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At least we know now that someone is out there trying to sell it and make some sheckels for HRCT.
You beat me by 13 seconds - lol.
Hartcourt Subsidiary, Sinobull Financial Group, to Launch MetaStock and Sinobull Wireless Internet at Securex Show in Shanghai
March 22, 2002 00:00:00 AM ET
LOS ANGELES, March 22 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: 900009), www.hartcourt.com, announced today that its subsidiary, Sinobull Financial Group, www.sinobullfinancial.com, will exhibit its products at the Securex show in Shanghai. Securex, http://luyan.sohu.com/securex/web/nae1.htm , is China's most popular financial products and services exhibition. Sinobull will use this occasion to showcase its newest products: MetaStock of Equis/Reuters and Sinobull Wireless Internet. Organizers expect over 80,000 investors to attend the show from Friday March 22 to Sunday March 24, 2002.
Sinobull Group has recently completed, and is now ready to market, the Chinese version of the MetaStock software, the world's leading technical analysis and charting software. MetaStock has won the Technical Analysis of Stocks and Commodities magazine's Reader's Choice award for analysis software the past 8 years running. Sinobull has converted the MetaStock software to localized language and programming to make it accessible to millions of Chinese investors demanding professional financial tools to manage their trading activity and portfolio positions. Sinobull Group is an exclusive Greater China distributor of MetaStock, appointed by Equis (www.equis.com), a wholly-owned subsidiary of Reuters RTRSY.
Sinobull Group will also introduce Sinobull Wireless Internet, a powerful wireless application using "Streaming Mobile Application Real-Time Technology" (SMART) to provide streaming, automatically updating, stock market information in real-time over wireless devices from mobile phones, pagers to PDA's. Through Java programs, SinoBull Wireless Internet updates stock market information automatically, anytime, anyplace, with the latest Hang Seng Index, stock quotes, FX quotes, transaction volumes and chart analysis.
Mr. Stephen Tang, CEO of Sinobull Financial Group, comments, "Sinobull Financial Group continues to develop its position as a premier financial information and service provider for leading institutions and retail investors. These new products were created to meet the demand of China's investors for reliable, professional financial information, and equity and portfolio management software. Our launching of SinoBull Wireless Internet and the Chinese MetaStock software demonstrates our continuing commitment to develop innovative and market leading financial management services and technology."
The Hartcourt Companies has announced that it will publicly divest its Sinobull Financial Group subsidiary in a reverse merger with Global Telephone Communications Inc. (OTC Bulletin Board: GTCI). The reverse merger will result in Sinobull Financial Group actively trading on the U.S. equity markets and is pending SEC approval.
About Sinobull Financial Group
Sinobull Financial Group develops financial technology, financial operating platforms and internet-based financial services. Sinobull's operating companies include: Shanghai Sinobull Information Company Ltd. (formerly Shanghai Guo Mao Science & Technology Company Ltd.), Sinobull Network Technology Company Limited (formerly Beijing Shangdi Net Technologies Center Company Limited), Financial Telecom Ltd, Fintel Wireless Ltd., Ton Bo Software, HCTV Financial TV Channel Ltd. and Sinobull Magazine Ltd. Sinobull.com is a financial information and stock trading website. Sinobull Group and its strategic partners provide news, data and analysis to the business community and media outlets. Services include: 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. www.sinobullfinancial.com
Forward Looking Statement
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 conditions 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' operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
For more information ... please contact
Larry Kristof
Vice President
Lexington Enterprises Ltd.
Suite 204, 910 Richards Street
Vancouver, BC V6B 3C1
Email: info@lexingtonenterprises.com
Telephone: 604.484.8286
Fax: 604.484.8287
I confess. I stole my daughter's lunch money....
FrankNG - Who are you? Floyd under another alias? If that one reference is all you know then how do you know he is the subject of a SEC investigation? You'll notice that Alan Phan is the plaintiff in that motion and there is no indication what it is in reference to. You have a vivid imagination supported by no facts.
Spring training is in full swing here. I am happy to report that the D-Backs are looking formidable at this point. We'll have to wait to see if the Yankees can turn the expenditure of all those bucks into a World Series winner.
I suppose it would logical to assume that Lexington might have issued it. They are now our contact point to get answers about questions concerning HRCT. I called to check on their duties and was told that they will handle Investor Relations and seek out new investors. The PRs will still be written and issued by HRCT.
lucky5ive - Yes, it was a nice PR but Lexington didn't write or issue it. PRs aren't a part of their job.
The PR was especially good because it described a new contract with solid companies and was describing a new revenue source not just an add on to existing services.
I was just inferring that any long term plan is seldom completed without major changes in the plan. Unforseen future events will result in significant alterations to the plan but if a goal is kept in sight then the plan isn't important. It is prefereable to stick to short term plans as steps to the goal and don't waste time planning every detail for the long term. Of course, some people (or companies) seem not to have even a short term plan outlining steps toward the goal.... it is more of a drunken stagger in the general direction with changing goals popping up from time to time.
Any long term plan with or without a goal is a daydream...
I agree that it is pointless to ask some questions, either because the answer is already known or there is no answer at this point.... but there are other questions that are valid and they should be asked.
All companies have projects that do not pan out for one reason or another - that doesn't mean that they should quit trying out ideas. BUT.... if something has been announced as a project in progress it is not unreasonable for the shareholders to ask the status of the project and whether or not it is adding to the value of their investment.
I'm sorry you feel that the company should not spend any time and resources dealing with shareholders but as long as the definition of shareholder is "part owner of the company" they will have to put up with it.
The "new administration" (Dr. Ching) has been in place for 3 months now. How long of an "adjustment period" do you think they should have? The new CEOs of companies like IBM and American Express are expected to have something concrete to say witin a month..... is HRCT that much more complicated than those companies?
500 Year Plan??? Who decided to waste time and effort on that? The problem with long term plans (as opposed to goals) is that events will almost always make the plans unattainable. I know that people who like meetings also like long term plans but they are both unproductive time wasters. Short term plans (1 year ot less) on the other hand provide direction of effort.
Long term goals (as opposed to plans) are useful in keeping focus when engaging in short term planning.
If HRCT were to have an IR plan for the next year (as opposed to this month) then that would be interesting to see.
The Soviet Union used to have lots of "5 year plans," but few of them, if any, were ever completed successfully. And you know what happened to them.....
At this point, every concrete suggestion should be considered.....
A plan..... now there's an idea they haven't really tried yet - lol.
Yes, my personal preference would be to have the company provide information in an honest and straightforward manner. It also occurred to me that the purported email may not be from the company since one from HRCT would not likely be anonymous. Apparently HRCT now has a "Top Secret" IR department.
EZ - The first question would be, "Why isn't the responder to those questions willing to identify himself?"
As for the others that I was interested in..... I have talked directly to Alan about them and didn't get any more information than was provided by the anonymous responder.
I did note that I felt a few of the questions had obvious answers and at least one didn't deserve a response.
I hold Denis in very high regard but he will only answer questions that he feels like answering and will two-step around those that he doesn't want to respond to. (He is much better at it than the writer of that email)
Aries - I assume you mean other than spelling and grammatical errors which shouldn't be present in a response from someone representing the company. I'll take each one seperately with my response in ( ).
At one time Microsoft was going to lend all of the man power and technical support to help build .... what was it? SinoBull? Have they kept their word? Was there a contract? What, if anything, are our partnerships with the likes of Yahoo!, Microsoft, IBM, Nokia, Reuters, Legend etc... etc..... doing for Hartcourt and it's subs? Is there any revenue generated from their help?
A: Microsoft had worked with Shangdi Networks to complete the operating software for Legend set top boxes; they also cooperated with UAC Stock Online to develop trading software for the NT servers. Revenue were generated on these two projects, but the marketing effort fell short of expectation. On other strategic partnerships, we do not have separate accounting for each program, but Hartcourt’s revenue growth, from zero in 1999 to about $4.5 Million in this quarter reflects our success in exploiting these relationships.
(They don't have seperate accounting for each program? What business can you show me that doesn't know the profit or loss from a project? They try to cover this by pointing out that they had revenues of about $4.5 million in the most recent quarter but over 90% of this is from ETLK not from exploiting partnership arrangements. Basically they danced around the question without answering it.)
Can you give us some examples/assurances that there are fund managers and institutional investors who are allowed/willing to invest in OTCBB stocks that are only worth pennies? A few names maybe?
A: PYR/Castle Creek invested $3 Million in Hartcourt in 2000. There are approximately 3,000 hedge funds in Asia, Europe and America specializing in OTC and other small stocks.
(No comment)
Did Dr. Ching willingly switch from his more prestigious job to Hartcourt? Or was he a victim of the tech wreck (laid off/fired)?
A: Please see the statement made by Dr. Ching in the Press Release announcing his appointment as President and CEO of Hartcourt. He resigned from Prudential to join Hartcourt.
(One of the few straight answers)
Most of us are under the assumption that we will no longer be receiving promised dividend shares. Can you confirm or deny it?
A: Press Release on this subject will be issued.
(Valid response insofar as a final decision probably has not been made as to what they will do in the long term)
How many shareholder lawsuits are filed against Hartcourt and Mr. Phan because of his CrAzY predictions and promises?
A: None
(This was a loaded question that didn't really deserve an answer)
What is happening with that multi million dollar Hogue vs Hartcourt judgement, against Hartcourt?
A: The case is still being reviewed by the Appeal Court.
(This isn't much of an answer. It sort of indicates that an appeal was filed but provides no information on dates, whether or not arguments have been heard, and when a resolution might be expected)
When will financial statements be available for Hartcourts subs?
A: When there are laws and regulations required Hartcourt to submit them.
(This answer doesn't address the question and it is snotty to boot. There are currently laws requiring companies to break down where revenues are coming from)
How long does it take (on average) for a company to realize that "Top Secret" shareholder only press releases do absolutely nothing to gain "New" investor interest?
A: We don’t understand your question. To generate new investors, we have retained Lexington as our new IR company to bring Hartcourt message to the investment community.
(PRs issued over Business Wire are not "Top Secret" but are the normal method for all companies both large and small to release information about the company. They would be more widely read if HRCT were to include the ticker symbols of the other companies referred to in the relase so they would be read by investors in those companies as well as HRCT shareholders. The only "shareholder only" releases done by HRCT are the shareholder letters emailed directly to those on HRCT's email list. I agree with MBR that retaining an unknown IR company with no track record and no information on the qualifications of those running it doesn't seem like much progress in this area)
Is Manu Ohri aware of our resident multi aliased posters attempts of manipulating Hartcourts stock. I hope Manu's not unintentionally helping with this persons obvious manipulation.
A: You are making unsubstantiated allegation. If you have proof that anyone has manipulated Hartcourt share price, you should bring the evidence to the SEC.
(Unresponsive to the question. MBR was asking about whether or not Manu Ohri was aware of the situation he posed and he was expressing his concern about the possibility of Manu inadvertently assisting someone who has a negative bias against the company)
You say, from your understanding, "we have increased numbers and a significant growth in revenue". Which segment is our biggest contributer to this significant growth?
A: Please read our 10Q filing for details of the growth.
(The information wasn't in the 10Q.... that's why he was asking)
Is it wise to go forward with this new sub "Hartcourt Capitol" when we seem to not have the funds and backing to build out the startups that are in place now? I'm worried that we have too many irons in the fire and not enough time and money to support them.
A: This is a management decision made by our CEO, Dr. Ching. Hartcourt is confident that that he has the insight and the capability to make Hartcourt Capital a success.
(It was obviously a management decision but the answer doesn't address the question or address his concerns)
You wrote..... "Dr. Wallace Ching has been very busy with Hartcourt Capital, and is looking forward to making significant progress with several Chinese companies towards expanding their presence in the US." Can you explain to me why he's making significant progress towards expanding several unknown? Chinese companies presence in the US. Shouldn't he be working towards getting HARTCOURT and it's subs story out?
A: As an investment banker, Hartcourt Capital will provide services to our clients in whatever matter we are engaged in. On Hartcourt itself, the company shall do its best to bring our success story to the investment community.
(The answer is doubletalk. The question may not be the best since the two items are not related but the respondent (whoever it is) should have provided a better explanation.)
This is the first occasion that I have ever heard of that a representative of a company in responding to a shareholder has remained anonymous.
EZ - If those answers came from someone at HRCT then HRCT should immediately fire whoever wrote that crap. It obviously wasn't Denis. If it is our new investor relations firm, then we need to get rid of them as soon as possible since "Investor Relations" is obviously not a subject they are familiar with.
daddycool - There is no 10Q filed in the 4th quarter. The annual 10k is due by March 31st.
Uh Oh..... willy is in BIG trouble - lol.
Ok.... Bye.
Could you explain how cut and paste news stories who's only connection with HRCT is that they in some way relate to China/Asia are any more relevant than cut and paste stories from the Los Angeles Times on business conditions in Los Angeles are? After all, HRCT has an office in LA and is a US company as is ETLK.
But.... That doesn't mean that I am relenting on my position on the posting of cut and paste, unrelated propaganda articles.
Ok..... ok..... You are right (It hurts me to say that).
I apologize to our German friends who we have made sit though our football and baseball chat.
Hi Mrhrct, Hi funinco, Hi berrygood, Hi EZ, Hi OC, Hi MBR, Hi Pit.....
Weather a little cooler today but still sunny.
I can't see any reason to continue the same conversation with the same posts on multiple boards.......
My question was actually rhetorical since I know what is going on..... I just don't like it.
1. The note was actually for $1.5 million
2. The 15 million shares (now 1.5 million) are where?
3. The chances of anything ever being paid on that note are low at best and I would put my money on nothing ever being paid. Auditing firms don't write down collectables unless the chance of their being bad notes is substantial.
4. This will affect ETLK shareholders since the remaining $500,000 will have to be written off at some point not to mention the credibility gap it will cause with ETLK. All of these things affect the potential for the stock.
I should probably point out that Fred doesn't like any stockholder very much..... they keep asking inconvenient questions - lol.
Since I can't post on the IHub ETLK board (without being deleted) I will bring up a point in response to your post.
As a HRCT shareholder I received shares in Enova. As an Enova shareholder I had the only operating division (supposedly) traded to SRUN in exchange for a bunch of SRUN shares. SRUN sold Pego in exchange for a note in the amount of $1,500,000. The note mysteriously became $500,000 and has now disappeared altogether. $1.5 million is a significant event even to me.
It is fine to say, "don't invest" but where was my opportunity to get out? Enova never traded, I never saw any SRUN shares, and now everthing is gone like it was attacked by a giant eraser with no explanation of the missing assets.
Who am I supposed to call? Fred? He doesn't like me.
The finances of SRUN are a part of ETLK and are inseperable from the company. But I will help out in the future by not posting here again.
That 10Q was for SRUN's figures only and the stock amounts listed no longer apply. It is just the closing 10Q for SRUN for the period ending December 31, 2001 prior to the merger with ETLK.
MBR - You have PMs
MBR - You have a PM.
Marcopo1 - The company will become Sinobull after the merger. I don't know what offical name or ticker symbol will be used after March 6th. GTCI's market cap will provide the starting point for the opening the first day after the merger but it could go anywhere from there. HRCT has its own market cap and as pointed out, it is below the value of the securities it holds in ETLK and GTCI. Go figure.
Another point that will be of great interest to OC and berrygood is that this SEC filing is showing a filing date of 3/06/2002. In the body of the filing it says the PROXY will first be sent to shareholders on 2/24/2002. How did it get filed 3 weeks before the filing date? Maybe Business Week is doing the SEC filings nowdays? Looks like they sent it in and the SEC screwed up and posted it before they were supposed to - lol. Floyd will probably report this to everyone including the President of the United States. The SEC is in BIG trouble now.
I found this under SEC filings for GTCI at MSN MoneyCentral.
In case you are wondering where I got the March 6th date from...
ACTION BY MAJORITY OF STOCKHOLDERS
This Information Statement is furnished to all holders of the Common Stock, $.001 par value per share, of the Company, in connection with proposed action by holders of a majority of the issued and outstanding shares of common voting stock of Global Telephone Communication, Inc., a Nevada Corporation (the "Company") to Approve:
(i) a Share Exchange Agreement with Sinobull Financial Group and
(ii) the reverse split of the stock 10 for 1.
This action is proposed to occur on or about March 6, 2002. This Information Statement is first being mailed to stockholders on or about February 24, 2002. Only stockholders of record at the close of business on February 8, 2002 are entitled to notice of the action to be taken. There will be no vote on the matters by the shareholders of the Company because the proposed action will be accomplished by the written consent of a majority of the shares of the Company. The Company, by action of a majority of its shareholders, intends to take action to approve the Share Exchange between the Company and Sinobull Financial Group and to approve a reverse stock split pursuant to which every ten (10) shares of the Company outstanding prior to the reverse stock split, to be reduced to one (1) share.
One of the interesting things that you might want to be aware of..... The combined value of HRCT's interest in ETLK and GTCI will exceed the total market cap that HRCT currently has. If Sinobull/GTCI holds $0.25 or higher, it would follow that HRCT will be trading below the value of the securities it holds. Especially in light of the components of HRCT that are not included in ETLK or Sinobull.
Note that the Sinobull/GTCI merger will take place on March 6th. As for the stock price/market cap, your guess is as good as mine. Based on the current price, the stock will trade at $0.25 per share immediately following the merger/reverse split. Then we'll see what it settles out at within a couple of days.
Nah; OC would have voted for the Canadians. I'm waiting to see what name he comes up with for the French judge. The Olympics should get rid of all events that are subjectively judged. When you watch the Luge you know who won by looking at the clock... no style points unless you consider being alive at the bottom of the run to be style - lol.
RELATED AGREEMENTS OF THE PARTIES
2.01 PAYMENT OF CONSULTING FEE. At the Closing, the parties shall deliver to WABO, INC., a British Virgin Islands corporation (the "Consultant"), five hundred thousand (500,000) restricted shares of common stock of GTCI (the "Consulting Shares"), as full and complete compensation to the Consultant for its services in assisting the parties with the acquisition contemplated by this Agreement. After the Consulting Shares have been issued to the Consultant, the total ownership allocation of the common stock of GTCI shall be as follows: (a) seventy-three and eleven hundredths percent (73.11%) owned by the Sinobull Shareholders; (b) twenty-two and sixty-nine hundredths percent (22.69%) owned by Prior GTCI Shareholders (as defined below), and (c) four and two-tenths percent (4.2%) owned by the Consultant. The "Prior GTCI Shareholders" consist of those persons who were shareholders of GTCI prior to the closing of the transaction contemplated hereby, and as of the date of the Closing. A true and correct list of the Prior GTCI shareholders, dated as of the Closing Date, shall be delivered to the parties at or before the Closing. Prior to receiving the Consulting Shares, the Consultant shall execute and deliver to GTCI an investment letter, representing that the Consultant is a suitable investor, and may lawfully accept said Consulting Shares in compliance with all applicable securities laws.
2.02 SHAREHOLDERS' AGREEMENT. At the Closing, the Board of Directors of GTCI shall be expanded to consist of seven (7) persons, of which the prior GTCI Shareholders shall nominate two (2) Directors.
2.03 CONVERTIBLE LOAN FINANCING. At the Closing, the Sinobull Shareholders shall provide to GTCI, directly or indirectly, or cause to be provided to GTCI, a loan in the principal face amount of __________ Dollars ($__,000), evidenced by a convertible promissory notes possessing such additional terms and conditions as the parties shall mutually agree prior to the Closing.