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Wednesday December 8, 3:43 pm Eastern Time
Company Press Release
Hartcourt Will Have a New Board of Directors
LOS ANGELES--(BUSINESS WIRE)--Dec. 8, 1999--The Hartcourt Companies Inc. (OTCBB:HRCT - news; Frankfurt:HCT), www.hartcourt.com, today announced that Fred G. Luke and John Lawver, directors of Hartcourt have resigned from their positions, effective immediately.  

Luke and Lawver stated that there is no disagreement between themselves and the management of the company relating to the company's operations, policies and practices.  

Dr. Alan Phan, chairman and chief executive officer of Hartcourt, said: ``Hartcourt has moved into the position to become a major global Internet company in the very near future. We need new talents, fresh bloods and creative genius to march forward to complete our mission.  

``By January, we shall have a new board of directors composing of well-known business titans and Internet gurus. I am excited at the opportunity to work with these giants in the industry.''  

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.

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