SINOBULL.COM AGREED TO ACQUIRE 50 PERCENT OF SHANGHAI
Long Beach, CA. 12/28/99. The Hartcourt Companies,
Inc. (OTC: HRCT) (Frankfurt:HCT), www.hartcourt.com,
today announced that Sinobull.com has agreed to
purchase 50 percent of Guo Mao, a major real-time
financial data provider in Shanghai. Guo Mao
specializes in futures, indexes and commodities data,
which complements the financial information database
of Hua Xia Info. It will give Sinobull.com a distinct
edge over any competitive financial portal in China.
Guo Mao has 83 employees and uses the satellite
network service established by Shanghai VSAT to
transmit data. It owners include Shanghai VSAT and
Shanghai Hua Xia Computer Service. Guo Mao has 8
offices in major cities in China.
Dr. Alan Phan, Chairman & CEO of Hartcourt, said,
"With the announcement of a major American partner in
January 2000, the big picture of Sinobull.com is
complete. I hate to boast, but it is awesome to have
such powerful partners with such a dominant market
position in what will be the worlds second biggest
financial market in 10 years. As soon as Ernst & Young
completes our business plan, the underwriting
agreement of the IPO of Sinobull.com will be signed. I
could not think of any Internet company in China or
Asia having a potential of this magnitude. Hartcourts
acquisition strategy is paying its dividends."
On December 18th, 1999, Hartcourt announced that
Sinobull.com has signed an agreement to purchase 40
percent of Shangdi Network, part-owner of Hua Xia
Info, the premier financial data provider of China.
Thanks to its number-one brand name in China stock
market, Hua Xia Info will make Sinobull.com a
household name among Chinese investors.
Certain statements in this news release may constitute
"forward looking" statements within the meaning of
Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements involve risks,
uncertainties and other factors, which may cause the
actual results, performance or achievement expressed
or implied by such forward-looking statements to
differ materially from the forward-looking statements.