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.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.