100 %-ig von HRCT überzeugt! In welch kurzer Zeit sie ihre Geschäftstätigkeit verändert haben, über sehr gute Kontakte verfügen und alle geplanten Dinge eingehalten haben, ist schon sehr beachtlich! Wenn im Februar noch die Finanzierung bekannt gegeben wird und noch einige deals folgen werden, kann man bald abschätzen, wie die neuen Quartalsberichte aussehen werden (bis jetzt "müssen" wir die von Franz nehmen und die sehen immer super aus...lol).
Wenn aber jemand wie CE davon noch nicht so begeistert ist und dieses lieber schwarz auf weiß sehen möchte, kann ich ihn (GERADE AUFGRUND DER LETZTEN JAHRE) sehr gut verstehen!! Dieses Bord ist zur Zeit ziemlich sachlich in der Diskussion, was vor ca. 1 Jahr völlig anders war. CE postet kritisch, aber nicht so peinlich und herablassend wie einige andere (ist erst ein paar Minuten her...). Man muß sich ja durch kritische Postings nicht beeinflussen lassen, das Recht auf solche Äußerungen hat er alle Mal. Also nicht so dünnhäutig sein und großen Dank an Franz, der das Bord hier mit sehr viel Wissen und Input fördert!
Jetzt muß HRCT nicht nur gut positioniert sein, sondern der Aktienkurs dieses auch mal merken!!!
Gustav
Last: 0,10 $ , Volume increasing!!
Gustav
Herrlich + 24 % auf 0,10 $ ! Letzte Stunde nimmt das Volumen jetzt auch noch etas Fahrt auf, knapp 400.000 Aktien!!! Auf geht`s HRCT!!!
Gustav
@ wallerx: Bursche, Du warst schnell...lol
Gustav
NEWS
Hartcourt Announces the Formation of the Strategic Advisory Committee
The Hartcourt Companies, Inc. (OTCBB: HRCT) (FRANKFURT: 900009) (the "Company") today announced that it has formed the Strategic Advisory Committee. Six members have been appointed to the Advisory Committee. These members are Xiping Tao, Senior Education Expert; Min Tang, Deputy Chief Representative and Chief Economist, Asian Development Bank, Beijing Office; Gary Locke, Partner and Co-Chair of China Practice Group, Davis Wright Tremaine LLP; Andy Rothman, Chief China Strategist, CLSA, Ltd.; Brian Outlaw, Director for China for the China Britain Business Council and Executive Vice President of the Western Management Institute of Beijing; and Yungeng Hu, President and Chief Financial Officer of the Company.
Mr. Xiping Tao is currently the General Advisor of the China National Education Supervisory Board, the Chairman of Beijing Social Science Association, Vice Chairman of China Education Association, and Chairman of Asia-Pacific Regional Association of United Nations Educational, Science and Cultural Organization (UNESCO). Mr. Tao used to be the Secretary-in-General and the Commissioner of Beijing Education Bureau, assistant to Beijing mayor and vice director of Beijing People's Representative Standing Committee. As a senior education expert, Mr. Tao published numerous articles and books on education.
Dr. Min Tang graduated from and taught at Dept. of Economics and Management of Wuhan University in 1982. In 1984, he went to University of Illinois at Urbana-Champaign and obtained a Ph.D. in 1989, when he was hired by Asian Development Bank as an economist, covering the East Asia economy, regional economic cooperation, Asian debts and Asian financial markets. In 1985, Dr. Tang was promoted to Senior Economist at ADB's Planning Section, responsible for the economic policy and development strategy of Southern Asia, Bangladesh, and Pakistan. In 2000, Dr. Tang was transferred to Beijing as the Deputy Chief Representative and Chief Economist at ADB's Beijing Office. Dr. Tang was the first man who proposed to the State Council of PRC to expand the college and vocational education in China and thus named by the public as an "Education Activist."
Mr. Gary Locke was elected Washington's 21st governor on November 5, 1996, making him the first Chinese American governor in U.S. history. On November 7, 2000, Gary, a Democrat, was reelected to his second term by an overwhelming margin. As governor, he worked to make Washington a better place to live, work and raise a family by dramatically raising academic achievement in the public schools; strengthening the state's economy, improving transportation, expanding health care to vulnerable children and adults, and making the state government more accessible and user-friendly. Gary's organizational and managerial accomplishments have been recognized by Governing Magazine as one of America's five best managed states, as a finalist in the Harvard Innovations in Government program, and as the most Digital State Government. Gary obtained his J.D. from Boston University in 1975 and B.A. from Yale in 1972.
Mr. Andy Rothman provides institutional investors with analysis of economic and political trends in China, as well as assessments of China's impact on regional economies. Based in Shanghai, Andy has more than 20 years Chinese experience. Andy joined CLSA in 2000 after 17 years with the US Foreign Service focused on China. Before joining CLSA he was director of the Macroeconomic and Domestic Policy Office at the American Embassy in Beijing. Andy first went to China in 1980 as an undergraduate at Colgate University in New York, where he studied international relations. He received a Master of Public Administration from the LBJ School at the University of Texas at Austin, where he studied public policy and economics. Andy was a State Department Fellow at MIT's Seminar XXI program on national security, and he studied Chinese at the US Foreign Service Institute and Capitol Teachers College in Beijing.
Graduated from the University in Aberdeen with a BSc degree in geology in 1971, Mr. Outlaw worked in the oil industry for Burmah Oil Company, British National Oil Corporation and Britoil in Australia, Malaysia, Indonesia, Thailand and the North Sea in a number of exploration and management roles. He joined BP in 1988 as President BP China, based in BP and was responsible for all BP's activities in China and Hong Kong. Managed exploration activities both onshore and offshore of China and was involved in the negotiation of the Chongqing acetic acid plant and initial discussions on the Shanghai petrochemical complex. He was a board member of several of BP's joint ventures in China. In 1996 he joined PowerGen as Country General Manager, China and Korea and led the acquisition of a 530 MW gas fired power plant in Korea and led negotiations for a number of projects in China. Brian's about 20 years direct experience in China made him absolutely a Chinese expert. Brian is a Fellow of the Geological Society of London.
Dr. Hu brings to Hartcourt substantial experience in investment banking, ECM, M&A and management. Right before Hartcourt, Dr. Hu served as a Managing Director of Investment Banking at CLSA, in the areas of ECM and M&A in China. Prior to CLSA, Dr. Hu was the General Manager of Hangzhou Hyatt Hotel with responsibility including designing and executing the turnaround strategy and rescuing the company out of the distressing situation. Before that, Dr. Hu worked for Chase Manhattan Bank in New York where he helped to restructure Chase's NPL and other international lending deals. Prior to Chase, He worked for Ministry of Commerce of PRC and Bank of Finland. Dr. Hu holds an MBA from Helsinki School of Economics and a Ph.D. from New York University.
The Strategic Advisory Committee is anticipated to provide guidance to the Company's strategic development. The diversity of member expertise will ensure that the Committee plays a key role in the successful business of the Company.
About Hartcourt
@ CE: Nur die Ruhe vor dem Sturm...lol! Der Februar ist nicht mehr aufzuhalten! Die werden sich jawohl vor dem SHM noch mal zu Wort melden!!!?
Gustav (patience is the key...)
Hoffentlich macht Euch das Jahr des Schweines, welches am 18.2. staret, keinen Strich durch die Rechnung...!! So kurz vor chinesischem Jahreswechsel kommt wohl nicht mehr viel, aber 10 Tage vorher könnte noch klappen! Na gut, Charttechniker nach vorne...! Bin gespannt!
Gustav
@ Franz. Das Problem wird nur sein, daß wir alle unsere Aktien halten, weil wir € 10 sehen wollen...lol!
Gustav
Schöner Schluß drüben: 0,091 $ mit über 500.000 gehandelten Aktien! Der Quartalsbericht ist zum Glück nicht weiter beachtet worden (zu Recht!).
Gustav
@ nev_investor: Danke, die Seite sieht gut aus! Da kann man ja auch die bid und ask Kurse gleich sehen! Ask ist jetzt wieder bei 0,09, vielleicht werden wir ja wieder zum Börsenschluß auf "egalite" gehoben!!
Ansonsten eher ruhig in Hartcourtland heute!
Gustav
Franz, Deine Rechnungen gefallen mir!! Hoffentlich hast Du recht, daß sie "nur" 30 Mio OS ausgeben für die 4 Übernahmen!? Ist ein KGV von 28 nicht schon als hoch zu bewerten? Wobei die Aussagekraft des KGV bei einem OTTCB-Wert mit (hoffentlich viel) Phantasie auch nur begrenzt ist!
Aber er wäre schon klasse, wenn die beiden MOU`s im Februar über die Bühne gehen und auch der Finanzierungsplan öffentlich gemacht wird!! Vielleicht erleben wir da ja eine positive Überraschnung bei der Ausgabe neuer Aktien...
Gustav
@ CE/Franz: Danke Ihr Beiden! Ich möchte ja wenigstens in der ersten Reihe sitzen, wenn das Gewitter von weiteren Nachrichten losggeht und es wieder Spaß macht Realtimekurse zu betrachten...lol
Gustav
Hallo Franz: Danke, werde ich mal ausprobieren...!
Gustav
@ Franz: Wo bekommst Du RT-Kurse her?? Vielleicht ist ja schon wieder etwas in der pipeline...?
Gustav
New Year Message to Shareholders From Mr. Victor Zhou, CEO of The Hartcourt Companies, Inc.
Hartcourters should greet 2007 with hope and optimism. This is essentially a new born company with a vivid vision, clearly-defined missions and a solid business plan. Our company's operation organ has never been stronger after the IT bubble broke early in the decade, or the century. As the second half of 2006 showed, it is also a company with a brave heart to face the difficulties and to solve them.
The strength of the Hartcourt is not only shown in the new business field, i.e., vocational education in China, but also embedded in the new management's determined mind to run the company's operations as its own business, instead of letting other people manipulate the operation results. Old Hartcourt was so vulnerable since it conducted business as a passive investor without installing reliable monitoring systems in the portfolio companies. We reformed the company's operation strategy. That reform process was maintained to the full in 2006. It must, and will, continue in 2007.
We cannot fall into the complacent belief that the profits of the company can be generated from signing MOUs or even definitive merger agreements, which we did, without constant effort and, where necessary, change and innovation in the operation mechanisms.
High sales and profit growth is crucial to Hartcourt's future. Since we have already decided the business plan and operation strategy, the only way leading to the great numbers is to work hard and smartly. The new management team fully appreciated that our goals are to make profit for the company so the share price will be higher and employees can get raised.
In 2007, while focusing on expanding the business by continuously acquiring schools, which helps build Hartcourt to be a top vocational education group, the management will not ignore the economic efficiency of the acquisitions. We don't want to be a big company without realization of the expected profit levels.
At this time let us all remember the great work of all of our staff and independent professionals, i.e., DWT lawyers, King & Wood lawyer, Kabani Accountants and KRC consultants, who do so much to make the New Year as another higher step for Hartcourt. Also, let us all thank the shareholders who expressed their continuous support and understanding to the new management team.
Dr Hu joins me in wishing all Hartcourters a happy and peaceful new year.
01 January 2007
Victor Zhou
Chief Executive Officer
P.S. Das Jahr des Schweines ist unser!!! Frohes neues Jahr und viel Glück in 2007!
Gustav
@ Franz: Abgesotten von Dir!! Von Deinem 50. Geburtstag abzulenken...!!! Wenn das stimmt, wünsche ich Dir natürlich auch alles, alles Gute!! Weihnachten, Geburtstag, Silvester, HRCT-Durchbruch..., das wird ja komprimiertes Dauerfeiern...!!
Gustav
@ Rattle: Den Glückwünschen von Franz kann ich mich nur anschließen!!
Habe gestern eine Order in Frankfurt gegen 12.30 Uhr für 0,055 Euro platziert. Zu dem Zeitpunkt war der Kurs 0,054 Euro. Bitter, bin den Tag nicht bedient worden! Wären mal schnelle 40 % gewesen, wenn der Kurs am Dienstag wahrscheinlich mit 0,08 Euro eröffnet...!
Allen anderen wünsche ich auch einen guten Rutsch und alles Gute für 2007!! Mit unserem gemeinsamen Investment sieht es ja sehr vielversprechend aus!!
Gustav
NEWS!!!!
Hartcourt Announces Signing Definitive Agreement to Acquire 100% Equity Interest in China Princely Education Technology Development Company Limited
The Hartcourt Companies, Inc. (OTCBB: HRCT) (FRANKFURT: 900009) (the "Company") today announced that it has signed a definitive agreement to acquire 100% equity interest in China Princely Education Technology Development Company Limited ("China Princely").
The transaction is expected to be completed in March 2007 subject to certain preconditions being satisfied, including the receipt of all necessary governmental approvals.
The total consideration to be paid by the Company for the acquisition is US$308 thousand (RMB2.4 million) cash and 5.4 million shares of the Company's restricted common stock, both are payable upon acquisition completion. Mr. Haisheng Zhou, current shareholder of China Princely, has guaranteed its net profit not less than RMB2 million (US$256 thousand) for the year 2007, while the Company guaranteed the average 3-day closing price of its shares prior to one-year anniversary of the issuing date of consideration shares not less than US$0.50 per share.
Founded in December 2004 in Beijing, China Princely provides Internet-based distance vocational education and technical training services, approved by the Central Institute of Vocational and Technical Education ("CIVTE") of the Ministry of Education ("MOE") of China. CIVTE also has granted to China Princely the authority to conduct vocational ability tests and to grant certificates to students, therefore making China Princely an authorized accrediting organization for China vocational education.
CIVTE is a department of the Ministry of Education. Established in 1990, CIVTE is a vocational education research and development institution at the national level. CIVTE's main responsibilities include researching the reform and development of China's vocational and technical education, providing advice to the Ministry of Education with respect to relevant policy determinations, providing information and consultation services to the various vocational education institutions nationwide and publishing relevant data and information regarding vocational education in China. CIVTE is the China representative of the UNESCO Technical and Vocational Education Projects.
Mr. Haisheng Zhou, founder and President of China Princely, who has a long track record in the China education industry by serving as a government official at the Ministry of Education and as an entrepreneur in creating China Princely, stated, "I am excited about the business combination between China Princely and Hartcourt. Mt former colleagues at MOE have indicated to me that there are more than 8 million vocational school graduates every year but that many of them don't have accredited certificates to prove their professional abilities. Consequently, they face a more difficult time trying to find post-graduate employment as prospective employers are not certain of the quality of their training. China Princely, with MOE's direct support, will act as the certificate awarding body. We believe there is great synergy between China Princely and Hartcourt as both are in the vocational education area and each one has its own strengths. I am glad to be a part of the Hartcourt family." Mr. Zhou will serve as a Vice President of the Company, responsible for R&D and the coordination with CITVE and MOE for Hartcourt.
The Company has appointed Mr. Xinmao Huang to be the acting Chief Executive Officer of China Princely. Mr. Huang used to be the Deputy Commissioner of Zhejiang Provincial Education Bureau, overseeing the operation of vocational education institutions in the province for over ten years. As a senior educator himself, Mr. Huang now serves as a member of the Education Technical Expert Committee of the Company. "The government has for a long time planned to establish the vocational education accrediting and certificate awarding systems. Now it decided to let the private sector conduct the business and Hartcourt is honored to be granted this right by acquiring China Princely," commented Mr. Huang.
Dr. Yungeng Hu, President and CFO of the Company, commented, "Hartcourt decided to conduct its business as an active educator, which means that we not only invest in schools in an active manner, but we are building a standard vocational education system in the country. In order to make sure our students are grasping real techniques in their professional areas, we have to have an accrediting system. The signing of the definitive agreement with China Princely shows our determination and commitment in making the Company a top education group in China by building its own accrediting and certificate awarding systems. We have already started the negotiation with several international organizations to introduce their licensure and certification exam system." Dr. Hu continued, "We decided to spin off the Beijing Shiyan Foreign Language School from China Princely since it only provides compulsory primary and secondary education so it does not fit into our vocational education strategy."
More information about China Princely can be found in their respective websites: www.cnpedu.org.cn
About Hartcourt
Hartcourt's achievements and operations can be found on its web site: www.hartcourt.com
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. Forward-looking statements are identified by words such as "expects," "believes," "anticipates," and words of similar import. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, including those risks identified in the company's filings with the U.S. Securities and Exchange Commission, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
Source: Market Wire (December 29, 2006 - 6:30 AM EST)
News by QuoteMedia
www.quotemedia.com
NEWS
Hartcourt Announces Signing Definitive Agreement to Acquire 100% Equity Interest in China Princely Education Technology Development Company Limited
The Hartcourt Companies, Inc. (OTCBB: HRCT) (FRANKFURT: 900009) (the "Company") today announced that it has signed a definitive agreement to acquire 100% equity interest in China Princely Education Technology Development Company Limited ("China Princely").
The transaction is expected to be completed in March 2007 subject to certain preconditions being satisfied, including the receipt of all necessary governmental approvals.
The total consideration to be paid by the Company for the acquisition is US$308 thousand (RMB2.4 million) cash and 5.4 million shares of the Company's restricted common stock, both are payable upon acquisition completion. Mr. Haisheng Zhou, current shareholder of China Princely, has guaranteed its net profit not less than RMB2 million (US$256 thousand) for the year 2007, while the Company guaranteed the average 3-day closing price of its shares prior to one-year anniversary of the issuing date of consideration shares not less than US$0.50 per share.
Founded in December 2004 in Beijing, China Princely provides Internet-based distance vocational education and technical training services, approved by the Central Institute of Vocational and Technical Education ("CIVTE") of the Ministry of Education ("MOE") of China. CIVTE also has granted to China Princely the authority to conduct vocational ability tests and to grant certificates to students, therefore making China Princely an authorized accrediting organization for China vocational education.
CIVTE is a department of the Ministry of Education. Established in 1990, CIVTE is a vocational education research and development institution at the national level. CIVTE's main responsibilities include researching the reform and development of China's vocational and technical education, providing advice to the Ministry of Education with respect to relevant policy determinations, providing information and consultation services to the various vocational education institutions nationwide and publishing relevant data and information regarding vocational education in China. CIVTE is the China representative of the UNESCO Technical and Vocational Education Projects.
Mr. Haisheng Zhou, founder and President of China Princely, who has a long track record in the China education industry by serving as a government official at the Ministry of Education and as an entrepreneur in creating China Princely, stated, "I am excited about the business combination between China Princely and Hartcourt. Mt former colleagues at MOE have indicated to me that there are more than 8 million vocational school graduates every year but that many of them don't have accredited certificates to prove their professional abilities. Consequently, they face a more difficult time trying to find post-graduate employment as prospective employers are not certain of the quality of their training. China Princely, with MOE's direct support, will act as the certificate awarding body. We believe there is great synergy between China Princely and Hartcourt as both are in the vocational education area and each one has its own strengths. I am glad to be a part of the Hartcourt family." Mr. Zhou will serve as a Vice President of the Company, responsible for R&D and the coordination with CITVE and MOE for Hartcourt.
The Company has appointed Mr. Xinmao Huang to be the acting Chief Executive Officer of China Princely. Mr. Huang used to be the Deputy Commissioner of Zhejiang Provincial Education Bureau, overseeing the operation of vocational education institutions in the province for over ten years. As a senior educator himself, Mr. Huang now serves as a member of the Education Technical Expert Committee of the Company. "The government has for a long time planned to establish the vocational education accrediting and certificate awarding systems. Now it decided to let the private sector conduct the business and Hartcourt is honored to be granted this right by acquiring China Princely," commented Mr. Huang.
Dr. Yungeng Hu, President and CFO of the Company, commented, "Hartcourt decided to conduct its business as an active educator, which means that we not only invest in schools in an active manner, but we are building a standard vocational education system in the country. In order to make sure our students are grasping real techniques in their professional areas, we have to have an accrediting system. The signing of the definitive agreement with China Princely shows our determination and commitment in making the Company a top education group in China by building its own accrediting and certificate awarding systems. We have already started the negotiation with several international organizations to introduce their licensure and certification exam system." Dr. Hu continued, "We decided to spin off the Beijing Shiyan Foreign Language School from China Princely since it only provides compulsory primary and secondary education so it does not fit into our vocational education strategy."
More information about China Princely can be found in their respective websites: www.cnpedu.org.cn
About Hartcourt
Hartcourt's achievements and operations can be found on its web site: www.hartcourt.com
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. Forward-looking statements are identified by words such as "expects," "believes," "anticipates," and words of similar import. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, including those risks identified in the company's filings with the U.S. Securities and Exchange Commission, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
Source: Market Wire (December 29, 2006 - 6:30 AM EST)
News by QuoteMedia
www.quotemedia.com
@ McCorry. Etwas Hoffnung habe ich noch auf Deine Nachrichtentaube! Bis jetzt über 300.000 Aktien gehandelt und der Kurs ist erst wieder Richtung Süden gegangen und hat jetzt ins Plus gedreht!! Vielleicht hat sie gerade die chinesichen Grenzen verlassen...lol
Gustav
@IQIQ: Aber das chinesische Neujahrsfest startet erst am 18.2.2007, insofern ist schon noch etwas Luft im Januar!! Na gut, wenn Ihr alle so ungeduldig seid, soll diese Woche noch etwas passieren!!
Gustav
Der Umsatz war ja auch gestern mit über 700.000 gehandelten Aktien relativ hoch in USA. Kann sein, daß etwas kommt...
Gustav
Die letzten werden die ersten sein...: Ich wünsche Euch ein frohes, besinnliches Weihnachtsfest und alles, alles Gute für 2007!! Genießt Euren Gänsebraten und seht die Entwicklung bei HRCT positiv. Sie verballern jetzt um Weihnachten herum keine PR, weil alle mit ihren Familien beschäftigt sind. Wenn Anfang Januar alle wieder vollste Aufmerksamkeit schenken, geht die Lawine los...!!! Ja, so muß und wird es laufen...
Gustav
@ bauingenieur: Meinst Du wirklich, daß man bei HRCT bei den mickrigen Umsätzen (zur Zeit)und wenigen Käufen die Charttechnik ansetzen kann??
Gustav
Klar Peter, das versteht doch jeder...!!
Gustav
NEWS
Press Release Source: The Hartcourt Companies, Inc.
Hartcourt Announces Closing Private Placement of USD 252,372
Tuesday December 5, 6:30 am ET
SHANGHAI, CHINA--(MARKET WIRE)--Dec 5, 2006 -- The Hartcourt Companies, Inc. (OTC BB:HRCT.OB - News) (Frankfurt:900009.F - News) today announced that it ("the Company") has closed a non-brokered private placement with several accredited investors. This placement consists of 3,709,118 shares of the Company's common stock at a purchase price of USD 0.068 per share for total gross proceeds of USD 252,372. No finder's fee or commission is payable for this private placement. All proceeds of the private placement will be used for general working capital.
The new shares issued have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and have been offered to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the U.S. Securities Act.
About Hartcourt
Hartcourt's achievements and operations can be found on its web site: www.hartcourt.com
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Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. Forward-looking statements are identified by words such as "expects," "believes," "anticipates," and words of similar import. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, including those risks identified in the company's filings with the U.S. Securities and Exchange Commission, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
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Press Release Source: The Hartcourt Companies, Inc.
Hartcourt Announces Closing Private Placement of USD 252,372
Tuesday December 5, 6:30 am ET
SHANGHAI, CHINA--(MARKET WIRE)--Dec 5, 2006 -- The Hartcourt Companies, Inc. (OTC BB:HRCT.OB - News) (Frankfurt:900009.F - News) today announced that it ("the Company") has closed a non-brokered private placement with several accredited investors. This placement consists of 3,709,118 shares of the Company's common stock at a purchase price of USD 0.068 per share for total gross proceeds of USD 252,372. No finder's fee or commission is payable for this private placement. All proceeds of the private placement will be used for general working capital.
The new shares issued have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and have been offered to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the U.S. Securities Act.
About Hartcourt
Hartcourt's achievements and operations can be found on its web site: www.hartcourt.com
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Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. Forward-looking statements are identified by words such as "expects," "believes," "anticipates," and words of similar import. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, including those risks identified in the company's filings with the U.S. Securities and Exchange Commission, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
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@IQIQ: 100 % Zustimmung!!
Gustav
und ich sage noch: ÜBERGEWICHTEN.....!! Aus den Vereinbarungen wird schon was werden! Sie würden doch nicht weiterhin Vereinbarungen rausgeben, wenn sie bei den ersten 3 gemerkt haben, daß der Kurs nicht anspringt!! Laß sie 7-8 Vereinbarungen bekannt geben und 5 werden Realität, sollte als Einsieg erst einmal langen!
Gustav
Hartcourt Announces Signing Memorandum of Understanding to Co-Sponsor and Hold Up to 80% Equity Interest in Hunan Ningxiang Vocational Education Center
The Hartcourt Companies, Inc. (OTCBB: HRCT) (FRANKFURT: 900009) today announced that it ("the Company") has entered into a non-binding Memorandum of Understanding ("MOU") with Ningxiang Vocational Middle Specialty School in Hunan Province, China ("NVMSS") to co-found Ningxiang Vocational Education Center ("NVEC"). The Company will hold up to an 80% equity interest in NVEC. The transaction is expected to be completed by the end of February 2007 and is subject to completion of due diligence by the Company and execution of the definitive purchase agreements.
The estimated total investment of NVEC is about RMB110 million (US$14 million). The Company will contribute a financial investment of approximately US$6 million cash in the next three years for the 80% of NVEC, as well as providing advice and guidance on renovation plans for the Campus and the debt restructuring. NVMSS will hold the remaining 20% by contributing all of its teaching facilities, faculties and incumbent students. NVMSS, on behalf of Ningxiang government, has agreed to guarantee the annual new student recruitments of NVEC will be not less than 1700, making the estimated net revenue at not less than RMB25 million (US$3.2 million) and estimated profit after tax not of less than RMB8.5 million (US$1.08 million) each year for the five years following closing (2007-2011).
Founded in 1985, NVMSS provides post high school education and vocational training services to students in the region of Ningxiang County, a suburb county of Changsha, the capital city of Hunan Province, China. NVMSS has 2068 students and 131 faculty members. As a government-owned institution, NVMSS was instructed by the county executive to establish NVEC, which will be the leading vocational education organization in the county and the only one with government behind it. NVMSS approached the Company and agreed to co-sponsor NVEC with a view to utilizing Hartcourt's international education resources and other education capacities.
NVEC will be the consolidator of the vocational schools within Ningxiang County. The government agreed to migrate gradually most of the 15000 students to NVEC from other vocational school in the county.
Mr. He Jianhui, the Chief Director of NVMSS who is also heading the NVEC project, commented, "NVMSS is a vocational school with over 20 year history. We will not only migrate our students [resources] to NVEC, but also our established teaching capabilities can make substantial contribution to the new entity. We trust that Hartcourt [with 80% control of NVEC] can help to realize the vision of us, which is to make NVEC one of the best vocational institutions in China."
Dr. Yungeng Hu, President and CFO of the Company, commented, "Ningxiang is a county with population of 1.3 million. It is absolutely a large vocational education market. I am glad that by accessing such a huge market and positioning Hartcourt as the leader in the market, we are building a strong business unit. Hartcourt has agreed to work with the local community to make NVEC an important step for the vocational students to achieve their career goals."
Mr. Victor Zhou, CEO of the Company, stated, "The MOU demonstrates our role as an active educator. We thank the Ningxiang government for their appreciation of Hartcourt's value in participating in the vocational education segment as an 80% interest holder. We won their trust by showing them our differentiated investment strategy. We look forward to working with them in this venture."
More information about NVMSS can be found in its web sites: http://www.nxzyzz.com/
About Hartcourt
Hartcourt's achievements and operations can be found on its web site: www.hartcourt.com
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. Forward-looking statements are identified by words such as "expects," "believes," "anticipates," and words of similar import. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, including those risks identified in the company's filings with the U.S. Securities and Exchange Commission, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
Source: Market Wire (November 21, 2006 - 6:30 AM EST)
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