HRCT News:
NEWS
Dr. Wallace Ching to Be Hartcourt's President and CEO; Hartcourt Capital
Plans to Launch a China Venture Fund in July 2002
LOS ANGELES, Dec 11, 2001 /PRNewswire via COMTEX/ -- The Hartcourt Companies,
Inc. (OTC Bulletin Board: HRCT; Frankfurt: 900009), www.hartcourt.com, announced
today that its Board of Directors have selected and appointed Dr. Wallace Ching
as President and Chief Executive Officer effective January 1st, 2002. Dr. Ching
will replace Dr. Alan Phan whose employment contract will be expired on the same
date. Dr. Phan will remain as Hartcourt's Chairman and Director until his term
ends in June 30th, 2002.
Capitalizing on Dr. Ching's connection with the institutional investors in Hong
Kong, Hartcourt Capital Inc., a wholly-owned subsidiary of Hartcourt, is
planning to launch a China Venture Fund to fully exploit the opportunities
presented by the opening of the China's financial markets after WTO. Dr. Ching,
a well-known expert on Asia's asset fund management, will also be the CEO of
Hartcourt Capital Inc.
Dr. Wallace Ching, a Chartered Financial Analyst, is a graduate of Oxford
University in England and obtained his Ph.D. at the University of Pennsylvania
in the US. Prior to joining Hartcourt, he was Director of PAMA Group in Hong
Kong, the former Asian private equity arm of Prudential Insurance. His
experience also includes employment at HSBC (Hong Kong And Shanghai Bank Corp)
Private Equity in Hong Kong and Goldman Sachs in New York.
Dr. Phan comments, "I would like to welcome Dr. Ching to the Hartcourt team. Dr.
Ching is the ideal candidate to continue our tradition of success and to take
Hartcourt to the next level. His skills and experience with entrepreneurs,
technology, and developing businesses match the needs of our companies
perfectly. His strong relationships in China and especially with institutional
investors provide access to the capital resources and partnership alliances
Hartcourt will require to continue our expansion in Greater China, the world's
largest consumer and corporate markets."
Dr. Ching said, "I am honored to follow the footsteps of Dr. Phan in leading
Hartcourt toward the successful completion of our corporate mission. This is an
exciting and rewarding time to be building a business in China. In a market that
presents tremendous opportunities, it is my goal to position Hartcourt to
capitalize on these opportunities, especially in this post-WTO era. I look
forward to the responsibility of guiding Hartcourt and providing our management
teams with my experience and commitment, in the ongoing effort to increase
shareholder value as we develop the full potential of the Hartcourt
organization"
About Dr. Wallace Ching
-- Dr. Ching holds a Bachelor of Arts degree in engineering science with first
class honors from Oxford University, England, and a Ph.D. in computer and
information science from the University of Pennsylvania, United States.
-- A Chartered Financial Analyst
-- Currently serves as Director of PAMA Group (Hong Kong) Limited,
formerly known as Prudential Asset Management Asia Limited, and is in
charge of technology-related investment activities. He is responsible
for originating, evaluating, structuring and completing private equity
and venture capital investment with a technology focus in the Asia
Pacific region.
-- Dr. Ching is also an Assessor of the Small Entrepreneur Research
Program ("SERAP") under the Innovation and Technology commission of the
Hong Kong Government.
-- From 1995 to 1998, Dr. Ching worked for HSBC Private Equity Management
Limited as an Associate Director and was responsible for originating,
evaluating and executing investment transactions and monitoring
investments for regional private equity funds. From 1993 to 1995, Dr.
Ching worked for HSBC Asset Management Hong Kong Limited as an
Investment Manager. Prior to joining HSBC, he worked for Goldman Sachs
& Co. as a fixed income research associate. The HSBC Group is named
after its founding member, The Hongkong and Shanghai Banking
Corporation Limited, which was established in 1865. HSBC Holdings PLC
is one of the largest banking and financial services organizations in
the world with 6,500 offices in 79 countries and territories.
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.
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 Email: mohri@hartcourt.com
Keep the Faith!
M&M Man
