From Dr. Phan
December 2nd, 1999
Dear Shareholders:
§It has been a wild week for Hartcourt. While you are
sitting in front of the computer, watching and
cheering the HRCT scores, I have to deal daily with 9
pending acquisitions, 4 strategic partnership
proposals, 3 underwiting negotiations, 2 attempted
buy-outs, all in the midst of the search for CEO and
CTO, the completion of paperwork for NASDAQ
application, the start-up of the Sinobull.com portal
as well as the Innostar project, the listing of Enova
shares, the contracts with the new auditors and P/R
firms, the year-end SEC reports, the management
supervision of UAC, FTL, Pego, the meeting schedule of
my China trip and the break-up with my girlfriend. I
wish I could have some time to watch the HRCT game
like you. However, the good news is all above will get
done by January 15th, 2000. As agreements are signed,
news will be released, Hartcourt will march steadily
forward and nobody can stop us. Your strong support
makes the Hartcourt team the best there is.
§I have read all of your Emails, and the most
frequently-asked questions are: what will I bring back
from the coming China trip, when will we be listed on
Nasdaq, how many shares of Sinobull IPO can you buy,
how do we deal with new post-WTO competitors, will we
sell out to the big boys and will I bring a new
girlfriend to the January party. Two questions I have
to ignore are: when is the next news release and what
the share price is going to be by 12/30/99.
§1. China Trip: The objective of my China and Hong
Kong trip is to sign agreements with powerful Chinese
companies who have agreed to be our equity partners in
the Sinobull.com IPO. Their participation will help
bring in the biggest investment banker in Hong Kong to
underwrite our IPO. A well-known American company will
also be on board once the Chinese partners? agreements
are in place. These are the final pieces of the IPO
puzzle, which will clarify why the $500 Million value
of Sinobull.com is extremely modest.
§2. IPO Shares: We have also requested the above
banker that we would like to reserve a portion of the
Sinobull IPO shares for our existing shareholders. The
Board of Directors will decide the cut-off date and
every shareholder of records will get the proportional
shares of the IPO according to the size of his or her
HRCT holdings.
§3. NASDAQ Listing: Our attorney is preparing for the
application to list on NASDAQ National Market System.
We are qualified now, and we should submit it by
December 20th.
§4. WTO And Competition: As I have mentioned before,
we are ready for the challenges from any competitor.
However, we still have a two-year headstart,
considering the slow political process of WTO
approval, the difficulties in finding the right
Chinese partner and the complicated bureaucratic
structure of business licensing. We will dominate the
market before somebody shows up at the door.
§5. Selling Out: I am here to turn Hartcourt into an
Internet empire, not to make a few millions. However,
you might have different goal. I guess if Bill Gates
starts handling out $100-bills, I will be the only one
left in Hartcourt. So let?s be realistic. The Board
will consider any offer which would make sense to the
majority of the shareholders. Right now, it is above
$50. One year from now, maybe $200. And you will make
that decision yourself.
§6. Other matters: The new Webmaster promised that the
new Website will be up and running by Dec. 6th. The
Enova shares must wait for the SEC approval of the
Form 10. The PR campaign will be much stronger in
December and January with the addition of two new
firms, one here and one in Europe. The January 15th
party is still on, no matter what happens with Y2K.
The new girl friend is still being priced at Ebay.
Life is wonderful, and everyday in Hartcourt land is a
Christmas day. We are excited, grateful, studious and
focus.
§December will be the most memorable month for
Hartcourt. Nice guys will finish first.
Sincerely,
Dr. Alan V. Phan
Chairman & CEO
__________________________________________________
Get Your Private, Free Email at www.hotmail.com
December 2nd, 1999
Dear Shareholders:
§It has been a wild week for Hartcourt. While you are
sitting in front of the computer, watching and
cheering the HRCT scores, I have to deal daily with 9
pending acquisitions, 4 strategic partnership
proposals, 3 underwiting negotiations, 2 attempted
buy-outs, all in the midst of the search for CEO and
CTO, the completion of paperwork for NASDAQ
application, the start-up of the Sinobull.com portal
as well as the Innostar project, the listing of Enova
shares, the contracts with the new auditors and P/R
firms, the year-end SEC reports, the management
supervision of UAC, FTL, Pego, the meeting schedule of
my China trip and the break-up with my girlfriend. I
wish I could have some time to watch the HRCT game
like you. However, the good news is all above will get
done by January 15th, 2000. As agreements are signed,
news will be released, Hartcourt will march steadily
forward and nobody can stop us. Your strong support
makes the Hartcourt team the best there is.
§I have read all of your Emails, and the most
frequently-asked questions are: what will I bring back
from the coming China trip, when will we be listed on
Nasdaq, how many shares of Sinobull IPO can you buy,
how do we deal with new post-WTO competitors, will we
sell out to the big boys and will I bring a new
girlfriend to the January party. Two questions I have
to ignore are: when is the next news release and what
the share price is going to be by 12/30/99.
§1. China Trip: The objective of my China and Hong
Kong trip is to sign agreements with powerful Chinese
companies who have agreed to be our equity partners in
the Sinobull.com IPO. Their participation will help
bring in the biggest investment banker in Hong Kong to
underwrite our IPO. A well-known American company will
also be on board once the Chinese partners? agreements
are in place. These are the final pieces of the IPO
puzzle, which will clarify why the $500 Million value
of Sinobull.com is extremely modest.
§2. IPO Shares: We have also requested the above
banker that we would like to reserve a portion of the
Sinobull IPO shares for our existing shareholders. The
Board of Directors will decide the cut-off date and
every shareholder of records will get the proportional
shares of the IPO according to the size of his or her
HRCT holdings.
§3. NASDAQ Listing: Our attorney is preparing for the
application to list on NASDAQ National Market System.
We are qualified now, and we should submit it by
December 20th.
§4. WTO And Competition: As I have mentioned before,
we are ready for the challenges from any competitor.
However, we still have a two-year headstart,
considering the slow political process of WTO
approval, the difficulties in finding the right
Chinese partner and the complicated bureaucratic
structure of business licensing. We will dominate the
market before somebody shows up at the door.
§5. Selling Out: I am here to turn Hartcourt into an
Internet empire, not to make a few millions. However,
you might have different goal. I guess if Bill Gates
starts handling out $100-bills, I will be the only one
left in Hartcourt. So let?s be realistic. The Board
will consider any offer which would make sense to the
majority of the shareholders. Right now, it is above
$50. One year from now, maybe $200. And you will make
that decision yourself.
§6. Other matters: The new Webmaster promised that the
new Website will be up and running by Dec. 6th. The
Enova shares must wait for the SEC approval of the
Form 10. The PR campaign will be much stronger in
December and January with the addition of two new
firms, one here and one in Europe. The January 15th
party is still on, no matter what happens with Y2K.
The new girl friend is still being priced at Ebay.
Life is wonderful, and everyday in Hartcourt land is a
Christmas day. We are excited, grateful, studious and
focus.
§December will be the most memorable month for
Hartcourt. Nice guys will finish first.
Sincerely,
Dr. Alan V. Phan
Chairman & CEO
__________________________________________________
Get Your Private, Free Email at www.hotmail.com
