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16.02.00 10:26
Letter from Dr. Alan Phan:
February 15, 2000

Dear Shareholders:

    As I prepare to leave for China this week, I would
like to take the opportunity to update you on the daily
progress we are continuing to make here at Hartcourt.

1. Investment in eMPACT:
Besides the talent that can be seen in these energetic
and highly motivated techies, the eMPACT team has
tremendous experience in building and operating central
server networks to host Internet sites for medium sized
E-commerce companies. Their services range from data
storage and site security to cash and account
management. They will be an important part of a joint
venture Hartcourt is setting up in China with a major
Chinese web management company to host B2B E-commerce
and B2B auction business. The business model is similar
to Exodus or HP in the US.

2. The Ernst & Young Report:
We have received the first draft and are meeting in
Hong Kong next week to fine tune all the details. Once
it is officially issued, we will be able to complete
the underwriting agreement for the IPO of
and the inclusion of the American partner.

3. The CEO and Director Positions:
We are narrowing down our CEO choice to 2 highly
recommended candidates and anticipate making the final
decision within the next 2 weeks.  As for Directors, we
are in contract negotiations with several candidates
and will issue a press release when all details are

4. Hartcourt's Nasdaq Listing:
The Nasdaq has sent us a letter acknowledging receipt
of our application with assurances to expedite the
evaluation process as much as possible; but overall

they are backlogged with filings, generally incurring
an additional 10-15 day delay.

5. Public Relations:
We are waiting for the signing of the IPO underwriting
agreement before launching our big media blitz. A large
national investor relation firm will organize it; and
this event will reflect the new status of Hartcourt
among the big boys. A road show for Sinobull will also
be included.

6. Those that would like to help and volunteer:
During the meetings in Long Beach and New Jersey, many
of you approached us and offered your time and services
on a volunteer basis. I am working with a few
executives to organize and maintain our sense of
community that we have built within Hartcourt. Those
who wish to participate would help Hartcourt management
by researching opportunities, communicating and
informing others, keeping Hartcourt sharp on the
technological edge, and exchanging cultural and social
ties among shareholders, employees, and customers.

7. Medium to interact with Executives:  
We are considering the creation of a "chat room" for
serious business discussion, to foster ideas and
critique them positively. From time to time, management
executives will also participate in discussions and
answering inquiries. Usage will be restricted to
participants with a verifiable address and phone number
to retain accountability. The intention of this medium
is to foster better understanding of Hartcourt to all
interested parties.

8. Other acquisitions:
As we are completing the S3 filing for our $35 Million
financing, we shall have the opportunity to invest and
acquire at least three more companies in the coming
months. They should propel Hartcourt into a leading
position among the Chinese Internet companies, out
pacing the rest of the field in revenues.

9. Trip to Germany:
Mr. Jack Westfield will arrive in Germany to meet with
strategic partners. We anticipate holding an informal
meeting in Dusseldorf on March 12th, and possibly again
on the 13th. We will be posting details as they become
available, and you may also contact Mr. Frank Scheunert
as the event approaches.

    All in all, our efforts continue to be rewarded as
we build and assemble the components for Hartcourt's
goal to shape the face of the financial, e-commerce and
telecommunications industries in China. We are moving
forward on this exciting journey; and I continue to
enjoy our sense of camaraderie as we build this
together. We all want to create history and we all want
to leave our legacy hereafter. We can by building the
technological bridge to China's future. Let me
emphasize again, "When man has destiny, he is no longer
at the mercy of forces greater than himself, for he has
become the force."


Dr. Alan V. Phan
Chairman & CEO

BY THE WAY ++ HRCT ++ NEWS ++ Mustermann

sehr gut - gibt es hierfür noch eine Quelle ? o.T.


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