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Microcap & Penny Stocks : The Hartcourt Companies, Inc. (HRCT)
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To: Chuck Delo who wrote (146)12/9/1998 7:07:00 AM
From: BAllenP  Read Replies (1) of 2413
 
This is a letter that was forwarded to me. I HAVE NO IDEA IF IT IS AUTHENTIC OR NOT SO DO NOT TAKE AS FACT!

Subj: Slightly edited for your review
Date: 12/7/98 7:22:38 PM US Mountain Standard Time
From:
To: alanhartcourt@hotmail.com

Edited version for you to consider. . .thanks for your trust in me.

We're holding strong. I'm pretty sure the M&M Group just established sponsorship of HRCT enterprises:-).

Dear Shareholders:

First of all, I would like to thank you for your support. It is painful
for me, the owner of 2.8 million shares of HRCT, to see the recent sharp
drop in the market price of our shares. However, it hurts me more to
realize that other people have placed their trust in Hartcourt only to
see their investment depreciate. I am sincerely sorry and take
full responsibility for the loss. Things will get better.
Please understand that the drop in our share price has nothing to
do with the financial or management situation of Hartcourt. We are
stronger financially and better strategically positioned than we were a year ago when our shares were valued at $1.80. Our problem started in October 98, when two HRCT
market makers went out of business and dumped more than 600,000 shares
into the market float. Hartcourt could do nothing to deter this event.
Due to the devaluation of our shares, the management team has decided to drop a few planed acquisitions and a potential financing plan. However, we have come up with a new strategy to re-structure the company so we can grow along with continued market support. We will be moving on the following agenda:

Our first achievement is the merger with Perfect Data (NASDAQ:PERF) with Pego Systems (our subsidiary). The second step will be announced within 2 weeks. Another significant strategy we are implementing is a major re-engineering of
Hartcourt itself and this should be completed by January 15th, 1999. Our new strategy does not guarantee that HRCT's share price will go up to a fair market level, but I am sure that you and the investment community will appreciate our
creativity and forcefulness when it comes to increasing the value of our market shares.

In summary:

We still relentlessly pursue our corporate objective: Growth by acquisition and consolidation. We may have suffered a minor detour by recent
setbacks, but we will reach our goals. If you are a long-term investor,
please stay firm. We are giving it a 120 percent and we will continue to give it 120 percent with each passing day until our objectives are obtained.

Thanks again and best regards,

Dr. Alan V. Phan
Chairman & CEO.
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