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Microcap & Penny Stocks : The Hartcourt Companies, Inc. (HRCT) -- Ignore unavailable to you. Want to Upgrade?

To: fortitude who wrote (208)	5/3/1999 7:03:00 AM
From: Slobeat	Respond to of 2413

OK, here's the article in case someone can't find it. Slow. Monday May 3 12:36 AM ET China's Infohighway Seeking Foreign Cash BEIJING (Reuters) - China Infohighway Communications Co, an Internet service provider (ISP), is seeking foreign investment as an initial step toward an overseas listing, the Business Weekly of the China Daily reported Sunday. The company was negotiating with two foreign firms on ''capital injection'' and an agreement on that was likely to be inked this year, the newspaper quoted Infohighway general manager Yu Gan as saying. Yu did not identify the two foreign companies but denied recent reports that it had agreed to choose U.S.-based Hartcourt Cos Inc as the foreign investor. In March, Hartcourt said it agreed to buy a 90 percent interest in Infohighway, a joint venture between the government and a private Chinese telecommunications company. But Hartcourt said the deal with Infohighway was subject to certain conditions and it would conduct an independent valuation of the Chinese company to give it a valuation of more than $80 million. ''It's groundless and we have never reached such an agreement,'' Yu was quoted as saying. He gave no details on the capital injection plan. The newspaper said a foreign investment deal would be Infohighway's first step toward going public. ''As Internet-related companies set records in the U.S. stock markets, China's fledgling Internet service and content providers are also dreaming of making fortunes from being listed,'' the newspaper said. Infohighway, set up in 1995, had more than 80,000 Internet customers and 200,000 information subscribers, the newspaper said. Earlier reports said it had about $16 million in revenues in 1998. China's ISPs were hurt by funding shortages, and most were unable to turn a profit due to high charges by state-owned giant China Telecom, the newspaper said. Infohighway and China Telecom agreed this month to jointly conduct Internet access business in an effort to reduce the cost of line leasing, controlled by the state company, the newspaper said. It quoted Yu as saying Infohighway would launch an ''Individual Room'' scheme this week to provide free services for establishing personal websites. Infohighway charged 1,000 yuan ($120) for opening a website for a company, the newspaper said. The company underwent a leadership reshuffle last year, when former general manager Zhang Shuxin resigned with more than 10 top company officials, it said, but provided no explanation for the resignations. ($1.0 - 8.28 yuan)