.Hartcourt Will Vigorously Defend the SEC Civil Lawsuit
Wednesday May 28, 9:04 am ET
LOS ANGELES, May 28 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com , today announced that it has received word that the Securities and Exchange Commission intends to file a civil complaint alleging that Hartcourt and its Chairman violated some regulations of the 1933 Securities Act. The alleged violations are alleged to have occurred during the UAC acquisition in 1999.
The company strongly denies any wrongdoing and will vigorously defend the lawsuit. Its legal counsel believes that the lawsuit has no merit.
Dr. Alan Phan, Hartcourt's Chairman, comments, "Unless settled, this lawsuit may last for a few years. It will be one of the major challenges facing Hartcourt. However, we have overcome many similar challenges in the past and we intend to fight this lawsuit with the same attitude. Meanwhile, our aggressive strategy for consolidating all independent PC companies in China will continue at its fast pace. There is no change in our plan to deliver substantial positive financial results in the coming years."
About Hartcourt
The Hartcourt Companies, Inc. is an investment holding and developing company specializing in the acquisition and development of private companies within high-growth industries in China. Hartcourt's business strategy is to add substantial value in terms of financial restructuring and corporate governance to enable these subsidiaries goes public via IPO or reverse merger. 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.
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