(PR NEWSWIRE) Hartcourt to Invest in ISP-Via-Satellite Company
Hartcourt to Invest in ISP-Via-Satellite Company
LOS ANGELES, Nov. 29 /PRNewswire/ -- The Hartcourt Companies Inc.
(OTC Bulletin Board: HRCT; Frankfurt: HCT) today announced that it has entered
into an agreement to purchase 2 Million common shares of eSAT, Inc.
(OTC Bulletin Board: ASAT; Frankfurt: ES8) with an option to buy an additional
2 million shares. Fully-exercised, it will represent a 20 percent ownership
of eSAT. eSAT Inc. based in Fountain Valley, California is a
hi-tech company, which specializes in providing high-speed Internet
connections via satellite, through their proprietary Satellite Internet
Gateway products and services. eSAT system is a user-friendly
cost-effective, solution, plug and play installation, easily interfaces with
any existing computer LAN. eSAT has been serving many clients here in the US,
from multi-national corporations to governments and educational institutions,
Hartcourt is 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. By
acquiring a stake in eSAT, Hartcourt will secure an experienced technology
partner who will ensure the installation of only the best and the most updated
hardware and software systems available.
Dr. Alan Phan, Chairman & CEO of Hartcourt, said, "While we are very busy
with the preparation for the IPO of Sinobull.com, we are still on schedule
regarding the Innostar wireless ISP and IP phone project. Now that the
financing arrangement has been completed and the technology partner has been
selected, we will accelerate the process to bring forth the most profitable
ISP in China. Innostar's success will be nothing short of spectacular."
Mr. Michael Palmer, CEO of eSAT, comments, "China is fastest-growing
market for ISP; and will be the biggest after 2007, surpassing the US. To
participate with Hartcourt in this project is to be at the ground-floor of a
unique opportunity. We expect to supply the Joint Venture with a cutting-edge
technology to ensure its market domination. The potential long-term revenue
of this project is very significant. The synergy between all parties is
fantastic."
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- 11/29/1999
/CONTACT: Dr. Alan V. Phan of The Hartcourt Companies Inc., 562-426-9796/
/Web site: hartcourt.com
(HRCT ASAT)
CO: Hartcourt Companies Inc.; eSAT, Inc.
ST: California
IN: CPR MLM
SU: TNM
*** end of story *** |
