SINOBULL.COM INC. AGREES TO BUY 50% OF INTERNET SOFTWARE COMPANY
Long Beach, CA. 12/7/99. The Hartcourt Companies, Inc. (OTC: HRCT)(Frankfurt: HCT), http://www.hartcourt.com, today announced that Sino Bull.Com Inc. has agreed to purchase 50 percent of StreamingAsia.com Ltd., the leading Internet software company in Hong Kong. SinoBull.Com Inc is the merged entity of UAC Online Stock Trading of China and Financial Telecom Ltd. of Hong Kong, which Hartcourt is planning for an IPO during the first quarter of 2000.
StreamingAsia.com, http://www.streamingasia.com, provides comprehensive Internet related software development service with expertise in audio and video delivery or streaming solutions to a variety of business and industry, especially major financial institutions. Among its clients are South China Morning Post, Securities and Futures Commission, Citicomp Cyberworks, iMerchant Ltd, Hong Kong Commercial Broadcasting Co Ltd and Metro Broadcast Corporation Ltd in Hongkong. Streaming Asia has also been contracted to design, construct and operate the financial portal of Sinobull.com.
Management and technical talents are major strength of StreamingAsia.com. Patrick Kwan, Chairman, was the Sales Manger of PSINet Hong Kong, the premier ISP of Hong Kong. Terence Kwan, its President and CTO, was a senior software engineer of Microsoft, and former President of NCWare, which he founded and sold to Netscape.
Dr. Alan Phan, Chairman of Sino Bull.Com. Inc said, "A strong Internet company should have exceptional technical talents in house. To be part owner of StreamingAsia.com is to assure ourselves of top-notch technology and its killer applications. Sinobull.com is lucky to obtain the service of this quality team for its portal. We are also ready to help StreamingAsia.com expand and hold firm its leading position in Hong Kong market. Just as we did with the Innostar wireless ISP project, we got ourselves a powerful technology partner. Hartcourt and Sinobull are becoming stronger and better each month."
Mr.Patrick Kwan, Chairman of SteamingAsia.com, comments," We are delighted to join Sinobull.com in the coming IPO . We believe that our technical team has a lot to contribute and will make the financial portal of Sinobull.com the best there is . We believe strongly in the ultimate success of Sinobull.com."
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.
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