Hartcourt to Exceed Third Quarter 2001 Revenue Estimates; Company Announces Significant Increase in Q4 Numbers
LOS ANGELES, Oct 29, 2001 /PRNewswire via COMTEX/ -- The Hartcourt Companies,
Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com, a holding
and development enterprise building a broad network of internet, media, and
telecommunication companies in Greater China, provided today an update on
financial guidance for the third and fourth quarter 2001 in accordance with SEC
Regulation FD.
Hartcourt raises revenue estimates for the third quarter to 3.8 million from 3.2
to 3.5 targeted on July 20 2001. Hartcourt is also significantly raising
guidance for fourth quarter revenues to between $4.7 and $5.0 million on
continuing operations, a 25% quarter over quarter increase.
In addition to revenue increases, Hartcourt expects decreasing operational
expenses and increasing margins to result in a further drop in net loss over the
next 2 quarters as they approach profitability throughout the organization.
Subsidiaries ElephantTalk, Sinobull Information, FTL and HC Financial TV are
estimated to breakeven or record profits in fourth quarter 2001. Other
subsidiaries most affected by the adverse economic conditions, are currently
experiencing a ramp up in business and expect to have clear visibility in early
2002.
Mr. Manu Ohri, Chief Financial Officer of Hartcourt, commented: "To be
surpassing our revenue projections and producing profitable businesses during
this time of global economic slowdown is extremely encouraging. We are now
expecting another dramatic improvement in our revenues for the fourth quarter.
Most companies would be very pleased to be recording 20% year over year revenue
increases, we are currently exceeding this goal quarter to quarter. While our
ElephantTalk subsidiary is responsible for the largest revenue upside we are
experiencing growth across our entire organization in spite of a very
challenging business environment. Perhaps the most exciting aspect is the
acquisitions and new division formations are beginning to respond the way we
intended before the slowdown began; there are new contracts in negotiation,
expanding business relationships between divisions, and a constant flow of new
proposals and ventures from companies interested in doing business in Greater
China. Our strong operational performance in combination with China's pending
entry into the WTO, and anticipated economic growth in China's domestic market,
provides an optimal environment for the public listing of our divisions in
2002."
Hartcourt companies, ElephantTalk (OTC Bulletin Board: SRUN) and the Sinobull
Group (OTC Bulletin Board: GTCI), will become publicly listed through reverse
mergers by year end as previously announced. Subsidiary AI-Asia is also
scheduled to be taken public afterwards, while the E-Education division will
remain within Hartcourt.
About The Hartcourt Companies.
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 business strategy is to facilitate
a series of venture divestitures via IPO 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 ElephantTalk
Based in Hong Kong, ElephantTalk is one of the leading international long-
distance service providers to Hong Kong and portions of China. Established in
1995, it holds a number of licenses including US FCC 214, HK ETS and ISP PNETS
allowing it to provide voice, data transmission like IDD, pre-paid calling card
and ISP services. Its customers include major telecom carriers based in the U.S.
and Hong Kong. Additional information regarding ElephantTalk can be found at
www.elephanttalk.com.
About Sinobull Group
Sinobull Group is a financial data provider and technology developer. Sinobull's
operating companies include: Shanghai Sinobull Information Company Ltd.
(formerly Guo Mao Science & Technology), Sinobull Network Technology (formerly
Shangdi Networks), Financial Telecom Ltd, Fintel Wireless Ltd., Ton Bo software,
HCTV Financial TV channel Ltd. and Sinobull Magazine Ltd. Sinobull.com is a
financial information and stock trading website complementing Sinobull Group's
product and service offerings. The companies in the Group are now capable of
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. Details on Sinobull Financial Group could be found
at www.sinobullfinancial.com.
About AI-Asia
AI-Asia Inc. is a holding company created by Hartcourt to acquire assets and
companies in the multi-media technology and services sector, especially video
streaming on the Web. Companies in AI-Asia are providing their clientele with a
comprehensive range of internet enabling solutions, preparing them to
participate in the rapidly emerging streaming and broadband communications
revolution in Greater China. AI-Asia includes subsidiaries Streaming Asia, Logic
Space, V2 Technology and Renew Logistics.
About E-education
This program has been formulated as a joint effort of Hartcourt, California
State University at Fullerton and Northern JiaoTong University of Beijing. The
E-Education program is designed as an expanding multi-discipline program that
initially features American-standard Management and IT courses for China's
entrepreneurs.
Forward-looking statements
This press release contains forward-looking statements that are made pursuant to
the safe harbor provisions of The Private Securities Litigation Reform Act 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 Hartcourt'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.
Hartcourt 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 Hartcourt or
any other person that the events or circumstances described in such statement
are material.
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SOURCE The Hartcourt Companies, Inc.
CONTACT: Mr. Manu Ohri, CFO of the Hartcourt Companies, Inc.,
+1-310-410-7290 ext. 207
URL: www.elephanttalk.com
www.sinobullfinancial.com
www.hartcourt.com
www.prnewswire.com
Copyright (C) 2001 PR Newswire. All rights reserved.
LOS ANGELES, Oct 29, 2001 /PRNewswire via COMTEX/ -- The Hartcourt Companies,
Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com, a holding
and development enterprise building a broad network of internet, media, and
telecommunication companies in Greater China, provided today an update on
financial guidance for the third and fourth quarter 2001 in accordance with SEC
Regulation FD.
Hartcourt raises revenue estimates for the third quarter to 3.8 million from 3.2
to 3.5 targeted on July 20 2001. Hartcourt is also significantly raising
guidance for fourth quarter revenues to between $4.7 and $5.0 million on
continuing operations, a 25% quarter over quarter increase.
In addition to revenue increases, Hartcourt expects decreasing operational
expenses and increasing margins to result in a further drop in net loss over the
next 2 quarters as they approach profitability throughout the organization.
Subsidiaries ElephantTalk, Sinobull Information, FTL and HC Financial TV are
estimated to breakeven or record profits in fourth quarter 2001. Other
subsidiaries most affected by the adverse economic conditions, are currently
experiencing a ramp up in business and expect to have clear visibility in early
2002.
Mr. Manu Ohri, Chief Financial Officer of Hartcourt, commented: "To be
surpassing our revenue projections and producing profitable businesses during
this time of global economic slowdown is extremely encouraging. We are now
expecting another dramatic improvement in our revenues for the fourth quarter.
Most companies would be very pleased to be recording 20% year over year revenue
increases, we are currently exceeding this goal quarter to quarter. While our
ElephantTalk subsidiary is responsible for the largest revenue upside we are
experiencing growth across our entire organization in spite of a very
challenging business environment. Perhaps the most exciting aspect is the
acquisitions and new division formations are beginning to respond the way we
intended before the slowdown began; there are new contracts in negotiation,
expanding business relationships between divisions, and a constant flow of new
proposals and ventures from companies interested in doing business in Greater
China. Our strong operational performance in combination with China's pending
entry into the WTO, and anticipated economic growth in China's domestic market,
provides an optimal environment for the public listing of our divisions in
2002."
Hartcourt companies, ElephantTalk (OTC Bulletin Board: SRUN) and the Sinobull
Group (OTC Bulletin Board: GTCI), will become publicly listed through reverse
mergers by year end as previously announced. Subsidiary AI-Asia is also
scheduled to be taken public afterwards, while the E-Education division will
remain within Hartcourt.
About The Hartcourt Companies.
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 business strategy is to facilitate
a series of venture divestitures via IPO 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 ElephantTalk
Based in Hong Kong, ElephantTalk is one of the leading international long-
distance service providers to Hong Kong and portions of China. Established in
1995, it holds a number of licenses including US FCC 214, HK ETS and ISP PNETS
allowing it to provide voice, data transmission like IDD, pre-paid calling card
and ISP services. Its customers include major telecom carriers based in the U.S.
and Hong Kong. Additional information regarding ElephantTalk can be found at
www.elephanttalk.com.
About Sinobull Group
Sinobull Group is a financial data provider and technology developer. Sinobull's
operating companies include: Shanghai Sinobull Information Company Ltd.
(formerly Guo Mao Science & Technology), Sinobull Network Technology (formerly
Shangdi Networks), Financial Telecom Ltd, Fintel Wireless Ltd., Ton Bo software,
HCTV Financial TV channel Ltd. and Sinobull Magazine Ltd. Sinobull.com is a
financial information and stock trading website complementing Sinobull Group's
product and service offerings. The companies in the Group are now capable of
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. Details on Sinobull Financial Group could be found
at www.sinobullfinancial.com.
About AI-Asia
AI-Asia Inc. is a holding company created by Hartcourt to acquire assets and
companies in the multi-media technology and services sector, especially video
streaming on the Web. Companies in AI-Asia are providing their clientele with a
comprehensive range of internet enabling solutions, preparing them to
participate in the rapidly emerging streaming and broadband communications
revolution in Greater China. AI-Asia includes subsidiaries Streaming Asia, Logic
Space, V2 Technology and Renew Logistics.
About E-education
This program has been formulated as a joint effort of Hartcourt, California
State University at Fullerton and Northern JiaoTong University of Beijing. The
E-Education program is designed as an expanding multi-discipline program that
initially features American-standard Management and IT courses for China's
entrepreneurs.
Forward-looking statements
This press release contains forward-looking statements that are made pursuant to
the safe harbor provisions of The Private Securities Litigation Reform Act 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 Hartcourt'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.
Hartcourt 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 Hartcourt or
any other person that the events or circumstances described in such statement
are material.
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com/prn/11690X16588607
SOURCE The Hartcourt Companies, Inc.
CONTACT: Mr. Manu Ohri, CFO of the Hartcourt Companies, Inc.,
+1-310-410-7290 ext. 207
URL: www.elephanttalk.com
www.sinobullfinancial.com
www.hartcourt.com
www.prnewswire.com
Copyright (C) 2001 PR Newswire. All rights reserved.
