Time to play again..lol
Sinobull.com Agrees to Acquire 50 Percent of Shanghai Guo Mao
LONG BEACH, Calif.--(BUSINESS WIRE)--Dec. 28, 1999--The Hartcourt Companies Inc. (OTC BB:HRCT - news; Frankfurt:HCT), www.hartcourt.com, today announced that Sinobull.com has agreed to purchase 50 percent of Guo Mao, a major real-time financial data provider in Shanghai, China.
Guo Mao specializes in futures, indexes and commodities data, which complement the financial information database of Hua Xia Info. It will give Sinobull.com a distinct edge over any competitive financial portal in China.
Guo Mao has 83 employees and uses the satellite network service established by Shanghai VSAT to transmit data. Its owners include Shanghai VSAT and Shanghai Hua Xia Computer Service. Guo Mao has eight offices in major cities in China.
Dr. Alan Phan, chairman and chief executive officer of Hartcourt, said: ''With the announcement of a major American partner in January 2000, the big picture of Sinobull.com is complete. I hate to boast, but it is awesome to have such powerful partners with such a dominant market position in what will be the world's second-biggest financial market in 10 years.
''As soon as Ernst & Young completes our business plan, the underwriting agreement of the IPO of Sinobull.com will be signed. I could not think of any Internet company in China or Asia having a potential of this magnitude. Hartcourt's acquisition strategy is paying its dividends.''
On Dec. 18, 1999, Hartcourt announced that Sinobull.com has signed an agreement to purchase 40 percent of Shangdi Network, part owner of Hua Xia Info, the premier financial data provider of China. With its No. 1 brand name in China stock market, Hua Xia Info will make Sinobull.com a household name among Chinese investors.
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 that may cause the actual results, performance or achievement expressed or implied by such forward-looking statements to differ materially from the forward-looking statements.
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Contact:
The Hartcourt Companies Inc.
Dr. Alan V. Phan, 562/426-9796
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