HRCT immernoch brandheiß !
UBDM : HRCT immernoch brandheiß !
Hartcourt Signed Agreement for $25 Million Equity Line Funding
LOS ANGELES--(BUSINESS WIRE)--Nov. 15, 1999--The Hartcourt Companies, Inc. (OTCBB:HRCT - news) announced today that it has signed an agreement for a $25 million equity line funding with Swartz Private Equity, LLC of Atlanta.
The financial agreement calls for a private equity line for the purchase of common stock, subject to registration and certain other conditions and limited to a percentage of dollar trading volume. The financial agreement will help satisfy working capital requirements of Hartcourt for the year 2000 and will enable Hartcourt to make additional acquisitions of strategic Internet related operations.
Hartcourt's mission is to become the leading Internet company in Asia. During 1999, Hartcourt has acquired 58 percent of Financial Telecom Limited (FTL), the leading financial data bank of Hong Kong and 50 percent of UAC Online Stock Trading, the first and only E-Trade of China. UAC and FTL are expected to merge with three other strategic partners to create the premier financial portal in Chinese Internet. The new entity is expected to do an IPO as early as second quarter of the year 2000.
Hartcourt has also signed a Joint Venture agreement with Innostar Hi-Tech of Beijing to create the first national network of wireless ISP and IP phone service. The operation will utilize the bi-directional KU bands of a Chinese satellite to connect high-density buildings, offices, colleges and hotels in China.
Swartz Private Equity, LLC is an investment entity focused on equity investments in Internet and other high technology companies.
Dr. Alan Phan, Chairman and CEO of Hartcourt, said, ``We set our goal to be the leading Internet company in China by the year 2000. We acquired two successful and unique Internet operations, UAC and FTL, with projected income of $5.5 million in 2000. Now we have the financing to back up our commitments. We have done the impossible and we have obtained more results than expected. This is one of the finest moments in our company history.''
Eric Swartz, President of Swartz Private Equity, commented, ``We believe that Hartcourt has good potential to realize its goal of being the premier Internet company in Asia. With their recent acquisitions in China, we recognize their potential and are very pleased to be a part of this unique process.''
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 statement.
Alan V. Phan, 562/426-9796