The Hartcourt Companies, Inc. (HRCT) Message Board

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Microcap & Penny Stocks : The Hartcourt Companies, Inc. (HRCT)

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To: funincolo who wrote (1874)	2/13/2001 12:00:47 PM
From: funincolo	Read Replies (1) of 2413

Tuesday, February 13, 2001 BUSINESS ITE sets sights on HK$40m from listing ERIC NG ITE Technology aims to raise up to HK$40.5 million to fund product development and marketing through a Growth Enterprise Market (GEM) listing this month. Sources said the company on Monday began its planned offering of 45 million new shares to institutional investors for between 73 HK cents and 93 HK cents each, to raise between HK$32.85 million and HK$40.5 million. The company provides integration solutions mainly to property developers and universities on their implementation of smart-card technology. Smart cards have electronic components that enable functions such as people-access control, personal identification and payment for products and services. Chief executive Vincent Lau said the company designed its smart-card reading-system software and hardware, but contracted out hardware production to mainland and local manufacturers. It sourced the smart cards from France and Germany. Mr Lau said the company made a net profit of more than HK$1 million on turnover of more than HK$10 million in the year to March 31. Net profit for the five months to August 31 was about HK$8 million while turnover was about HK$16 million. The company's customers included the University of Hong Kong, Chinese University of Hong Kong and Henderson Land Development, Mr Lau said, adding it had signed some contracts for mainland property projects. The institutional offer will close on Thursday and its final price will be set on Friday. The shares' listing debut is expected on February 21.

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