Press Release
SOURCE: The Hartcourt Companies, Inc.
Hartcourt Announces Annual Results for 2000;
Company Believes China Assets Continue to be
Attractive Investments
LOS ANGELES, April 2 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin
Board: HRCT - news; Frankfurt: HCT), www.hartcourt.com today announced its annual
results for fiscal year 2000.
Revenues in 2000 were $1,531,339 compared to $378,677 reported in 1999. On a fully diluted
basis, the company reported a net loss in 2000 of $6,790,879 equal to 11 cents per share versus
a net loss in 1999 of $7,862,468 equal to 20 cents per share. As of December 31, 2000
Hartcourt had 59,486,747 shares outstanding compared to 39,405,356 shares outstanding as of
December 31, 1999.
Mr. Manu Ohri, Hartcourt`s Chief Financial Officer stated, ``Because of various investment
banking activities that the company was negotiating during the fourth quarter, we could not
consolidate the statements of operations of any additional revenue generating holdings in
Greater China prior to closing the books for fiscal year 2000. Had this additional revenue been
available, Hartcourt would have reported significantly higher sales figures.``
``I also would like to point out that approximately $3,700,000 of the stated losses for 2000 were
from non-recurring events. These events primarily include the write down of $2,500,000 of
marketable securities the company acquired in GoCall Inc. in 1999, and the write-off a note
receivable from an unrelated entity in the amount of $225,000,`` said Ohri.
Hartcourt CEO, Dr. Charlie Q. Yang stated, ``It is important to point out that in contrast with
the United States, Japan and other countries, China`s GNP is expected to grow at a 7% pace in
2001. All Hartcourt subsidiaries and strategic holdings in Greater China have substantial cash
on hand and incur relatively small operating costs from their activities. We believe that they
have sufficient cash flow from current operations to not only sustain these activities, but to
assist in near term growth as well.
``Additionally, it`s encouraging to see China`s securities markets continue to perform
significantly better than other major world markets. In this type of investment climate, it is
reasonable to believe that the business ventures Hartcourt is pursuing in China will continue to
be attractive to outside investment.``
About Hartcourt
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. Hartcourt`s business goal over the next three years is to complete a series of IPOs or
spin-offs focused on four main divisions: StreamingAsia, the streaming content (video/audio) web-casting and web hosting leader
in Hong Kong; SinoBull Financial Group, the multi-media financial data provider and online securities trading platform; the
Broadband ISP and Internet Infrastructure Group; and Hartcourt Capital Inc., the E-Finance transactions platform offering online
banking, securities, insurance, equipment leasing, credit, and B2B transaction settlements. Detailed information on Hartcourt can
be obtained via the company`s Web site: www.hartcourt.com.
Forward-looking statements
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.
SOURCE: The Hartcourt Companies, Inc.
SOURCE: The Hartcourt Companies, Inc.
Hartcourt Announces Annual Results for 2000;
Company Believes China Assets Continue to be
Attractive Investments
LOS ANGELES, April 2 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin
Board: HRCT - news; Frankfurt: HCT), www.hartcourt.com today announced its annual
results for fiscal year 2000.
Revenues in 2000 were $1,531,339 compared to $378,677 reported in 1999. On a fully diluted
basis, the company reported a net loss in 2000 of $6,790,879 equal to 11 cents per share versus
a net loss in 1999 of $7,862,468 equal to 20 cents per share. As of December 31, 2000
Hartcourt had 59,486,747 shares outstanding compared to 39,405,356 shares outstanding as of
December 31, 1999.
Mr. Manu Ohri, Hartcourt`s Chief Financial Officer stated, ``Because of various investment
banking activities that the company was negotiating during the fourth quarter, we could not
consolidate the statements of operations of any additional revenue generating holdings in
Greater China prior to closing the books for fiscal year 2000. Had this additional revenue been
available, Hartcourt would have reported significantly higher sales figures.``
``I also would like to point out that approximately $3,700,000 of the stated losses for 2000 were
from non-recurring events. These events primarily include the write down of $2,500,000 of
marketable securities the company acquired in GoCall Inc. in 1999, and the write-off a note
receivable from an unrelated entity in the amount of $225,000,`` said Ohri.
Hartcourt CEO, Dr. Charlie Q. Yang stated, ``It is important to point out that in contrast with
the United States, Japan and other countries, China`s GNP is expected to grow at a 7% pace in
2001. All Hartcourt subsidiaries and strategic holdings in Greater China have substantial cash
on hand and incur relatively small operating costs from their activities. We believe that they
have sufficient cash flow from current operations to not only sustain these activities, but to
assist in near term growth as well.
``Additionally, it`s encouraging to see China`s securities markets continue to perform
significantly better than other major world markets. In this type of investment climate, it is
reasonable to believe that the business ventures Hartcourt is pursuing in China will continue to
be attractive to outside investment.``
About Hartcourt
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. Hartcourt`s business goal over the next three years is to complete a series of IPOs or
spin-offs focused on four main divisions: StreamingAsia, the streaming content (video/audio) web-casting and web hosting leader
in Hong Kong; SinoBull Financial Group, the multi-media financial data provider and online securities trading platform; the
Broadband ISP and Internet Infrastructure Group; and Hartcourt Capital Inc., the E-Finance transactions platform offering online
banking, securities, insurance, equipment leasing, credit, and B2B transaction settlements. Detailed information on Hartcourt can
be obtained via the company`s Web site: www.hartcourt.com.
Forward-looking statements
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.
SOURCE: The Hartcourt Companies, Inc.
