Hartcourt Companies (fka HRCT)

[Irons]

Mr. Manu Ohri, Hartcourt CFO said, "The third quarter continued to show significant progress in all divisions. Revenues continued to expand, operational margins showed sustained improvements, and operating expenses continued to decline. We have continued to respond to changing market conditions by re-focusing our business model and eliminating less productive units. We are experiencing growth across our entire organization and expect this trend to continue in the fourth quarter with an estimated $4.7 to $5.0 million in revenues and improved cash flow results."

PR - 11/14/01

Irons