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Former Finance Director of Dell (China) joins Hartcourt
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Ms. Carrie Hartwick is appointed President and CFO


Los Angeles, CA, December 2nd, -- /MarketWire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT) (Frankfurt: 900009), www.hartcourt.com , China's fastest growing IT distribution and retail company, today announced that it has appointed Ms Carrie Hartwick as President and Chief Financial Officer as of December 1st, 2003.
Ms Hartwick brings to Hartcourt over 17 years of operating experiences in finance, tax, audit, legal, business operations and information system management. She has spent the last 7 years in China, mastering the internal control system of large US operations in this complex market. Prior to Hartcourt, she served as Finance Director of China for Dell, one of the largest PC/IT companies in the world, managing an annual revenue stream of US$1.3 billion in China, the fastest growing market for Dell. During her distinguished career, she also served as the Finance Director of China for Gillette, and held various positions within Johnson & Johnson including Finance Controller for Johnson & Johnson (Shanghai). Ms Hartwick holds Bachelor of Accounting degree from Rutgers University.
Mr. David Chen will remain as CEO of Hartcourt and assume the additional responsibility as the Interim Chairman of the Board. With the sharing of responsibilities by the new President & CFO, Mr. Chen will now have time to focus his resources on expanding the Hartcourt network of companies by mergers and acquisitions.
Since the recent acquisition of four Chinese companies in the field of IT distribution and retail, Hartcourt has become the fastest growing and one of the largest companies in this sector in China. Under the leadership of Ms Hartwick, Hartcourt will conduct a series of studies on all aspects of its subsidiaries' operations and implement various plans in the area of internal control, finance management, and information systems to improve the overall accountability, return on investment, and operational efficiency and especially, a higher level of corporate governance.
Mr. David Chen, CEO and Interim Chairman of Hartcourt, comments: "We are thrilled to welcome Ms. Carrie Hartwick as the newest member of the Hartcourt team. She will bring invaluable experiences in managing China businesses, especially internal control of operational and financial operations. She will further strengthen our management team and help Hartcourt to streamline and integrate our various subsidiaries to achieve the goal of becoming one of top three IT distribution and retail companies in China".
About Hartcourt
The Hartcourt Companies, Inc. is one of China's fastest growing companies in the IT product distribution and retail services sector. Hartcourt's growth strategy is to acquire controlling interests in profitable companies with proven management within this sector in key geographical areas of China. Recent acquisitions of Hartcourt included four major IT distribution and retail services companies in Eastern and Southern China (amongst the highest GDP-per-capita in China). Detailed information on Hartcourt can be obtained from: www.hartcourt.com.
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
Contact: Ms. Cathy Kuang Tel: [phone] Fax: [phone]
Email: [e-mail]