HARTCOURT++ NEWS++ ENGLISH
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LOS ANGELES--(BUSINESS WIRE)--May 9, 2000--
Will Work With China Law, Which Has Received Sole License
to Put Chinese High Court Decisions On the Internet
The Hartcourt Companies Inc. (OTC:HRCT) (Frankfurt:HCT), www.hartcourt.com, today announced it has been selected by China Law Corp. to develop Internet access to the decisions of China's People's Supreme Court.
Hartcourt said it has agreed to become a major strategic partner of China Law. Hartcourt's principal role will be to assist China Law in establishing a powerful Internet presence and to make China Law's information available through Hartcourt's Internet sites, which include Sinobull.com, a comprehensive financial Web site which is 48% owned by Hartcourt.
"This is a major step to enhance the transparency and accessibility of high court decisions from the People's Republic of China," according to Dr. Alan Phan, Hartcourt chairman and chief executive officer.
"This should be particularly helpful to the government of China in seeking to comply with the new standards established by the World Trade Organization. For Hartcourt, itself, we are hopeful that our relationship with China Law will be a meaningful contributor to future earnings beginning next year, although it is too early to estimate the nature or scope of that contribution."
On May 1, China Law Corp. announced an agreement with the Supreme People's Court in the People's Republic of China (PRC) to obtain the rights of online publication of the court cases and judicial interpretation of the Supreme People's Court of the PRC.
The agreement provides China Law Corp. with both the exclusive publication rights of the court cases and judicial interpretation of the Supreme People's Court of the PRC on the Internet and the sole authority in translating the court cases and judicial interpretation into foreign languages for the duration of 15 years.
During this 15-year period, China Law Corp. is also empowered to publish the court cases and judicial interpretation in printed medium, videos, VCDs, cassette tapes in both the PRC and other countries all over the world.
Allan Yuen, China Law Corp.'s chief executive officer: said, "We are greatly honored to have obtained the exclusive online publication rights as this is the first time the Supreme People's Court in the PRC has granted such rights to an independent commercial entity.
"There have been vast market demands for access to the PRC's legal information around the globe, particularly as many foreign enterprises are investing and exploring opportunities in the PRC. We therefore believe the operation will immediately be of great use, and we plan to be up quickly and operating at full speed."
The Supreme People's Court is the highest legal authority for jurisdiction in the PRC. In the past, its reported cases were published only in Chinese and only in a small volume within the country. There were no frequent updates and the latest edition could be traced back to 1992.
However, with the PRC's imminent entry to the WTO, the transparency and accessibility of law has become increasingly important. The PRC government has made great determination in public education of the law as illustrated by placing the modernization of law on the fifth agenda of the national policy.
Under the circumstances, the court judgment, which carries highly persuasive value in the law interpretation, becomes an important means for both the PRC's nationals and foreigners to comprehend PRC law.
China Law Corp., incorporated in the British Virgin Islands, was set up with an aim of operating a Web site dedicated to providing information and service relating to PRC law. Now that the company has secured the respective exclusive publication rights from the Supreme People's Court of the PRC, the Web site is expected to be launched in about 3 months.
China Law Council is the company's expert adviser, which is an organization registered in Hong Kong specializing in providing judicial training for the PRC.
The Hartcourt Companies Inc. 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 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.
It recently participated in the launch of a comprehensive financial Web site portal called Sinobull.com, which is currently averaging 1.6 million page views per day. Sinobull was developed to deliver real-time quotes, charts, research and analysis as well as other collateral information regarding stocks, bonds, currencies and commodities trading on Chinese and other Asian-based markets.
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, PDAs, 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.
This news release includes forward-looking statements that depend on circumstances that 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 Dec. 31, 2000. Changes in these factors could alter the company's financial performance and future prospects.
Hartcourt Companies Inc.
Jack Westfield, 310/410-7290
The Financial Relations Board
Morgan Fry, General Information
Kristen Kopay, Investor/Analyst Contact
Ashley Piggot, Media Contact