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Press Release
SOURCE: The Hartcourt Companies, Inc.
Hartcourt's Chairman to Donate 5 Million Shares to Company
LOS ANGELES, Dec. 5 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: 900009), www.hartcourt.com , announced today that its Chairman, Dr. Alan Phan, has agreed to donate 5 Million common shares of Hartcourt to the company for its own use. This gift from Dr. Phan will enable Hartcourt to reduce its outstanding shares and allow the company to record an extraordinary gain. The gain will be determined by the market price on the dates in which the shares are received.
Mr. Manu Ohri, CFO of Hartcourt commented; ``Dr. Phan's extremely generous decision to gift 5 million shares back to Hartcourt will allow the company to book extraordinary gain, reduce the outstanding shares available to the markets by 6.5% and provide additional flexibility for fund raising and further acquisitions. On behalf of the company and its shareholders, I would like to thank Dr. Phan for this amazing gift.''
Dr. Phan said, ``Nobody deserves this gift more than the loyal Hartcourt shareholders who have supported the management solidly throughout the good times and the bad times. I have always maintained that money is not my motivation for working hard to make Hartcourt become the leading company in the financial and hi-tech industries of China. In the past two years, Hartcourt has achieved remarkable progress in the face of extremely unfavorable business climate. We have added important assets and advanced technological capabilities in all four operating divisions, made significant improvement in our fundamentals and established excellent new government and institutional relationships, resulting in a number of additional licenses and contracts for our businesses. This success alone is the biggest satisfaction of my career.''
About Hartcourt
The Hartcourt Companies is a holding and development enterprise that is building a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture divestitures via IPO or public merger in its four main divisions to fully realize the value of these assets for its investors; Sinobull Financial Group, Media Services Group, Broadband/Telecommunications Group and E-learning Group.
About Sinobull Financial Group
Sinobull Financial Group is a financial data provider and technology developer. Sinobull's operating companies include: Shanghai Sinobull Information Company Ltd. (formerly Guo Mao Science & Technology), Sinobull Network Technology (formerly Shangdi Networks), Financial Telecom Ltd, Fintel Wireless Ltd., Ton Bo software, HCTV Financial TV channel Ltd. and Sinobull Magazine Ltd. Sinobull.com is a financial information and stock trading website complementing Sinobull Group's product and service offerings. The companies in the Group provide news, data and analysis to the business community and media outlets; real-time pricing, historical pricing, indicative data, analytics and electronic communications. Clients include China's investment institutions, commercial banks, government offices and agencies, corporations, and news/media organizations. Details on Sinobull Financial Group could be found at www.sinobullfinancial.com .
About ElephantTalk
Based in Hong Kong, ElephantTalk is one of the leading international long-distance service providers to Hong Kong and portions of China. Established in 1995, it holds a number of licenses including US FCC 214, HK ETS and ISP PNETS allowing it to provide voice, data transmission like IDD, pre-paid calling card and ISP services. Its customers include major telecom carriers based in the U.S. and Hong Kong. Additional information regarding ElephantTalk can be found at www.elephanttalk.com .
About AI-Asia
AI-Asia Inc. is a holding company created by Hartcourt to acquire assets and companies in the multi-media technology and services sector. Its objective is to identify, develop, and maintain first-mover technologies, products and services for corporate and consumer Internet deployment. AI-Asia plans to provide its clientele with a comprehensive range of Internet enabling solutions, preparing them to participate in the rapidly emerging streaming and broadband communications revolution. Operating companies include: Streaming Asia, Logicspace, Syndicate Asia, V2 Technology and Control Tech Centenary Group Ltd., with an investment in Total System Solutions (TSS) and Empact Technologies Inc.
About E-Learning
This program has been formulated as a joint effort of Hartcourt, California State University at Fullerton and Northern JiaoTong University of Beijing. The E-Learning program is designed as an expanding multi-discipline program that initially features American-standard Management and IT courses for China's entrepreneurs.
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.
For further information please contact: Manu Ohri of The Hartcourt Companies, +1-562-653-0400, ext. 207, mohri@hartcourt.com.
SOURCE: The Hartcourt Companies, Inc.
