Global Telephone Communication Inc. -- GTCI -- To Acquire Sinobull Financial Group From Hartcourt and Terminates Negotiations for Acquisition of Apollo.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 2, 2001 Global Telephone Communication, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GTCI GTCI Gopher Tortoise Conservation Initiative ), today announced that it has signed an agreement to acquire 100 percent of Sinobull Financial Group from The Hartcourt Companies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :HRCT HRCT high-resolution computed tomography. ) through a share exchange. The assets of Sinobull Financial Group include: -- Financial Telecom Ltd (FTL), an 18-year old provider of financial data and information to banks and brokerage houses, located in Hong Kong. FTL is also a majority shareholder of Fintel Wireless Ltd, a financial paging network and wireless data operator; -- Hopeful Internet Technologies Ltd, owner of Sinobull Information Company (formerly known as Guo Mao) a 5-year old financial data and information provider to banks and brokerage houses, located in Shanghai, China; -- Tiandi Hulian Technologies Ltd, owner of the most popular financial portal in China, www.sinobull.com; -- HC Financial TV Channel Ltd, a Shanghai-based TV production company with plan to launch a Financial TV channel in 2002. Details of the transaction will be disclosed in Form 8K to be filed shortly. Terry Wong, chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , of GTCI, said, "We are happy to merge with Sinobull Financial Group, considering the top information and data provider in Hong Kong and China. Their operation is well-established, their assets and market position are valuable in view of the coming WTO See World Trade Organization. approval for China. This is a very positive development to increase shareholders' value for GTCI." On April 12, 2001, GTCI signed a letter of Intent to acquire Apollo Communications International Corporation (Apollo). After completion of its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , the board of directors of GTCI did not approve the merger with Apollo due to unsatisfactory valuation. About Hartcourt The Hartcourt Companies is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture divestitures via IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. or public merger to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company's Web site: www.hartcourt.com. About The Sinobull Financial Group Sinobull Financial Group is a financial data provider and technology developer and the owner of the popular financial portal Financial Portal A website that provides a variety of financial data and information, acting as an information hub for clients who are individual investors requiring timely financial news and data to make their investment decisions. , Sinobull.com. Together with all subsidiaries and affiliates of Sinobull Financial Group, Hartcourt and its strategic partners are providing news, data and analysis to the business community and media outlets; real-time pricing, historical pricing, indicative data, analytics and electronic communications. Existing and potential clients include; China's investment institutions, commercial banks, government offices and agencies, corporations, and news/media organizations. Forward-looking statements This press release contains forward-looking statements that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, but not limited to, factors detailed in GTCI's filings with the Securities and Exchange Commission including recent filings of Forms 10-K and 10-Q. The forward-looking statements should be considered in light of these risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. GTCI undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by GTCI or any other person that the events or circumstances described in such statement are material. |
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