Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : The Hartcourt Companies, Inc. (HRCT) -- Ignore unavailable to you. Want to Upgrade?

To: iraj who wrote (279)	8/18/1999 9:17:00 PM
From: Thomas Kundrat	Respond to of 2413

News! Related QuotesHRCT 1.41 +0.25 delayed 20 mins - disclaimer Wednesday August 18, 8:06 pm Eastern Time Company Press Release Hartcourt Has Made First Payment to UAC Online Stock Trading LOS ANGELES--(BUSINESS WIRE)--Aug. 18, 1999--The Hartcourt Companies Inc. (OTC BB:HRCT - news) today announced that it has completed all legal documents relating to the acquisition of 35 percent of UAC Online Stock Trading Ltd. Both parties have signed the definitive agreements and Hartcourt has made the first payment on its investment. UAC operates the first and the only nationwide online trading network in China, connecting investors with their brokerage offices. The UAC system has been operating at one office of Hua Xia Securities in Beijing and is expected to wire up 14 additional offices during the next few weeks. 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 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 revenues , excluding the TV set-top box users segment, are projected to exceed $40 million by 2004. Dr. Alan Phan, chairman and chief executive officer of Hartcourt, stated:``This is the first step to complete the purchase of 35 percent of UAC. We will also exercise the option to purchase an additional 15 percent once the law permits . With its technology and infrastructure, UAC has positioned itself to become the first and major E-trade in China. We are proud to be a partner in this unique profitable venture.' Mr. Shi Zhang , chairman and president of UAC, said: ``This is a happy day for me. It shows that Hartcourt carried out its commitment honorably. We are right on schedule regarding the installation of the trading system at the remaining 97 brokerage offices of Hua Xia Securities. UAC welcomes Hartcourt on this venture to make UAC a big success in online stock trading in China.' Certain statements in this news release may constitute ``forward-looking' statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve risks, uncertainties and other factors that may cause the actual results, performance or achievement expressed or implied by such forward-looking statements to differ materially from the forward-looking statements. ------------------------------------------------------------------------ Contact: The Hartcourt Companies Inc. Dr. Alan V. Phan, 562/426-9796