Just saw this....nice little right up.....
March 18th, 2003
Dear Shareholders and Investors;
We are pleased to present to you an overview of the Hartcourt story. Established since 1983 as a public corporation, we have gone through countless of peaks and valleys in our history, surviving the worst downturn of the hi-tech market in the last few years. One fact remains: we are still standing and was able to complete the acquisition of Hua Qing, marking another milestone in our achievements. Please visit our Web site, www.hartcourt.com, and read our PR’s for more details.
First and foremost, Hartcourt will be the biggest shareholder of Hua Qing with the control of the Board of Directors. As such, we shall be able to book the revenue and profit generated by Hua Qing. In 2003, Hua Qing revenue (projected $77 Million) will be much larger than the revenues shown by Chinadotcom, Sina or Sohu or NetEase, which have over $300 Million of market capitalization each.
In addition, the niche PC market targeted by Hua Qing is growing faster than China’s economy itself. Being the leader of the market in the most competitive city of China (Shanghai) means that Hua Qing has the know how to gain and maintain its market position. If Hua Qing could grow at a conservative rate of 20 percent per annum and if it could acquire a few major competitors in other cities along the way, we should be one of the Top Five PC marketers in China.
Another recent landmark in achievements was the launching of China Report magazine by Hartcourt Capital. The first issue will have a circulation of 20,000 copies, distributing directly to the investment community including investment banking firms, mutual fund managers, venture capitalists and brokerage houses throughout the US, Europe and Asia. The magazine will also be available via Web site, www.china-report.net, and weekly Emails to registered readers, starting May 2003. The objective of the magazine is to provide investors with updates and analysis on the fast-changing investment environment and opportunities in China.
With China Report, we have established Hartcourt Capital as a pioneering source of information and management services for institutional investors in China. We believe that China Report would be profitable within the first year of operation thanks to ad revenue and subscription. More importantly, the intangible assets of China Report would reflect very positively on Hartcourt Capital in the long term.
Hartcourt is finally turning a new page with the acquisition of Hua Qing Group and the launching of China Report. When it completes the spin-off of all other loss-making subsidiaries, Hartcourt will become what it sets out to be: a profitable innovative enterprise operating in the fastest-growing economy of the world.
Meanwhile, the subsidiaries (Elephant Talk, Sinobull, StreamingAsia, AI-Asia and E-Education) will grow stronger and better in their own way. Their future success, after a period of nurturing by Hartcourt, will be shared partially by all Hartcourt shareholders in form of dividends. Our original mission is to create a conglomerate of hi-tech companies, all inter-related. Because of the severe tech crash, we could not keep these companies together under one roof, but even as they are separated, they symbolize the success of the mission. We did what we said we are going to do.
We did the impossible. Hartcourt will never be weakened again. We learned our lesson, we persisted and we are moving to a new height.
We now join the GoNow Financial Network to increase the exposure of this fantastic journey. We hope to form a strong investor base with other member companies of the network so we shall prosper together.
We believe that the road to success is always under construction; therefore, we are striving to improve daily to reach our goal. We also believe that the best way to predict the future is to create it. We are the future.
Please join us.
THE HARTCOURT COMPANIES, INC.
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.
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