Sinobull.com Engaged Ernst & Young for IPO Business Plan
MONDAY, DECEMBER 13, 1999 6:08 PM
LOS ANGELES, Dec 13, 1999 (BUSINESS WIRE) -- The Hartcourt Companies Inc.
(OTC:HRCT)(Frankfurt:HCT),www.hartcourt.com, today announced that
Sinobull.com has engaged the international accounting and consulting firm,
Ernst & Young, to prepare an Information Memorandum required by the IPO
underwriter and legal authorities.
The business plan is expected to be completed by the end of January 2000.
Sinobull.com is the holding company that controls UAC Online Stock Trading
and Financial Telecom Ltd. Sinobull.com is acquiring 3 other Internet
operations, including 50 percent of StreamingAsia.com, to create a premier
financial portal and service company in Chinese Internet. Sinobull.com is
planning for an IPO during the first quarter of 2000. Major American and
Chinese strategic partners are expected to join Sinobull.com in the IPO.
Hartcourt's mission is to become the leading Internet company in Asia.
Besides the Sinobull.com project, Hartcourt is also a Joint Venture partner
with Innostar Hi-Tech of Beijing to create the first and only wireless ISP
network throughout China via a Chinese satellite. The operation is expected
to start around March 2000.
Dr. Alan Phan, Chairman & CEO of Hartcourt, said: "We are determined to work
only with the best. Ernst & Young is the logical choice. We are proceeding
on schedule regarding the IPO. The year 2000 should be an exciting year for
Hartcourt shareholders. We worked hard in 1999, and 2000 will be the year of
reaping the fruits of our labor."