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

To: kbert who wrote (14476)	8/25/1999 8:56:00 AM
From: Frederick Langford	Read Replies (2) \| Respond to of 108040

HRCT BSNS WIRE) Hartcourt Acquires 58 Percent of Financial Telecom of Hong Kong Hartcourt Acquires 58 Percent of Financial Telecom of Hong Kong Business Editors LOS ANGELES--(BUSINESS WIRE)--Aug. 25, 1999--The Hartcourt Companies Inc. (OTC BB:HRCT) Wednesday announced that it has agreed to acquire 58 percent of all outstanding shares of Financial Telecom Ltd. (FTL) of Hong Kong. FTL is an information service provider specializing in transmitting real-time financial data and news via a network of fixed-line and wireless systems, including a new-generation high-speed FLEX wireless PDA for mobile users. FTL is also the marketing agent for Standard & Poor's Comstock, a division of McGraw Hill, in Hong Kong. FTL has been a premier pacesetter in this business for the last 16 years. FTL plans a major expansion in China by setting up a nationwide distribution of data, linking major cities via satellite up-link and marketing these services via a network of paging operators as resellers. The quick service launch will be made possible by the recent joint venture between Hartcourt and UAC Online Stock Trading of China and by strategic alliance with existing satellite-based operators and paging systems. FTL and UAC will also join forces to set up an Internet portal, specializing in financial data and stock market quotes for China and Hong Kong. Existing customers of the two companies will ensure the success of the Web site. At present, FTL maintains a Web site, www.asianetvest.com.hk, for its clients, which include major investment houses, banks, securities firms and mutual funds of Hong Kong. Dr. Alan Phan, chairman and chief executive officer of Hartcourt, said: "We bought into UAC Online Stock Trading with the goal of turning it into an E-Trade of China. FTL is operating like a small Standard & Poor's of Hong Kong. "By linking the two companies together, we would have a financial powerhouse in China and Hong Kong stock market. In addition, Hartcourt is ready to complete another joint venture with a national ISP in China. In my personal opinion, Hartcourt, via FTL and UAC and the ISP, will be a major player in the fast-growing field of China Internet. We are very excited at the prospect." Stephen Tang, president of FTL, agreed: "China stock market is growing very fast. Hartcourt and UAC will help us capture the market share much more quickly than if we do it on our own. The potential benefit for each and all parties is tremendous. Looking from a long-term perspective, it is a definite winning combination." The transaction is scheduled to close within the next 30 days. Certain statements in this news release may constitute "forward looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward-looking statements to differ materially from the forward-looking statements. --30--jap/la* kr/la CONTACT: Hartcourt Companies Inc. Dr. Alan V. Phan, 562/426-9796 KEYWORD: CALIFORNIA INTERNATIONAL ASIA PACIFIC INDUSTRY KEYWORD: INTERACTIVE/MULTIMEDIA/INTERNET COMED BANKING MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com *** end of story