Hartcourt's Founder Converted His Original Preferred Shares
Wednesday July 14, 6:00 am ET
LOS ANGELES, CA--(MARKET WIRE)--Jul 14, 2004 -- The Hartcourt Companies, Inc. (OTC BB:HRCT.OB - News) (Frankfurt: 900009), www.hartcourt.com, announced that Dr. Alan Phan, its founder, has converted his 1,000 Original Preferred Shares into 2 million common shares of Hartcourt. The Original Preferred Shares entitled the holder to appoint three-fifth of the members of the Board of Directors. As of today, the Original Preferred Shares have been returned for cancellation.
About Hartcourt
The Hartcourt Companies, Inc. is building a sizable distribution channel for IT products in China. Hartcourts reported $68 million revenue in the profitable first quarter of 2004. Hartcourt's achievements and operations could be found on its Web site, www.hartcourt.com.
ADVERTISEMENT
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.
Contact:
Contact:
Ms. Tingting Ni
Tel: 8621 5213 8810
Fax: 8621 5213 8870
Email: ir@hartcourt.com
--------------------------------------------------------------------------------
Source: Hartcourt Companies, Inc. |
