Hartcourt Signed Agreement With Xian Jiao Tong University to Acquire Jump Technology Equity
The Hartcourt Companies, Inc. (OTC BB: HRCT) (Frankfurt: 900009) Hartcourt has signed an agreement with the largest shareholder of Jump Technology, Xian Jiao Tong University, to purchase its 25% holding in Jump, a provider of network security solutions in China.
Xian Jiao Tong University is one of the top universities in China. Since its founding in 1896, it has trained generations of talents including China's former President, Jiang Zemin, the "Father of China Aerospace and Rockets" Qian Xuesen. The scientists of Xian Jiao Tong University invented China's first dynamo, first radio-station, first diesel engine and first typewriter. In 1999, Xian Jiao Tong University invested its router technology in Jump and subsequently, the network security technology. Today, Jump Technology still bears the Xian Jiao Tong University as part of its full name and will continue to do so after Hartcourt acquisition.
Jump Technology brings comprehensive and scalable security solutions to the Chinese enterprises. Their solutions include integrated security appliance, upgradeable and expandable platform, intelligent layered security, combined with ease of use and expert support. It possesses strong R&D capability in product development and owns more than 30 intellectual properties in core security technologies. The Jump network security products and solutions are used in education, telecom, utility and finance industries as well as government and research institutes.
This is an all cash transaction with Xian Jiao Tong University, for approximately US$2mm. Management is working with US institutional investors to arrange the financing.
About Hartcourt
Hartcourt's achievements and operations can be found on its 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.
Source: Market Wire (November 16, 2005 - 4:51 AM EST)
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