NEWS - ANOTHER ACQUISITION
For Immediate Release
Contact: Jack Westfield, Vice President
Hartcourt Subsidiary Acquires 100% Interest of LogicSpace Ltd., A Leading Web
Move is the latest strategic enhancement to SinoBull Group’s Internet business model for
Los Angeles, CA. 05/30/00 -- The Hartcourt Companies, Inc. (OTC: HRCT; Frankfurt:
HCT), www.hartcourt.com, today announced that its SinoBull subsidiary, in conjunction
with its acquisition of StreamingAsia.com, has completed the 100% acquisition of
LogicSpace Ltd. www.logicspace.com, a leading web solutions company now based in
LogicSpace Ltd. is an Internet consulting and web application development company that
provides a wide range of Internet services, including web page design, system
architecture and solution implementation. StreamingAsia & LogicSpace have delivered
high quality integrated web services to an impressive list of clients, including The Stock
Exchange of Hong Kong, The Securities and Futures Commission of Hong Kong, PSINet
Hong Kong (NASDAQ: PSIX), and E!Online Asia, in addition to building out a powerful
financial web portal for Sinobull.com that is currently averaging 1.9 million daily page
views from the Chinese market. Hartcourt owns about 48% of SinoBull.
Patrick Kwan, President of StreamingAsia.com, said, "StreamingAsia and LogicSpace
are a great match. LogicSpace will help us to provide greater value to clients needing
Chinese-language web solutions, and the latest cutting-edge technology, particularly
Wireless Application Protocol (WAP) product development."
Dr. Alan Phan, Chairman and CEO of Hartcourt commented, "We are thrilled to be in a
position to offer our services to prestigious organizations like those mentioned above
and to all of the clients that rely on our companies to provide technical solutions to today’s
e-business needs. We believe this union is a natural fit, as the teams at both SinoBull and
StreamingAsia have worked very well with LogicSpace to deliver quality products and
solutions. This is a continuing effort to further develop SinoBull into a leading provider of
Information Technologies infrastructure in Asia.
About LogicSpace Ltd.
LogicSpace was founded in 1997 in the heart of the Silicon Valley - San Jose, California,
USA. With years of experience in inter-networking and software development,
LogicSpace offers strategic business solutions that enable companies to achieve
success in doing business on the Internet. Services include a full range of Internet
integration, web-based wireless application design and "know-how" implementation.
In June 1999, it became a pioneer in integrated B2B and B2C website development in
Hong Kong, featuring (WAP) portal development. LogicSpace adds to StreamingAsia's
strong corporate focus with web portal solutions and online marketing services for clients.
StreamingAsia and LogicSpace together have served many leading corporations and
organizations. A partial client list includes the following:
- AsiaMix (www.asiamix.com), "The best music online in Asia".
- BMExchange (in development), B2B E-commerce Company serving the China
market for building material exchange and construction projects.
- Cable & Satellite Broadcasting Association of Asia (www.casbaa.org), the leading
non-profit trade organization representing over 120 Asia-based corporations.
- Cellstar Asia Corp (NASDAQ: CLST) (www.cellstarasia.com), a leading Asia wireless
communications and WAP portal company.
- GoldPeak Holdings Ltd. (www.eei-x.com), the first B2B exchange serving the
electronics and electrical industries in Asia with full logistic support.
- Cyber Daily (www.hkcyber.com), daily online newspaper in Hong Kong.
- E! Online Tricast (HK) Ltd. (www.hongkong.eonline.com), E! Online's international
content-partnership managing exclusive distribution rights for all E! Online content in
- Hong Kong Commercial Broadcasting Co., Ltd. (CRHK) (www.crhk.com.hk)
- Hong Kong District Councils Election Online www.logicspace.com/metro), providing
real-time polling results for each Hong Kong district, listing candidate information and
- iAsiaWorks (www.iasiaworks.com), a leading pan-Asian Internet solutions enabler.
- iMerchants Ltd. (www.imerchants.com), a pioneer and leader in providing electronic
commerce solutions to businesses in Hong Kong and other Asian markets.
- iSteelAsia (www.isteelasia.com), the ultimate steel E-commerce network in Asia.
- PSINet Hong Kong Ltd. (www.psinet.com.hk), a wholly owned subsidiary of PSINet Inc.
(NASDAQ: PSIX), the Internet super carrier.
- MetroRadio Broadcasting Ltd. (www.metroradio.com.hk), a leading radio media
company in Hong Kong.
- The Securities and Futures Commission of Hong Kong (www.hksfc.org.hk)
- The Stock Exchange of Hong Kong (www.sehk.com.hk)
- South China Morning Post (www.scmp.com), Hong Kong's leading English language
newspaper since 1903.
StreamingAsia (www.streamingasia.com) provides content publishers web portals with
services for the delivery of "streaming" or live and on-demand video and audio content
over the Internet. StreamingAsia is a wholly owned subsidiary of SinoBull Group and is
responsible for the
design, operation and maintenance of SinoBull Group's Web site.
The Hartcourt Companies is a holding and development company that is building a
network of Internet and telecommunication service companies in The People's Republic
of China (China), including Hong Kong, in partnership with Chinese entrepreneurs as well
as Chinese government-owned entities. Its mission is to become one of the leading
broadband applications infrastructure providers in Asia, including the development of
broadband networks and vertical market focused content for broadband and wireless
applications. Detailed information on Hartcourt and its major subsidiary SinoBull, which
has developed a financial services web portal and a platform
providing secure online stock trading for major brokerage firms in China may be
obtained via the company’s web site, www.hartcourt.com.
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.
Contact: At Hartcourt
Jack Westfield, Vice President