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Hartcourt Subsidiary Acquires 100% Interest of LogicSpace Ltd., a Leading Web Solutions Pioneer
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LOS ANGELES--(BUSINESS WIRE)--May 30, 2000 --
Move is the Latest Strategic Enhancement to SinoBull Group's
Internet Business Model for Greater China.
The Hartcourt Companies Inc. (OTC:HRCT)(Frankfurt:HCT), www.hartcourt.com, today announced that its SinoBull subsidiary, in conjunction with its acquisition of StreamingAsia.com, has completed the 100% acquisition of LogicSpace Ltd., www.logicspace.com, a leading Web solutions company now based in Hong Kong.
LogicSpace Ltd. is an Internet consulting and Web application development company that provides a wide range of Internet services, including Web page design, system architecture and solution implementation. StreamingAsia & LogicSpace have delivered high quality integrated Web services to an impressive list of clients, including The Stock Exchange of Hong Kong, The Securities and Futures Commission of Hong Kong, PSINet Hong Kong (Nasdaq:PSIX), and E!Online Asia, in addition to building out a powerful financial Web portal for Sinobull.com that is currently averaging 1.9 million daily page views from the Chinese market. Hartcourt owns about 48% of SinoBull.
Patrick Kwan, President of StreamingAsia.com, said, "StreamingAsia and LogicSpace are a great match. LogicSpace will help us to provide greater value to clients needing Chinese-language Web solutions, and the latest cutting-edge technology, particularly Wireless Application Protocol (WAP) product development."
Dr. Alan Phan, Chairman and CEO of Hartcourt commented, "We are thrilled to be in a position to offer our services to prestigious organizations like those mentioned above and to all of the clients that rely on our companies to provide technical solutions to today's e-business needs. We believe this union is a natural fit, as the teams at both SinoBull and StreamingAsia have worked very well with LogicSpace to deliver quality products and solutions. This is a continuing effort to further develop SinoBull into a leading provider of Information Technologies infrastructure in Asia."
About LogicSpace Ltd.
LogicSpace was founded in 1997 in the heart of the Silicon Valley - San Jose, Calif., USA. With years of experience in inter-networking and software development, LogicSpace offers strategic business solutions that enable companies to achieve success in doing business on the Internet. Services include a full range of Internet integration, Web-based wireless application design and "know-how" implementation.
In June 1999, it became a pioneer in integrated B2B and B2C Web site development in Hong Kong, featuring (WAP) portal development. LogicSpace adds to StreamingAsia's strong corporate focus with Web portal solutions and online marketing services for clients.
StreamingAsia and LogicSpace together have served many leading corporations and organizations. A partial client list includes the following:
- AsiaMix (www.asiamix.com), "The best music online in Asia."
- BMExchange (in development), B2B E-commerce Company serving the
China market for building material exchange and construction
projects.
- Cable & Satellite Broadcasting Association of Asia
(www.casbaa.org), the leading non-profit trade organization
representing over 120 Asia-based corporations.
- Cellstar Asia Corp (Nasdaq:CLST) (www.cellstarasia.com), a
leading Asia wireless communications and WAP portal company.
- GoldPeak Holdings Ltd. (www.eei-x.com), the first B2B exchange
serving the electronics and electrical industries in Asia with
full logistic support.
- Cyber Daily (www.hkcyber.com), daily online newspaper in Hong
Kong.
- E! Online Tricast (HK) Ltd. (www.hongkong.eonline.com), E!
Online's international content-partnership managing exclusive
distribution rights for all E! Online content in Asia.
- Hong Kong Commercial Broadcasting Co., Ltd. (CRHK)
(www.crhk.com.hk)
- Hong Kong District Councils Election Online
(www.logicspace.com/metro), providing real-time polling results
for each Hong Kong district, listing candidate information and
background.
- iAsiaWorks (www.iasiaworks.com), a leading pan-Asian Internet
solutions enabler.
- iMerchants Ltd. (www.imerchants.com), a pioneer and leader in
providing electronic commerce solutions to businesses in Hong Kong
and other Asian markets.
- iSteelAsia (www.isteelasia.com), the ultimate steel E-commerce
network in Asia.
- PSINet Hong Kong Ltd. (www.psinet.com.hk), a wholly owned
subsidiary of PSINet Inc. (Nasdaq:PSIX), the Internet super
carrier.
- MetroRadio Broadcasting Ltd. (www.metroradio.com.hk), a leading
radio media company in Hong Kong.
- The Securities and Futures Commission of Hong Kong
(www.hksfc.org.hk)
- The Stock Exchange of Hong Kong (www.sehk.com.hk)
- South China Morning Post (www.scmp.com), Hong Kong's leading
English language newspaper since 1903.
About StreamingAsia
StreamingAsia (www.streamingasia.com) provides content publishers Web portals with services for the delivery of "streaming" or live and on-demand video and audio content over the Internet. StreamingAsia is a wholly owned subsidiary of SinoBull Group and is responsible for the design, operation and maintenance of SinoBull Group's Web site.
About Hartcourt
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.
Its mission is to become one of the leading broadband applications infrastructure providers in Asia, including the development of broadband networks and vertical market focused content for broadband and wireless applications. Detailed information on Hartcourt and its major subsidiary SinoBull, which has developed a financial services Web portal and a platform providing secure online stock trading for major brokerage firms in China may be obtained via the company's Web site, www.hartcourt.com.
Forward-looking statements
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.
CONTACT: The Hartcourt Companies Inc.
Jack Westfield, 310/410-7290
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