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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: Kirt F. who wrote (10057)	6/29/1999 9:11:00 AM
From: LANCE B	Read Replies (3) \| Respond to of 108040

hrct news-- X) B: Hartcourt Acquires 35 Percent of UAC Stock Exchange On-li B: Hartcourt Acquires 35 Percent of UAC Stock Exchange On-line LOS ANGELES, Jun 29, 1999 (BUSINESS WIRE via COMTEX) -- TheHartcourt Companies Inc. (OTC BB:HRCT) Tuesday announced that it has agreed to acquire 35 percent of UAC Stock Exchange On-Line Co. Ltd. UAC operates the first and the only nationwide online trading network in China. UAC 162 Network is a private, virtual, secure communication and computer network system connecting investors to brokerage firms around the country. In addition to stock transactions, the network will soon carry news bulletin and other financial market data. UAC 162 Network runs on CHINAPAC, an intranet of packet switched data network owned by China Telecom. From a PC, invetsors can dial a local number 162 anywhere in China to trade stocks online. UAC is currently developing a Window CE-based user interface to enable investors accessing the UAC Network via their TV set-top boxes. UAC system has been operating at one office of Hua Xia Securities in Beijing and the results are excellent, in terms of technology as well as financial. Hua Xia Securities, the second-largest brokerage firm in China, has signed an agreement to install the UAC system in all of its 98 offices nationwide. As the first and only CHINAPAC operating agent designated by China Telecom, UAC is in a unique position to market the services of CHINAPAC and UAC 162 Network to all brokerage firms in China. At present, there are 4,000 brokerage offices in China serving 40 million investors. UAC's mission is to quickly capture as much market share as possible. Total revenue, excluding the TV set-top box users segment, is projected to exceed $40 million by2004. More details on UAC can be found at the company Web site: 162stock.com. Dr. Alan Phan, chairman and chief executive officer of Hartcourt, said: "We set our goal last year to become a major Internet company in China. As it is not an easy market to enter, we suffered a few setbacks. However, our persistence is rewarded handsomely with this acquisition.