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- Sinobull Information, a Hartcourt Subsidiary, Merges With Genius Technology Inc.
WEDNESDAY, MAY 21, 2003 02:50 AM
LOS ANGELES, May 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com , today announced that one of its subsidiaries, Sinobull Information Ltd, has signed a definitive merger agreement with Genius Technology Inc, a subsidiary of First Shanghai Group. After the merger, Sinobull shareholders will own approximately 17 percent of the combined entity. The objective of the merger is to create a first-tier financial information provider in China for domestic as well as international investors. Considered as the two best operations in this sector, the merged Sinobull and GTI will naturally become the leader in its field, offering a wide range of financial data and resources from Equis Metastock (a Reuters software product) to CSRC Securities and Futures Index (China's official index).
By merging assets, revenue and resources, the two companies will maintain a sizable market share of the fast-growing financial information sector; making an IPO and access to capital markets more feasible in the near future. Details on Genius could be found via Web site, www.chinaef.com ; on First Shanghai Group, www.firstshanghai.com.hk ; and on Sinobull, www.sinobull.biz .
Mr. David Chen, President and CEO of Hartcourt, comments, "We would like to concentrate our resources on the coming acquisitions of other PC companies to increase our revenue and profit further. The unique platform provided by HuaQing, NewHuaSun and GuoWei will allow us to move faster on new acquisitions. As such, we believe that it's better for Sinobull to merge with a much bigger company whose focus is in the financial information industry. The combined entity will be able to compete with the best global players who are coming to China starting 2005 as planned in the WTO implementation. We look forward to a successful GTI-Sinobull IPO so we would be able to declare another dividend to our shareholders, as we had done with Elephant Talk last year."
Recently, Hartcourt has acquired 3 PC marketers, HuaQing, NewHuaSun and GuoWei, that recorded sales of $145 Million and net profit of $2.5 Million in 2002.
About Genius Technology Inc
Genius is the first specialized securities information provider in China. Uniquely positioned in the industry, it is capable of providing financial information of companies listed in the Shanghai and Shenzhen stock exchanges. In addition, Genius' main product, the CSRC Securities and Futures Publications Index System was patronized by the Chinese Securities Regulatory Commission ("CSRC") and is exclusively developed by Genius for the CSRC. This system has a huge databank containing all publications concerning the securities and futures industry in China. Another key product, the Integrated Securities Information System, provides comprehensive information on all major enterprises and institutions in China including listed companies. SecureStockTrade is also an effective online trading product that allows real time stock trading and analysis. Analysis, trading and settlement can thus be performed inclusively. All information content is provided in a multi-media format such as in written words, pictures and voices carried online or through point-to-point terminals. Target customers include listed companies, securities companies, market watchdogs, corporate and individual investors, research houses as well as the news media. www.chinaef.com
About Hartcourt
The Hartcourt Companies, Inc. is an investment holding and developing company specializing in the acquisition and development of private companies within high-growth industries in China. Hartcourt's business strategy is to add substantial value in terms of financial restructuring and corporate governance to enable these subsidiaries goes public via IPO or reverse merger. 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.
SOURCE The Hartcourt Companies, Inc.
CONTACT: Mr. Raymond Liu of The Hartcourt Companies, Inc., +8621 5213 0673, ext. 204, or fax, +8621 5213 0664, Raymond.liu@hartcourt.com