One of many things, his POS joke acquisitions. Go to that lame site DDinvestor.com and read the chat on that site.
We have copies in case they poof it....just pm me. Or here is a blatant example:"
Author
Topic: Dr. Phan Update Letter 12/2/99
BigT
Administrator
posted 12-03-99 12:38 AM
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" |
