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HRCT 10K (w/ May 2002 note for GTCI/Sinobull R/M)

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EZ2 Member Level Grandfathered Member Monday, 04/15/02 03:58:33 PM
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HRCT 10K (w/ May 2002 note for GTCI/Sinobull R/M)



The Sinobull Financial Group ("Sinobull Group") was formed in November 1999 with
the intention to consolidate various related businesses acquired or expected to
be acquired by Hartcourt or Sinobull.com Inc. ("Sinobull"), a holding company of
the Group incorporated in British Virgin Islands. For the purposes of presenting
these businesses under a unified structure and strong brand name, a
restructuring of the Group resulted in consolidating these businesses under
Sinobull. On April 2, 2001, Sinobull's one share issued and outstanding held by
Mr. Tang Wing On was formally transferred to Hartcourt, and, therefore, Sinobull
became a wholly-owned subsidiary of Hartcourt. Hartcourt had advanced funds to
Sinobull for various acquisitions made by Sinobull since its formation.
Hartcourt plans to develop this investment to a leading position in financial
content, content delivery, financial services, and technology development. On
October 2, 2001 Hartcourt announced its intent to merge Sinobull Group with
Global Telephone Communications Inc. (OTC Bulletin Board: GTCI). The reverse
merger will allow Sinobull to actively trade on the equity markets and unlock
its value for Hartcourt investors. The merger has been approved by GTCI
shareholders and is waiting approval by the SEC. The merger is expected to be
completed by May 31, 2002.

The Precious Present
Spencer Johnson
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