David Chen Appointed Acting CEO of Hartcourt
LOS ANGELES, Aug. 21 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com , today announced that its Board of Directors has accepted the resignation of Dr. Wallace Ching as its CEO, and has appointed Mr. David Chen, its President, to be Acting CEO, while searching for the right candidate.
Previously, Mr. Chen served as President of Sinobull Media, and Executive Vice President of Hartcourt Capital. His past experiences included Regional Advertising Director for Turner Broadcasting TBS International and Regional Marketing Director for CNN International, both AOL Time Warner companies. Other experiences included Managing Director of HelloAsia (recently acquired by Brience Inc.), CEO of V2 Technology and Business Development Manager of Management Publishing Group.
Mr. Chen comments, "Taking the Acting CEO position of Hartcourt in the midst of the worst downturn of the stock markets and the severe hi-tech recession is an incredible challenge. However, Hartcourt is a special company and its market position in China will present us with a unique opportunity in this fast-growing economy. I am happy to be given a chance to execute the grand vision of Hartcourt."
Dr. Ching stated, "I am thankful to have the opportunity to run Hartcourt for the last 7 months. It was a great pleasure to work with Hartcourt management team and to meet with so many enthusiastic shareholders. However, as I cannot relocate my family to the new operational headquarters in Shanghai and given the difficult economic environment, my future contribution to the Company will be limited. I will return to the private equity industry, working for a major European bank. I wish you all the best and hope that Hartcourt will soon reach a new level under the new management."
About Hartcourt
The Hartcourt Companies, Inc. is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture divestitures via IPO or public merger to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company's Web site: www.hartcourt.com .
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward- looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward- looking statement.
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SOURCE The Hartcourt Companies, Inc.
CO: Hartcourt Companies, Inc.
ST: California, China
SU: PER
prnewswire.com
08/21/2002 04:00 EDT |
