Hartcourt: Strong Sell -- Phan ist raus

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Hartcourt: Strong Sell -- Phan ist raus Softi

Hartcourt: Strong Sell -- Phan ist raus

Dr. Phan hat seine Flöte eingepackt und Hartcourt verlassen, dazu noch die Insider-Verkäufe der letzten Zeit.

1 + 1 = 2 !! Wer noch drinn ist, nix wie raus !! Wer noch an den Laden glaubt ist unverbesserlich und für den sind 1 + 1 dann 3 !!

Dr. Wallace Ching to Be Hartcourt`s President and CEO; Hartcourt Capital Plans to Launch a China Venture Fund in July 2002
LOS ANGELES, Dec. 11 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: 900009), www.hartcourt.com, announced today that its Board of Directors have selected and appointed Dr. Wallace Ching as President and Chief Executive Officer effective January 1st, 2002. Dr. Ching will replace Dr. Alan Phan whose employment contract will be expired on the same date. Dr. Phan will remain as Hartcourt`s Chairman and Director until his term ends in June 30th, 2002.

Capitalizing on Dr. Ching`s connection with the institutional investors in Hong Kong, Hartcourt Capital Inc., a wholly-owned subsidiary of Hartcourt, is planning to launch a China Venture Fund to fully exploit the opportunities presented by the opening of the China`s financial markets after WTO. Dr. Ching, a well-known expert on Asia`s asset fund management, will also be the CEO of Hartcourt Capital Inc.

Dr. Wallace Ching, a Chartered Financial Analyst, is a graduate of Oxford University in England and obtained his Ph.D. at the University of Pennsylvania in the US. Prior to joining Hartcourt, he was Director of PAMA Group in Hong Kong, the former Asian private equity arm of Prudential Insurance. His experience also includes employment at HSBC (Hong Kong And Shanghai Bank Corp) Private Equity in Hong Kong and Goldman Sachs in New York.

Dr. Phan comments, ``I would like to welcome Dr. Ching to the Hartcourt team. Dr. Ching is the ideal candidate to continue our tradition of success and to take Hartcourt to the next level. His skills and experience with entrepreneurs, technology, and developing businesses match the needs of our companies perfectly. His strong relationships in China and especially with institutional investors provide access to the capital resources and partnership alliances Hartcourt will require to continue our expansion in Greater China, the world`s largest consumer and corporate markets.``

Dr. Ching said, ``I am honored to follow the footsteps of Dr. Phan in leading Hartcourt toward the successful completion of our corporate mission. This is an exciting and rewarding time to be building a business in China. In a market that presents tremendous opportunities, it is my goal to position Hartcourt to capitalize on these opportunities, especially in this post-WTO era. I look forward to the responsibility of guiding Hartcourt and providing our management teams with my experience and commitment, in the ongoing effort to increase shareholder value as we develop the full potential of the Hartcourt organization``

About Dr. Wallace Ching

Dr. Ching holds a Bachelor of Arts degree in engineering science with first class honors from Oxford University, England, and a Ph.D. in computer and information science from the University of Pennsylvania, United States.
A Chartered Financial Analyst
Currently serves as Director of PAMA Group (Hong Kong) Limited, formerly known as Prudential Asset Management Asia Limited, and is in charge of technology-related investment activities. He is responsible for originating, evaluating, structuring and completing private equity and venture capital investment with a technology focus in the Asia Pacific region.
Dr. Ching is also an Assessor of the Small Entrepreneur Research Program (``SERAP``) under the Innovation and Technology commission of the Hong Kong Government.
From 1995 to 1998, Dr. Ching worked for HSBC Private Equity Management Limited as an Associate Director and was responsible for originating, evaluating and executing investment transactions and monitoring investments for regional private equity funds. From 1993 to 1995, Dr. Ching worked for HSBC Asset Management Hong Kong Limited as an Investment Manager. Prior to joining HSBC, he worked for Goldman Sachs & Co. as a fixed income research associate. The HSBC Group is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865. HSBC Holdings PLC is one of the largest banking and financial services organizations in the world with 6,500 offices in 79 countries and territories.
About Hartcourt

The Hartcourt Companies is a holding and development enterprise that is building 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 operative business strategy is designed to facilitate a series of venture divestitures via IPO or public merger in its four main divisions to fully realize the value of these assets for its 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.

For further information please contact: Manu Ohri of The Hartcourt Companies, +1-562-653-0400 Ext 207 Email: mohri@hartcourt.com

SOURCE: The Hartcourt Companies, Inc.

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