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Mocha Jet

08/01/06 1:06 PM

#71973 RE: MrBankRoll #71972

Dr. Wang and Dr. Hu stated at the NYC meeting that the following problems were the downfall of Hartcourt in the past:

1. No real business focus

2. Lacked people with expertise to carry out business

3. Failure to understand the local culture

4. Historical problems - old deals, SEC, 2003 filing

5. Lack of corporate governance/poor management of day to day operations