HRCT splitting 2 for 1. Now this is funny. Down about 25% on the news.
Hartcourt Signs IPO Agreements for StreamingAsia and SinoBull Group
Company Announces Plans 2 for 1 Stock Split, Distribution of Dividends, Reservation of IPO Shares for HRCT Shareholders and Changes to Executive
Management Team
HONG KONG, Sept. 21 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT) (www.hartcourt.com) announced today that its two major subsidiaries have entered into separate agreements with leading Hong Kong underwriting team, Yuanta Securities and Access Capital Ltd, to do an Initial Public Offering (IPO) for StreamingAsia.com Ltd. and SinoBull.com, Inc. via listing on Hong Kong's Growth Enterprise Market (GEM) Stock Exchange. The IPO of StreamingAsia will be scheduled for the first quarter of 2001 and Sinobull for second quarter of 2001.
Subject to a legal opinion of its tax attorney and CPA, the company plans to distribute all of its IPO shares to HRCT shareholders.
Hartcourt further disclosed that it will split its common shares 2 for 1, effective October 31, 2000 to Hartcourt shareholders of record as of October 16, 2000, and announced two changes within its executive management team.
Dr. Alan Phan, Chairman of Hartcourt, announced that effective today, Dr. Charlie Q. Yang will assume the title and duties of Chief Executive Officer of The Hartcourt Companies, Inc. and that John B. "Jack" Westfield will assume the title and responsibilities of President of Hartcourt Capital, Inc, replacing Mr. Michael Bianco. Dr. Phan will remain Chairman of The Hartcourt Companies.
Dr. Phan said, "These IPO's are just the first phase of an ongoing structuring process that will 'monetize' Hartcourt's assets. We expect more acquisitions, mergers and re-organization of our assets and personnel in the next few months to optimize our business opportunities in Greater China.
"We have chosen to list these companies on the GEM exchange primarily because of their proximity to our operations in China," Dr. Phan continued. "There are more analysts following Internet-related GEM-listed issues and the investment community in Asia appears to have a better understanding and response to Hartcourt's accomplishments in China. Because these two intended offerings bring very unique business models to the GEM Exchange, we believe we will obtain the highest market valuation of Sinobull and StreamingAsia for our shareholders."
"Finally, I am pleased to report that we have succeeded in reserving 25% of the respective IPO shares of these two entities for subscription on a pro-rata basis by Hartcourt shareholders of record 30 days prior to the effective date of the respective IPO dates."
About Yuanta Securities
Yuanta Securities Hong Kong ("YSHK") is part of Yuanta Securities Company, Ltd. which was established in Taiwan in 1961. Yuanta Securities has consistently ranked among the market leaders in the Taiwan securities industry while YSHK has established itself as a leading underwriter of IPO on the stock exchange. The business of the group consists of: securities dealing and underwriting; asset management; securities investment advisory and financial advisory services. YSHK just merged with Core Pacific and Yamaichi to create the largest domestic brokerage in Hong Kong.
About Access Capital Ltd.
Access Capital Ltd is a company engaged in providing a full range of corporate financial services, such as capital and debt restructurings; initial public offerings; mergers and acquisitions and financial advisory services for customers in Greater China. Ms. Jenny Leung, Founder and Managing Director of Access, is a well-known investment banker in Hong Kong. Her managing experience includes J.P. Morgan (Asia), Standard Chartered Bank (Asia), Listing Division of Hong Kong Stock Exchange and Yuanta Group.
About The SinoBull Financial Group:
SinoBull Group is a financial technology developer and Internet service provider. SinoBull's subsidiaries include: Beijing UAC Stock Exchange Online, Shanghai Guo Mao Science & Technology, SinoBull Network Technology (formerly Shangdi Networks), and Financial Telecom (FTL). In addition to quality financial news, real-time market data, financial analysis and commentary via the SinoBull portals, www.sinobull.com.cn and www.sinobull.com.hk, the SinoBull platform enables brokerage firms to provide their clients with the ability to securely trade securities online. The company's E-finance platform is an integration of the most advanced Internet, telecommunication and wireless access systems available on the market today. The service platform and collateral content is offered via subscription to leading securities brokerages, investment firms, banks, as well as media companies throughout Greater China.
About StreamingAsia
StreamingAsia (www.streamingasia.com) provides content publishers Web portals with services for the delivery of "streaming" or live and on-demand video and audio content over the Internet. It was the first company in Hong Kong to provide real time corporate conference Internet broadcasts; as well as the ability to develop a broadband network infrastructure to stream multi-media content with superior quality.
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.
CO: Hartcourt Companies, Inc.; Yuanta Securities; Access Capital Ltd.; StreamingAsia.com Ltd.; SinoBull.com, Inc.
ST: China, California
IN: CPR MLM
SU: OFR PER
09/21/2000 |
