Hartcourt UAC JV Signs Contract With Beijing Telecom and Receives Government
Funding
LOS ANGELES, Nov 2, 1999 (BUSINESS WIRE) -- The Hartcourt Companies
Inc. (OTC:HRCT) today announced that its joint venture with UAC Online
Stock Trading Inc. has signed a contract with Beijing Telecom, the
wholly owned subsidiary of giant China Telecom.
According to the contract, Beijing Telecom will grant UAC five months
free of charge for all the leased lines to be installed at brokerage
offices. In addition, Beijing Telecom will also grant UAC 1,000 NUI
numbers free of fixed monthly charges till the end of the year 2000.
With these favorable conditions, Beijing Telecom wishes to work with
UAC to quickly market 162 network in the Beijing data market. The
contract will help UAC to rapidly expand its service in the Beijing
area.
Hartcourt also announced today that UAC has received the second
government funding from the Beijing Science & Technology Committee.
"UAC 162 network" has been listed as a torch project (No. 99337), which
entitles it to receive free grants, reduced taxes and research and
development support by China Science and Technology Commission.
UAC operates the first and only nationwide online trading network in
China, connecting investors with their stock brokerage offices via
Chinapac, the nationwide packet switched data network owned by China
Telecom. UAC is the first and only operating agent of China Telecom's
Chinapac system.
On Saturday, Hartcourt announced that it had received government
approval on its joint venture with UAC Online Stock Trading Inc. of
China. The Business License and Certificate of Foreign Investment were
issued to the JV company. For recent news and other information, visit
the Hartcourt Web site, www.hartcourt.com.
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.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: The Hartcourt Companies Inc., Los Angeles
Alan V. Phan, 562/426-9796
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