shellsforsale: I never meant to be racist with that remark. HRCT is doing business in China, so it is natural that the first group that understands that market includes Chinese Americans, etc. In my past conversations with Dr. Phan, I understood that Germans seem to be more interested in HRCT. In addition, Dr. Phan has been working over many years with the second group (pre-HRCT time), and that is the reason I mentioned it. I hope this helps.

Cheers!

FYI: A Repost

"By: Poohbah $$$$
05 Apr 2002, 09:09 PM EST Msg. 69293 of 69361

Corporate Cheapskates Forget First Rule

"Dividends aren't everything - they're the only thing"

By Dr. Irwin Kellner, CBS MarketWatch.com
Last Update: 12:45 AM ET April 5, 2002

[Note: H. Schacht indicated in an article recently that when LU returns to profitability and stability, they will re-consider resuming stock dividends.]

These days, corporate managers seem to have forgotten the first thing they learned in Finance 101: Dividends aren't everything - they're the only thing.

For the first time since the early 1930s, dividend payments are falling for three years in a row. After declining nearly 6 percent in 2000 and 2001, dividends paid by the Standard & Poor's 500 (SPX: news, chart, profile) companies fell further in this year's first quarter.

As it is, the drop in 2000 and 2001 was the first back-to-back decline in dividend payments in 30 years.

And for those companies that do pay dividends, what do you think the average payout is? According to the Financial Times, it works out to an annual rate of $3.77 per share for the S&P 500, or 0.3 percent at current prices.

Little wonder why share prices have fallen - and why they may fall more. To paraphrase the bible of investing, Security Analysis by Graham and Dodd, the lower the dividend, the lower the price of the stock.

True, profits took a hit last year, thus reducing the ability of many companies to pay their shareholders a dividend. But even in the halcyon days of the 1990s, Corporate America gave new meaning to the word parsimonious.

In other words, management has been stingy with dividend payments for years.

This is a far cry from Graham and Dodd's recommendations that an average payout of about two-thirds of earnings "may be considered as normal and appropriate..."

And while so-called "growth" stocks can get away with a low payout - or no payout at all - Graham and Dodd do not regard this as a plus. "It is merely overlooked" by the stock market, they tersely point out.

Dividends are crucial to valuing a stock and its market price depends heavily on dividends paid, the authors maintain. For any business, the importance of earnings is confined to their effect on dividends, either current or future.

"To make an extreme case, if the outside investor knew that a profitable business was never going to pay a dividend and was never going to be sold out or dissolved, the value of the stock to him would be virtually nil."

Investors have always wanted dividends on their stocks as they have wanted interest on their bonds, the authors say. What is more, since stocks carry greater risks than bonds, their dividend returns should be higher - something that has not happened for many years.

To be sure, there are times when reinvesting earnings is necessary or desirable. It services debts, improves a weak capital structure, and provides for normal growth of the business, such as additions to plant and equipment, and to payrolls.

But Graham and Dodd maintain that a healthy dividend policy, by producing a "fair" price for a company's stock, would enable the firm to raise needed funds by selling additional shares.

If companies pay low dividends, their stock price will be low, thereby making it impossible to sell stock on satisfactory terms, thereby necessitating low dividends in order to provide needed capital funds - a vicious circle seemingly ignored by most executives.

And if a company pays no dividends at all, it is in effect asking people to buy its stock on the basis of the greater fool theory - that there is someone out there who will take it off their hands at a higher price."

My Take on The Last PR

1. According to the last PR, "Dr. Wallace Ching, CEO of Hartcourt, will hold meetings in six (6) cities in the US and Europe to brief shareholders and interested investors on the Company's current operations and future plans.

The schedule will be as follows:

Sunday April 14, 2002 at 11 AM in San Francisco at Holiday Inn Airport, 275 S. Airport Blvd.

Tuesday April 16, 2002 at 7 PM in Los Angeles at Holiday Inn Airport 9901 La Cienega Blvd.

Thursday April 18, 2002 at 7 PM in New York City at Holiday Inn Midtown 440 West 57th St.

Saturday April 20, 2002 at 11 AM in Ft. Lauderdale at Holiday Inn 999 Ft. Lauderdale Beach.

Sunday April 21, 2002 at 7 PM in Dallas at Holiday Inn Express
DFW Airport 309 State Hwy 114, West Grapevine

Tuesday April 23, 2002 at 7PM in Frankfurt, Germany at Holiday Inn Express Airport Langener Strasse 20."

This is an exhausting trip. So Dr. Ching, an extremely cautious man, must have been fully convinced by Dr. Phan of its necessity to conduct those face-to-face meetings. Since the first meeting will be on next Sunday, I would expect the annual report along with some financial highlights for the 4Q01 and 1Q02 will be released next week. Some of the places have very high Asian American and Jewish American populations.

2. It appears to me HRCT's real revenues started to materialize during the 3Q01. The approximate revenue for the 4Q01 is also known some time ago. I hope the revenue for the 1Q02 will be good. So we are talking about a company with a very short history of real revenues. And on top of that, a new CEO (more than three months).

3. The curent share price reflects the conditions of the whole global markets. There are numerous examples on the drametically shrinking stock prices. The fact that HRCT is still standing tall among all the ruins is indeed an achievement. It would be almost impossible for the pps to rise again to the teen levels, perhaps beyond the three-year horizon (starting from now!). For those who bought in the low and high teens during the period 1999-2000 and particularly for those who could not or would not average down, the wait (those real patient shareholders) can be very long indeed. The alternative choice is to sell and move on.

4. I think the next-generation shareholders will benefit most from HRCT's emerging efforts: those who bought or are buying in the $0.2 range. They will make significant gains. The trading last Friday indicated that there is continued interest in HRCT (barring MMs' manipulation).

Good luck guys/gals and have a nice day.

Go HRCT!

Hartcourt and Elephant Talk Appoint Investor Relations Firm; Lexington Enterprises Ltd. Chosen to Represent Companies

PR Newswire - Tuesday, March 12, 2002

LOS ANGELES, March 12 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com , and Elephant Talk Communications, Inc. (OTC Bulletin Board: ETLK), www.ElephantTalk.com announced today that Lexington Enterprises Ltd., has been appointed as their official investors relation firm, and will be the companies formal channel for information dissemination and all investor inquiries.

Lexington Enterprises www.lexingtonenterprises.com is an Investor Relations and Public Relations firm headquartered in Vancouver, BC, Canada. They increase investor awareness, develop relationships with new investors, provide support for current shareholder's and create institutional and industry interest, throughout the US, Europe and Asia. Their IR programs are designed to build a strong, long-term shareholder base and achieve full stock valuation for their client companies.

Lexington's Vice President of Marketing, Ms. Lidija Brus, "Our mission is to provide the investment community with an accurate and attractive portrayal of The Hartcourt Companies and Elephant Talk's current businesses, and their significant growth potential in the Greater China and Asian markets. We create investor awareness and build shareholder value through a comprehensive range of services custom designed to meet each of our clients needs. Our entire team is looking forward to working for these two fine companies."

Hartcourt CEO, Dr. Wallace Ching, stated, "This is a first step in presenting our compelling story to the investing public. Lexington will strengthen our presence in the investment community, help us develop relationships with key capital decision makers, and solicit institutional coverage. Their services will create significant access to new investors for our companies, and provide our current shareholders a centralized presence for information dissemination and support. The Hartcourt Companies and Elephant Talk are entering new phases in their development and it is important that we have a professional Investor Relations team representing us. We look forward to working with Lexington Enterprises and their fine staff."

About Elephant Talk Communications, Inc.

Elephant Talk Communications Inc. is a leading telecommunications company established in 1994 and is located and operated in Hong Kong with offices in Boston, MA. It also owns switching facilities in China, Hong Kong, U.S., Taiwan and Singapore. Elephant Talk operates international long distance service on both sides of the Pacific to over 220 foreign destinations. They enable telecommunications carriers and other service providers the ability to offer long distance, voice, data, fax, and VOIP services to their end- customers, through an advanced and scaleable network. More information on Elephant Talk could be founded at www.ElephantTalk.com .

About Hartcourt Companies, Inc.

The Hartcourt Companies, Inc. is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture 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

The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward- looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward- looking statement.

For more information please contact: Norik Yaghoobian Vice President Lexington Enterprises Ltd. Suite 204, 910 Richards Street Vancouver, BC V6B 3C1 Email: info@lexingtonenterprises.com Tel: +1-604-484-8286 Fax: +1-604-484-8287 www.lexingtonenterprises.com MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X18121052

SOURCE The Hartcourt Companies, Inc.; Elephant Talk Communications, Inc.

/CONTACT: Norik Yaghoobian, Vice President of Lexington Enterprises Ltd. +1-604-484-8286, or fax, +1-604-484-8287, info@lexingtonenterprises.com, for The Hartcourt Companies, Inc. and Elephant Talk Communications, Inc./

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

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

http://www.hartcourt.com /

(HRCT ETLK)

Hartcourt and Elephant Talk Appoint Investor Relations Firm; Lexington Enterprises Ltd. Chosen to Represent Companies

PR Newswire - Tuesday, March 12, 2002

LOS ANGELES, March 12 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com , and Elephant Talk Communications, Inc. (OTC Bulletin Board: ETLK), www.ElephantTalk.com announced today that Lexington Enterprises Ltd., has been appointed as their official investors relation firm, and will be the companies formal channel for information dissemination and all investor inquiries.

Lexington Enterprises www.lexingtonenterprises.com is an Investor Relations and Public Relations firm headquartered in Vancouver, BC, Canada. They increase investor awareness, develop relationships with new investors, provide support for current shareholder's and create institutional and industry interest, throughout the US, Europe and Asia. Their IR programs are designed to build a strong, long-term shareholder base and achieve full stock valuation for their client companies.

Lexington's Vice President of Marketing, Ms. Lidija Brus, "Our mission is to provide the investment community with an accurate and attractive portrayal of The Hartcourt Companies and Elephant Talk's current businesses, and their significant growth potential in the Greater China and Asian markets. We create investor awareness and build shareholder value through a comprehensive range of services custom designed to meet each of our clients needs. Our entire team is looking forward to working for these two fine companies."

Hartcourt CEO, Dr. Wallace Ching, stated, "This is a first step in presenting our compelling story to the investing public. Lexington will strengthen our presence in the investment community, help us develop relationships with key capital decision makers, and solicit institutional coverage. Their services will create significant access to new investors for our companies, and provide our current shareholders a centralized presence for information dissemination and support. The Hartcourt Companies and Elephant Talk are entering new phases in their development and it is important that we have a professional Investor Relations team representing us. We look forward to working with Lexington Enterprises and their fine staff."

About Elephant Talk Communications, Inc.

Elephant Talk Communications Inc. is a leading telecommunications company established in 1994 and is located and operated in Hong Kong with offices in Boston, MA. It also owns switching facilities in China, Hong Kong, U.S., Taiwan and Singapore. Elephant Talk operates international long distance service on both sides of the Pacific to over 220 foreign destinations. They enable telecommunications carriers and other service providers the ability to offer long distance, voice, data, fax, and VOIP services to their end- customers, through an advanced and scaleable network. More information on Elephant Talk could be founded at www.ElephantTalk.com .

About Hartcourt Companies, Inc.

The Hartcourt Companies, Inc. is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture 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

The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward- looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward- looking statement.

For more information please contact: Norik Yaghoobian Vice President Lexington Enterprises Ltd. Suite 204, 910 Richards Street Vancouver, BC V6B 3C1 Email: info@lexingtonenterprises.com Tel: +1-604-484-8286 Fax: +1-604-484-8287 www.lexingtonenterprises.com MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X18121052

SOURCE The Hartcourt Companies, Inc.; Elephant Talk Communications, Inc.

/CONTACT: Norik Yaghoobian, Vice President of Lexington Enterprises Ltd. +1-604-484-8286, or fax, +1-604-484-8287, info@lexingtonenterprises.com, for The Hartcourt Companies, Inc. and Elephant Talk Communications, Inc./

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

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

http://www.hartcourt.com /

(HRCT ETLK)

wwwilly-mrhrct: You could be way off! Some grandmas can still be considered knockouts (refer to one of lucky5ive's posts on RB some time ago). If I remember correctly from Deb's RB posts, she used to dive for lobsters, to fly airplanes, and to put on swimming suits at the beach in the Florida winter.

Cheers!

FYI

From: http://www.schwab.com/

HRCT 0.189 (last) +0.014 (change) 0.175 (bid) 0.189 (ask) 248,100 (volume) 12:34:03

Hi Guys/Gals: I also just got another 23K shares at $0.174/share. My order got filled in its entirety in one second at 11:03 am. My previous buy orders normally got filled in partial amounts.

I need to say this one more time: one needs to be really patient with this stock.

Cheers!

P.S. (1) Dr. Phan left for China last Monday.
(2) In my portfolio, HRCT is the only OTCBB stock.

Post #119907 on RB by SinoKnowledge

$$$$$$$$*** SINOBULL INFORMATION CO., LTD.***$$$$$$$$$$$$$$$

Disclaimer - the views expressed below are taken from company literature and from my own personal opinion. They are presented to provide a beginning point for your own personal due diligence and are not meant to replace your own personal due diligence. They are my own personal views only and I offer no guarantees. In other words, do your own DD, don't rely on mine.


COMPANY MISSIONS

To be the leading financial realtime data products provider

To be the leading financial information products provider

To be the leading financial software products supplier

To be the leading financial online trading system provider

To be the leading financial service products provider

COMPANY HISTORY

1997 - Founded

August 18, 1997 - Approved by the government as a Computer Information service company

1998 - Certified as the model High Tech Company by the Shanghai government

1999 - Recognized as The High Quality Company by the government

2000 - Became a Hartcourt/SinoBull Group company


COMPANY STRENGTHS


Dramatically Growing Market

Financial Markets will always be the most important field of a county.

China, with its rapid growth, has seen its financial markets experience rapid growth

since the early 1990's.

The Financial Service and Products area is also rising dramatically.

Main Market fields

The Stock Market in China

The Bank Market in China

In 2000 residents savings of foreign currency reached $68.33 Billion US$

The Future commodities Market in China

Three Big Future Exchanges (CZCE\DLCE\SHFE)

188 Authorized brokerage firms are trading Futures

Regulations are mature in this area

Soon a Future Index will be traded

The Stock Market in Hong Kong

The Stock Market in Taiwan

The Chinese Communities World Wide

Resources Developed

Data Information Center

News and Editing Censer

Running Center

Software Development Center

Translation Center

Information Research Center

Products Developed are Mature and Market Accepted

GMA FC98

GMA International 98

GMA Stocks 98

GMA Metal 98

GMA Index 98

GMA CCE 2000 (new)

GMA Bank 2000 (new)

GMA Dynamic Settlement Center (new)

GMA Trading Risk Control Center (new)

GMA Internet Data Center

GMA FC Profession

GMA Meter Profession

GMA Bank Profession

Experienced and Strong Management Team

Senior Members

Jiang Tai - Chairman & CEO, Founder

Master of Science & Technology

32 Years Old

Main responsibilities - General Decision making and general technical design

Kenneth Lee - Senior Advisor of CEO

37 Years Old

Main Responsibilities - Director of Important Issues

Responsible for Financial TV Channel project

Responsible for News Center

1994-1997 Hong Kong Data Co. - General Manager for Greater China Area

Pan Xiaohong - Director, Founder

MBA

32 Years Old

Main Responsibilities - Administration and Corporate Finance

Gao Jie - Assistant General Manager

Master of Economy

33 Years Old

Main Responsibilities - Marketing and Sales

1993-1999 Shanghai Bartech Data Information Co., Ltd.- Assistant General Manager

Power and Efficiency Management System

Program Control System

Performance Control System

New Products Development System

Sales and Marketing Network

Offices in Beijing, Dalian, Zhengzhou, Shanghai, Xiamen, Shenzen, Guangzhou,

Xian, Wuhan, Chongqing, Changchun, Hefei, Hangzhou and Nanjing

Strategic Partners

Shanghai VSAT Network System Co., Ltd.

China State Information Center

China Non-Ferrous Metal Industry Information Center

CCN - China Cable Network

Shanghai Industrial Foreign Trade Telecommunication Company (Nokia)

Hewlett Packard

Reference Clients List

Securities firms

Anshan Securities

Shenzhen Securities

HK & Macue Securities

Dalian Securities

South China Securities

Hebei Securities

TV Stations

Guizhou Cable TV

Shangqiu Cable TV

Shijiazhuang Cable TV

Hebei Satellite TV

Beijing Cable TV

Guangzhou Economic TV

Guangzhou TV

South East China Satellite TV

Banks

Bank of Communications - Shanghai Branch

Shenyang Branch

Xiamen Branch

Wenzhou Branch

China Bank Guangdong Branch

Hotels

Grand Hyatt

Media

China People's Daily

Communications Firms

Cell Star

China Telecom


REVENUE (in RMB)

2000 - $ 7,500,000

2001 - 11,500,000

2002 - 15,000,000

2003 - 21,000,000

2004 - 28,000,000

2005 - 38,000,000


PROFIT (in RMB)

2000 - $ 1,000,000

2001 - 1,750,000

2002 - 2,000,000

2003 - 3,800,000

2004 - 6,000,000

2005 - 16,000,000


COMPANY STRATEGY

Strengthen core competitive advantages to continue producing leading products for

different kinds of customers.

Extend our Sales and Marketing Networks

Continue to acquire good companies/asstes/clients in this field by providing

resources as well as capital.

FINAL GOALS

To strive for the Best Products for the society

To create the largest profit possible for the shareholders

M&M Man,

Where have you been? See post 116.

Cheers!

EZ et al,

The policing at this site is swift. I like that. But who is going to maintain this action over 24 hours 7 days a week?

Hi OCErnie,

It is a surprise to me that you are the first person whom I reply to at this new site. Shouldn't you stay and keep company with your colleagues at Raging Bull?

You always look at things through a glass darkly. There is no need to repeat three times your post. I am fully aware of the strengths and weaknesses of HRCT management, and I, as a shareholder, have provided and will continue to provide constructive comments to them.

I am more interested in the performance of SA after its anticipated IPO.

Go HRCT!

New Valuation of SA

According to a web site found by STOCKEMUP37:

http://www.quamnet.com/fcgi-bin/news.fpl?par2=2&par3=12&par4=20010330183443

the current valuation of SA is about US$ 20M. The drop from the old valuation of US$ 100M of a few months back is consistent with dramatic changes in the market conditions. Thus, a current HRCT shareholder will receive, for each HRCT share, an equivalent amount of US$ 0.17 (= 1/6 instead of US$ 0.83 =5/6) to be given in terms of dividend SA shares.

Go HRCT!

Hi Gals and Guys,

I'm in. I am EastWind_1 in Raging Bull. It's good to be here.

Thanks to you EZ et al.

Cheers and go HRCT!