No connection...if you would have done real DD you would know that...
"The parties did not open the escrow and have mutually agreed to terminate the agreement immediately."
eSAT, Inc. ("eSAT") - On November 29, 1999, Hartcourt signed a Term Sheet
with eSAT to create a strategic alliance through the exchange of their common
shares to establish a wireless Internet service provider and IP phone network in
China. In a private placement, Hartcourt will purchase 2,000,000 restricted
common shares of eSAT. eSAT will also grant Hartcourt an option to purchase an
additional 2,000,000 restricted common shares of eSAT at the exercise price of
$4.00 per share subject to customary anti-dilution provisions and exercisable
for a three year period. Fully exercised, it will represent 20% ownership in
eSAT. In exchange, Hartcourt will issue 1,000,000 of its restricted common
shares to eSAT. All the shares and options will be placed in an escrow with a
mutually agreed agent. The operation was expected to start in late April 2000.
If by April 30, 2000, eSAT was not able to obtain a satisfactory exclusive
supply contract with the Innostar Joint Venture, either party may void the
agreement, and the escrow agent will be instructed to return the shares and
options to the respective parties. The parties did not open the escrow and have
mutually agreed to terminate the agreement immediately. |
