More BFD from the Good Dr.: "Sinobull.com Engaged Ernst & Young for IPO Business Plan LOS ANGELES--(BUSINESS WIRE)--Dec. 13, 1999--The Hartcourt
Companies Inc. (OTC:HRCT) (Frankfurt:HCT), www.hartcourt.com, today
announced that Sinobull.com has engaged the international accounting
and consulting firm, Ernst & Young, to prepare an Information
Memorandum required by the IPO underwriter and legal authorities.
The business plan is expected to be completed by the end of
January 2000.
Sinobull.com is the holding company that controls UAC Online
Stock Trading and Financial Telecom Ltd. Sinobull.com is acquiring 3
other Internet operations, including 50 percent of StreamingAsia.com,
to create a premier financial portal and service company in Chinese
Internet. Sinobull.com is planning for an IPO during the first quarter
of 2000. Major American and Chinese strategic partners are expected to
join Sinobull.com in the IPO.
Hartcourt's mission is to become the leading Internet company in
Asia. Besides the Sinobull.com project, Hartcourt is also a Joint
Venture partner with Innostar Hi-Tech of Beijing to create the first
and only wireless ISP network throughout China via a Chinese
satellite. The operation is expected to start around March 2000.
Dr. Alan Phan, Chairman & CEO of Hartcourt, said: "We are
determined to work only with the best. Ernst & Young is the logical
choice. We are proceeding on schedule regarding the IPO. The year 2000
should be an exciting year for Hartcourt shareholders. We worked hard
in 1999, and 2000 will be the year of reaping the fruits of our
labor."
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.
--30--AJE/la* JC/la
CONTACT: The Hartcourt Companies Inc.
Dr. Alan V. Phan, 562/426-9796
KEYWORD: CALIFORNIA INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: INTERNET MERGERS/ACQ |
