Letter from Dr. Phan:
April 19th, 2001
Dear Friends:
I must have received over 30 phone calls and Emails
today from concerned shareholders about the current
status of Hartcourt operations, especially the public
spin-off of StreamingAsia. Apparently, a rumor was
spread over the chat rooms about the death or failure
of the IPO of SA. Nothing could be further from the
truth. Of course, the underwriter is reluctant to
bring out any IPO under bad market conditions, but at
the first sign of recovery, SA will be ready to go. At
the same time, we have prepared two attractive
alternatives to achieve our monetization goal, which
is to distribute the dividend shares of SA to you as
soon as possible. We have never wavered from this
stated objective and we will get it done. We cannot
direct the winds, but we can surely adjust the sails.
Other projects related to the monetization of Sinobull
and ETNS are proceeding as planned. I have always
warned you that you should expect delays, mistakes and
problems in all business operations and transactions;
but I believe that we shall be able to overcome them
in due time.
I understand that when the share price is so low and
there are big paper losses in your portfolio, doubt
and confusion are rampant. Many longs have given up
the battle. But let there be no doubt about my
resolution and determination to achieve the goals for
2001: to spin off our 3 assets (SA, SB, ET) and
dividend the shares to HRCT holders. Like that old
fisherman in the Hemmingway story, “ We can be
destroyed but never defeated.”
We all know that many of life’s failures are people
who did not realize how close they were to success
when they give up. I will never never give up.
Sincerely,
Dr. Alan V. Phan
Chairman
