Hartcourt to Invest in Sichuan Cable Network
LONG BEACH, Calif., Feb 29, 2000 /PRNewswire via COMTEX/ -- The Hartcourt
Companies Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com,
today announced that Hartcourt has signed a letter of intent with Shenzhen
Sinlan Investment Company to jointly invest in Sichuan China Integrated Cable
Network Co. Ltd. (SCIC).
SCIC is operating an exclusive TV cable network in the capital city of Chengdu,
Sichuan province. SCIC is planning an expansion program to add subscribers and
to modernize the system. Chengdu has a population of 11 million and it wants to
showcase a cable system with interconnecting data transmission. SCIC would like
to work with Hartcourt to bring Internet connection to these subscribers via a
network of satellite and cable transmission. SCIC is also planning to go IPO in
2001 to raise additional capital for network infrastructure.
Dr. Alan Phan, Chairman & CEO of Hartcourt, said: "The business plan of our
joint venture with Innostar and eSAT in China is to establish a network
architecture consisting of Network Operations Center (NOC), Teleport facility,
Internet Data Centers, GSI earth stations (uni-directional) and Nextstream earth
stations (bi-directional). The cable network in these major cities are our
'last-mile' solutions. With the application software designed by Shangdi and UAC
for set top boxes, these subscribers will not only get Internet connections,
they will be able to trade online with Sinobull.com much more easily. If we
could sign up similar deals with more cable networks in major Chinese cities,
our subscribers' base will leapfrog to an unbelievable number."
Hartcourt is creating the most comprehensive Internet company in China. It
operates Sinobull.com, a premier financial portal of online stock trading and
financial data bank. It is also a Joint Venture partner in Innostar project in
China. Innostar has the unique license to provide wireless ISP and IP phone
services via satellite. Both companies are planning to do an IPO on Nasdaq.
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.
SOURCE Hartcourt Companies Inc.
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