Wait, wait, I cant take it anymore. This is just too funny. BAHAHAHAHAHAHA!!!!! Dr. Alan Viet Phan SHALL RULE THE FREE WORLD SOME DAY. This press release is a classic.
Hartcourt to Acquire Significant Interest in World's First Fiber-BasedBroadband ISP
Hartcourt Plans Major Expansion of Broadband ISP Services With @Family Networks Which Currently Provides 10 Mbps and 100 Mbps Broadband Access
LOS ANGELES, Oct. 30 /PRNewswire/ -- The Hartcourt Companies Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com, today announced that it has signed a stock purchase agreement to acquire up to 40% of the equity of @Family Broadband Networks Ltd., the first fiber-based broadband internet service provider being set up by ChinaCityNet Ltd. @Family Broadband Networks is an extension of the services currently being delivered by @Family Broadband Networks - Shanghai (www.shanghaifamily.net), the first commercial broadband ISP in the world offering 10 Mbps and 100 Mbps internet access to consumers. These services are 50-100 times faster than competing ADSL or cable modem broadband solutions. Hartcourt's investment into @Family Broadband Networks is subject to governmental approval and completion of a satisfactory due diligence process.
Over the past five years, @Family Broadband Networks' team designed and installed Shanghai Infoport, the first city-wide government-owned fiber optic network covering Shanghai with over 58 fiber access nodes. @Family, which also maintains the infrastructure network, recently received an exclusive five-year renewable agreement to use the network to provide broadband ISP services to consumers in Shanghai.
Family has initiated 10 Mbps and 100 Mbps broadband services to consumers residing in high-rise buildings connected to @Family's last mile fiber or wireless solutions. The joint venture partners plan to expand services into Dalian and Tianjin, two large coastal cities that have announced plans to follow the Shanghai model and deploy city-wide fiber optical broadband networks. Internet users serviced by @Family Broadband Networks enjoy real time movie, video, and MP3 music at greater than 10 Mbps access speed. A typical user pays US $60 - $100 installation fee plus a minimum US $12 monthly usage fee. The number of subscribers of @Family Broadband Networks in Shanghai is expected to reach 30,000-50,000 over the next 12 months.
Dr. Charlie Q. Yang, CEO of Hartcourt said, "Upon receipt of the necessary governmental approvals, Hartcourt will be the first foreign company to invest into a fiber-based broadband ISP in China. Together with our partners @Family and ChinaCityNet, we intend to expand these services into other major metropolitan markets in China beyond the initial target cities of Dalian and Tianjin, creating opportunities to lead the growth of China's broadband future."
About @Family Broadband Networks
Family Broadband Networks is a joint venture company being set up by ChinaCityNet and Hartcourt to accelerate the expansion of broadband internet infrastructure and service deployment in China through the interjection of foreign investment. @Family Broadband Networks is an extension of the locally successful @Family Broadband Networks - Shanghai, the first commercial broadband ISP in the world offering 10 Mbps and 100 Mbps internet access. Additionally, ChinaCityNet has invested in other Chinese metropolitan broadband network initiatives including Dalian Broadband Networks.
About Hartcourt
The Hartcourt Companies is a holding and development company that is building a network of Internet and telecommunication service companies in The People's Republic of China (China), including Hong Kong, in partnership with Chinese entrepreneurs as well as Chinese government-owned entities. Hartcourt's business goal over the next three years is to complete a series of IPOs or spin-offs focused on four main divisions: StreamingAsia, the streaming content (video/audio) web-casting and web hosting leader in Hong Kong; SinoBull Financial Group, the multi-media financial data provider and online securities trading platform; the Broadband ISP and Internet infrastructure group; and Hartcourt Capital Inc., the financial E-Finance transactions platform offering online banking, securities, insurance, equipment leasing, credit, and B2B transaction settlements. Detailed information on Hartcourt can be obtained via the company's Web site, www.hartcourt.com.
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.; @Family Broadband Networks Ltd.; ChinaCityNet Ltd.
ST: California, China
IN: MLM TLS
SU: TNM
10/30/2000 08:02 EST prnewswire.com |
