hjw2 : +++HARTCOURT++NEWS++
Company Press Release
Sinobull.com, a Hartcourt Subsidiary Completes Acquisition of 50 Percent of StreamingAsia.com
LOS ANGELES--(BUSINESS WIRE)--April 25, 2000--The Hartcourt Companies Inc. (OTC:HRCT - news; Frankfurt:HCT), www.hartcourt.com, today announced the completion of the acquisition of 50 percent of all outstanding shares of StreamingAsia.com by Sinobull.com.
Hong Kong-based StreamingAsia.com's revenue is expected to exceed $2.5 million in 2000, compared to approximately $900,000 in 1999. Sinobull.com is one of the leading online financial service companies utilizing two portals to access the greater Chinese market. Sinobull.com provides systems for online trading, real time quotes, financial news and data on companies listed on the Shanghai, Shenzhen and Hong Kong Stock Exchanges, chat rooms, E-mail and other services. It has recently been averaging 1.6 million page views daily, with minimal outbound advertising or promotion. As the largest and lead shareholder of Sinobull.com, Hartcourt estimates that it will report about 48% of Sinobull.com's revenues in its consolidated financial statements.
``Our acquisition of StreamingAsia.com will be a strong complement to our already prominent brand position in the Chinese online financial services space,'' said Michael Bianco, Chief Executive Officer of Sinobull.com. ``StreamingAsia's capabilities will supplement the financial information and data that is accessed by the majority of the online audience in greater China, enhancing the suite of services that Sinobull provides. We are delighted to have the StreamingAsia team and their blue chip client list joining Sinobull.com.''
StreamingAsia.com is the leading Internet broadcaster in Hong Kong, providing comprehensive audio and video delivery or ``streaming'' solutions to business, professionals, organizations, Web site owners and content publishers. StreamingAsia.com has a global network of powerful bandwidth with ATM technology connecting streaming servers located across the U.S., Hong Kong and China to ensure fast, high-quality and reliable video and audio Internet broadcasting to audiences worldwide. More information about StreamingAsia.com is available by visiting www.StreamingAsia.com.
Forward looking statements
This news release includes forward looking statements which depend on circumstances which may or may not occur including the performance of the companies now held, the acquisition and performance of new companies and other factors listed in the Company's Form 10K for the period ending December 31, 2000. Changes in these factors could alter the Company's financial performance and future prospects.
The Hartcourt Companies, Inc. is a holding and development Company that is building a network of Internet and telecommunication service companies in The Peoples Republic of China (China), including Hong Kong, in partnership with young Chinese entrepreneurs as well as Chinese government-owned entities. Its mission is to become one of the leading Internet and broadband wireless companies in Asia. Hartcourt and its strategic partners are seeking to build the premier commercial business portal throughout China for stock and other financial instrument trading as well as the dissemination of financial information via the Internet and a nationwide private network. The Sinobull.com platform can also be used as a means of transacting B2B and other commercial online business. Hartcourt is the largest and lead shareholder in Sinobull.com.
A second major Joint Venture with Beijing-based Innostar HiTech Enterprises is preparing to start a national Internet Service Provider and IP phone service in China utilizing satellite for wireless data and voice transmission to computers, mobile phones, Personal Digital Assistants pagers and cable television set-top boxes. Detailed information on Hartcourt can be obtained via the Company's Web site, www.hartcourt.com.
The Financial Relations Board, Inc. serves as financial relations counsel to this company and is acting on the company's behalf in issuing this bulletin and receiving compensation therefor. The information contained herein is furnished for information purposes only and is not to be construed as an offer to buy or sell securities.
The Hartcourt Companies Inc.
Dr. Alan Phan, 310/410-7290
The Financial Relations Board
Morgan Fry (general)
Kristen Kopay (investor/analyst)
Ashley Piggot (media)