Sinobull Financial Group (fka GTCI)

[EZ2]

A1 ASIA PRESS RELEASE...

AI-Asia, a Hartcourt Subsidiary, and Kangrun Technology Ltd. Sign Acquisition Agreement

LOS ANGELES, Apr 8, 2002 /PRNewswire-FirstCall via COMTEX/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com
, announced today that AI-Asia, Ltd. (HK), its subsidiary, has signed an agreement to acquire 100 percent of the economic proceeds of Kangrun Jia Yuan Technology Ltd. of Beijing, China ( www.kangrun.com ). Kangrun provides system integration, networking solutions, modular networking products, computer systems and storage devices to corporate enterprises in China.

Two major strategic partnerships of Kangrun are IBM-China ( www.ibm.com ) and Ortronics (www.ortronics.com ). In 2001, Kangrun's unaudited sales revenue was $57 Million
RMB / $7.1 Million US.

The transaction is structured so that AI-Asia will acquire 100 percent of Kangrun's revenues, profits, and expenses and provides AI-Asia the exclusive right to acquire 100 percent of the share capital of Kangrun when restrictions on foreign ownership are lifted. Currently, a foreign entity cannot directly
hold ownership in Kangrun Technology due to the restrictions imposed by the Chinese government on foreign ownership in distribution businesses.

Kangrun is one of the top IBM distributors (5 star) in China for PC, server, laptop, storage devices and solutions for corporate customers. They are the general sales agent for Northern China for Ortronics. Their clients include; Tsinghua University, Beijing University, China Telecom, SK Corp, People's Daily, Tom.com, and the Chang Sheng Fund.

Mr. Xia Qing, CEO of Kangrun, comments, "We are anxious to complete this transaction with AI-Asia so we can proceed with Kangrun's expansion plans. The admission of China into the WTO has opened many marketing opportunities for companies like Kangrun, and we plan to pursue them aggressively. Hartcourt, the
parent company of AI-Asia, has established a reputation in China as a can-do company. We are proud to be part of this deal."

"Kangrun Technology is a great fit for AI-Asia," said Dr. Wallace Ching, Hartcourt's CEO. "They are generating solid revenues and China's opening technology markets and Government mandated IT spending create excellent expansion opportunities for their businesses. Together with ControlTech and
LogicSpace/StreamingAsia, we continue to structure the AI-Asia division to prepare it for public listing. We look forward to their addition to AI-Asia's systems technology and networking operations."

About Hartcourt

The Hartcourt Companies is a holding and development enterprise that has built 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 to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company's Web site:
www.hartcourt.com .

About AI-Asia

AI-Asia Inc. is a holding company division of The Hartcourt companies created 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 is providing its clientele with a comprehensive range of internet enabling solutions, preparing them to participate in the rapidly emerging streaming and
broadband communications revolution in Greater China.

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.


For more information, please contact:
Larry Kristof
Vice President
Lexington Enterprises Ltd.
Suite 204, 910 Richards Street
Vancouver, BC V6B 3C1
E: [e-mail]
T: 604.484.8286
F: 604.484.8287

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SOURCE The Hartcourt Companies, Inc.


CONTACT: Larry Kristof, Vice President, of Lexington Enterprises Ltd.,
[phone], or fax, [phone], [e-mail]

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