LOS ANGELES, Feb. 8 /PRNewswire/ -- The Hartcourt Companies, Inc.
(OTC Bulletin Board: HRCT; Frankfurt: HCT)(www.hartcourt.com) announced today
that it has appointed Weinberg & Company, P.A., as the company's independent
certified public accountants.
Mr. Manu Ohri, Hartcourt's Chief Financial Officer stated, "Weinberg & Co.
is a highly regarded accounting firm that provides professional services to a
wide variety of publicly traded companies. Based upon the size and scope of
Hartcourt's on-going activities, we believe that Weinberg is well suited to
provide accounting and auditing services to Hartcourt in the U.S. and Asia.
We are confident that Weinberg will be able to complete the audit of Hartcourt
on time and assist in filing all required regulatory reports within the
prescribed time period.
"While I was in Hong Kong last week, I had the opportunity to meet with
the management teams of Hartcourt's major affiliates and other professionals
where we reviewed their objectives for the current year. Based upon those
meetings, I am very optimistic that Hartcourt can meet the objectives of its
previously stated 2001 business plan. The Company remains focused on those
issues that are of the greatest importance to enhancing shareholder value."

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 goals over the next three years is to complete a series
of IPOs or spin-offs focused on four main divisions: the streaming content
group (video/audio) currently the leading 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.
-0- 02/08/2001
/CONTACT: Jack Westfield, Vice President, Corporate Finance of The
Hartcourt Companies, Inc., 310-410-7290, JWestfield@Hartcourt.com/
/Web site: http://www.hartcourt.com/
(HRCT)

CO: Hartcourt Companies, Inc.; Weinberg & Company, P.A.
ST: California
IN: MLM TLS FIN
SU:
 

 

Hartcourt`s Subsidiary, Sinobull, to Merge With Global Telephone Communications Inc.(GTCI

LOS ANGELES, Calif., Oct 2 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com, today announced that it will publicly divest its Sinobull subsidiary in a merger with Global Telephone Communications Inc. (OTC Bulletin Board: GTCI). The reverse merger will allow Sinobull to actively trade on the equity markets and unlock its value for Hartcourt investors. In addition, Sinobull will now have independent access to the capital markets to fund expansion of its business operations. Details of the transaction will be disclosed in Form 8K to be filed shortly.

Last week Hartcourt announced plans to divest its subsidiary ElephantTalk through Staruni and will continue its divestiture strategy with subsidiary AI-Asia to enter the public markets during Q4. The E-education division will stay within Hartcourt. In 2002, Hartcourt shareholders will have major equity stakes in four operating companies trading on multiple world exchanges.

Dr. Alan Phan, Chairman of Hartcourt, said, "Today Hartcourt has achieved the second step in fulfilling its promise to maximize the value of its assets for investors. In addition to providing Sinobull an excellent entry point to the public markets, GTCI also possess a number of ventures and licenses within China for Sinobull to develop. GTCI owns and operates an E-mail platform which has 200,000 active members. We plan to bring in Sinobull `s brand name and other market relationships to fully utilize this customers base. China, after WTO, is full of opportunities for Sinobull. Its estimated 45 Million stock investors are a desirable target for everybody, especially those with first-mover advantage."

Mr. Stephen Tang, CEO of Sinobull, stated, "Sinobull`s companies; Financial Telecom Ltd, Sinobull Information Ltd, HC Financial TV, and Sinobull Network Technology Ltd., (www.SinoBull.com), are already prominent in the financial services industry in greater China. Being a publicly-listed company will give us direct access to the capital markets and provides us the tools to make acquisitions. As we move forward with our mission to provide the best financial information and data analysis in China for business and consumers, we expect to establish Sinobull as a household name in the post-WTO China."

An overview of Sinobull Financial Group:

DIVISIONS
1. Content Management: Collection and analysis of comprehensive in-house
database of financial news and company reports.
2. Distribution Network: Distribute this content to customers via:
a. Business Terminals: using leased lines, broadband, satellite,
pagers, VBI.
b. Internet-Based: Web sites, wireless portals, SMS.
c. Cable TV Network: HCTV Financial TV.
4. Printed Media: SinoBull Magazine
5. Technology Solutions: Providing technology support to ensure clients
get the most efficient solution for their application.

OPERATING COMPANIES
1. Financial Telecom Ltd: Manages and distributes content via terminals
in Hong Kong. A 17 year-old company with respected management from the
industry.
2. Fintel Wireless Internet Ltd: Distributes content via pagers in Hong
Kong and China.
3. Sinobull Information Co., Ltd: Manages and distributes content via
terminals in China. An aggressive 4-year old company with major banks
and brokerages as clients. Manages the best currency portal in China,
www.fx168.com.
4. Sinobull Network Technology Co., Ltd: Manages the most popular
financial portal in China, www.sinobull.com. , which was awarded a
medal in two consecutive years in Year 2000 & 2001 as one of the
"Outstanding Chinese Financial Websites".
5. Ton Bo Software Ltd: Provides technology solutions to financial
institutions. Distributes the well-known Equis products of Reuters.
6. HCTV Financial TV Channel Ltd: Provides financial news and analysis
via a network of cable TV in China (to be launched in 2002).
7. Sinobull Magazine Ltd: Publishes a monthly magazine in financial news
and analysis (to be launched in 2002).

PRODUCTS AND SERVICES
1. Financial Contents: Real-time stock quotes, charts, commodities,
foreign currencies, company reports, market data, analysts` research,
economic news, CEO interviews etc.
2. Distribution Systems For This Content: Traditional business terminals,
wireless pagers, financial portals, cable TV, newsprint etc ...
3. Technology Solution: Software for online trading (Shangdi TRX),
analysis tool (MetaStock), financial solution provider (FX Bao) etc.

PARTNERS, ALLIANCES, CLIENTS
1. Equis/ Reuters
2. Yahoo! China
3. Bank Of Communications
4. Microsoft (China) Ltd.
5. China Telecom
6. China Cable Network
7. People`s Daily
8. China Securities Daily
9. China Info

CHINA MARKET POTENTIAL
1. Population: 1.4 Billion in total, over 100 Million high income
executives and business personnel in 9 major urban centers;
2. Growth: fastest in the world with an average of 8 percent sustaining
for the last 12 years;
3. GNP: The size of the total economy is projected to equal the existing
size of the USA in 2015.
4. Internet: Registered users of the Internet are expected to surpass
the US in 2010 with over 250 Million people.

MANAGEMENT

Mr. Stephen Tang has been the Managing Director of Financial Telecom for over 17 years. Before Joining Financial Telecom, he had 8 years of experience in banking and finance in HK and South East Asia. He holds a master`s degree in Business Management.

Mr. Jiang Tai has been the managing director of Sinobull Information (formerly Guomao) for 5 years. Before that he had 4 years of experience in the Chinese financial services market. He holds a master`s degree in Science and Technology.

Mr. Kenneth Lee joined HCTV in Year 2000. Before that, he had been the CEO of several well-known nationwide and international firms in financial markets. He has had over 10 years of experience in the field.

Mr. Alex Pang, Director of marketing and sales in Financial Telecom, graduated in 1975 from HK Baptist University in Business Management. After serving for a MNC for 15 years, he joined the company in 1990 to establish a paging network and call center for distribution of real-time financial data to the market.

Mr. Cheng Xionghai, general manager of Sinobull Network Technology Limited and the main co-founder of the Sinobull website, came to us from China Securities Co., Ltd. He was degreed in Finance and is a Certified Security Analyst in China.

Mr. Terry Wong, currently President and CEO of GTCI, has extensive experiences and held several senior executive positions in telecommunications, real estate and investments in Asia and North America. Mr. Wong received his BA degree in Commerce & Finance from Simon Fraser University, Canada. About Hartcourt

The Hartcourt Companies is a holding and development enterprise that has built 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 to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company`s Web site: www.hartcourt.com.

Jetzt geht es Schlag auf Schlag, wir dürfen schon auf die Details gespannt sein.........und dann der langersehnte WTO-Eintritt und dann geht es erst richtig ab......