Trader : HARTCOURT-NEWS!!!!!!!!!!!!!!!!!!!!!!!!!1
Company Is China`s Leader in Streaming Technology Solutions
LOS ANGELES, Sept. 28 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT) www.hartcourt.com today announced that it has signed an agreement to purchase 60 percent of the outstanding shares of Beijing Total Solution System, Ltd. www.tss.com.cn (TSS). Established in 1994, TSS was the first Chinese company of its kind to provide hi-tech solutions for web-casting and the delivery of on-demand streaming audio and video. Its products and services are well known and used throughout China by various high-profile clients.
TSS provides the webcasting services for major TV stations such as Beijing TV (www.btv-5.com), Phoenix TV (www.phoenixtv.com), and Guangdong TV (www.gdtv.gov.cn). They have also webcast marquee events for the Chinese government, including the National Day 50th Anniversary, the Macau Handover, and the China Fortune 500 Forum.
TSS has a wide array of business software products ranging from the AV200 (Internet Automatic Video & Audio Broadcasting System) to the Web Data Model Board and E-Mail Notification System. TSS is also a software developing partner of Microsoft Media Player. In addition, the TSS web portal (www.ehand.com.cn) provides a turn-key multimedia E-Commerce platform for placing emerging Chinese businesses on a fast track in the rapidly expanding China Internet space. Estimated at 16.9 Million users (Deloitte Touche Tohmatsu, September 2000), China`s population of regular Internet users continues to double every 6 months.
Dr. Charlie Yang, CEO of Hartcourt, said, "I am very enthusiastic about this acquisition as it adds a major piece towards the completion the StreamingAsia`s goal of becoming the number one web-casting company in Greater China. The added value to the planned IPO of StreamingAsia on Hong Kong`s GEM Exchange is substantial and the combined entity should be a formidable world-class competitor."
On September 21st, 2000, Hartcourt announced that it had signed two separate underwriting agreements to IPO StreamingAsia and Sinobull Financial Group in 2001.
Hartcourt also announced that it has engaged KPMG of Hong Kong to be its auditors for the fiscal year of 2000, as well as for the IPO`s of StreamingAsia and Sinobull. KPMG is one of the Big Five international accounting firms.
The Hartcourt Companies is a holding and development company that is building a network of Internet and telecommunication service companies in The People`s Republic of China (China), including Hong Kong, in partnership with Chinese entrepreneurs as well as Chinese government-owned entities. Hartcourt`s business goal over the next three years is to complete a series of IPO`s or spin-offs focused on four main divisions: the StreamingAsia Group of video/audio web-casting; the SinoBull Financial Group`s multi-media financial data provider and online securities trading platform; Broadband ISP and Internet infrastructure; and Hartcourt Capital Inc., the financial E-Finance transactions platform offering online banking, securities, insurance, equipment leasing, mortgages, credit, and B2B transaction settlements.
Detailed information on Hartcourt can be obtained via the company`s Web site,
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.