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Hartcourt Capital Retained by ONSE Telecom for Private Placement

April 19, 2002

LOS ANGELES, Apr 19, 2002 /PRNewswire-FirstCall via COMTEX/ --

The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT) www.hartcourt.com , announced today that its subsidiary, Hartcourt Capital Inc., together with Swan Advisory Services Company Ltd (SASCO), have been appointed as joint financial advisors by ONSE Telecom Corporation, www.onse.net , to assist the company in completing a private share placement of up to US$100 million worth of new shares. Hartcourt Capital is providing services on an advisory and performance fee basis.

ONSE Telecom Corporation is a full service Korean Telecom company providing local and international long distance, data services for broadband, IPLC, Frame Relay and ATM, Internet services for ISP, portals, IDC and e-commerce, and other value-added services for corporate and private consumers. The company operates one of Korea's largest ISP's, Shinbiro, and introduced broadband service in 2000. ONSE Telecom's has numerous local and international licenses and dual redundant backbone networks supported by multiple core switches, each operating independently with 25 nodes for Internet services and 14 nodes for domestic ATM, providing complete coverage of Korea. The company staffs over 700 employees and audited revenue in 2001 were US$229 million.

'The Korean telecommunications sector has been experiencing unprecedented growth, and possesses one of the world's highest penetrations of broadband access and mobile phone usage. ONSE Telecom Corporation is well-positioned within the sector and we are planning to expand our services and markets,' said Mr. G.Y. Hwang, CEO of ONSE Telecom. 'We are very pleased to retain Hartcourt Capital and SASCO's services, to assist us in a private share placement to fund our operative and strategic development. We all look forward to taking the next steps in fulfilling our long range company goals.'

'It is a great opportunity for Hartcourt Capital to provide investment advisory services for ONSE Telecom Corporation, one of the leading telecommunications providers in Korea,'stated Dr. Wallace Ching, CEO of Hartcourt Capital Inc. 'Korea has one of the world's most progressive communications markets and ONSE is well positioned to capture significant market share in various segments of the sector. The additional funding will assist the company in achieving its strategic goals and increase their role in Korea's rapidly growing telecommunications industry.'

About Hartcourt Capital, Inc.

The Hartcourt Companies, Inc. newly established investment-banking arm Hartcourt Capital, Inc. acts as a bridge between high-growth Chinese companies and the U.S. capital markets. It provides a wide range of strategic and financial advisory services covering mergers and acquisitions, fund raising, private placement, restructuring, and public market listing via initial public offering (IPO) or reverse merger. In addition to serving China's high growth private company sector, Hartcourt Capital is also an integral part of Hartcourt's strategy and business model, introducing innovative and promising companies into the Hartcourt network to complement and enhance competitive advantages throughout the organization. Detailed information on Hartcourt can be obtained via the company's Web site: 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.

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SOURCE The Hartcourt Companies, Inc.

Larry Kristof, Vice President of Lexington Enterprises Ltd., +1-604-484-8286, or fax, +1-604-484-8287, info@lexingtonenterprises.com, for The Hartcourt Companies, Inc.


Copyright (C) 2002 PR Newswire. All rights reserved.

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