Hartcourt Announces Annual Results for 2000; Company Believes China Assets Continue to be Attractive Investments

Apr 02, 2001, 01:00 ET from The Hartcourt Companies, Inc.

    LOS ANGELES, April 2 /PRNewswire/ -- The Hartcourt Companies, Inc.
 (OTC Bulletin Board:   HRCT) (Frankfurt: HCT), www.hartcourt.com today announced
 its annual results for fiscal year 2000.
     Revenues in 2000 were $1,531,339 compared to $378,677 reported in 1999. On
 a fully diluted basis, the company reported a net loss in 2000 of $6,790,879
 equal to 11 cents per share versus a net loss in 1999 of $7,862,468 equal to
 20 cents per share.  As of December 31, 2000 Hartcourt had 59,486,747 shares
 outstanding compared to 39,405,356 shares outstanding as of December 31, 1999.
     Mr. Manu Ohri, Hartcourt's Chief Financial Officer stated, "Because of
 various investment banking activities that the company was negotiating during
 the fourth quarter, we could not consolidate the statements of operations of
 any additional revenue generating holdings in Greater China prior to closing
 the books for fiscal year 2000.  Had this additional revenue been available,
 Hartcourt would have reported significantly higher sales figures."
     "I also would like to point out that approximately $3,700,000 of the
 stated losses for 2000 were from non-recurring events.  These events primarily
 include the write down of $2,500,000 of marketable securities the company
 acquired in GoCall Inc. in 1999, and the write-off a note receivable from an
 unrelated entity in the amount of $225,000," said Ohri.
     Hartcourt CEO, Dr. Charlie Q. Yang stated, "It is important to point out
 that in contrast with the United States, Japan and other countries, China's
 GNP is expected to grow at a 7% pace in 2001.  All Hartcourt subsidiaries and
 strategic holdings in Greater China have substantial cash on hand and incur
 relatively small operating costs from their activities.  We believe that they
 have sufficient cash flow from current operations to not only sustain these
 activities, but to assist in near term growth as well.
     "Additionally, it's encouraging to see China's securities markets continue
 to perform significantly better than other major world markets.  In this type
 of investment climate, it is reasonable to believe that the business ventures
 Hartcourt is pursuing in China will continue to be attractive to outside
 investment."
 
     About Hartcourt
     The Hartcourt Companies is a holding and development company that is
 building a network of Internet and telecommunication service companies in The
 People's Republic of China (China), including Hong Kong, in partnership with
 Chinese entrepreneurs as well as Chinese government-owned entities.
 Hartcourt's business goal over the next three years is to complete a series of
 IPOs or spin-offs focused on four main divisions:  StreamingAsia, the
 streaming content (video/audio) web-casting and web hosting leader in Hong
 Kong; SinoBull Financial Group, the multi-media financial data provider and
 online securities trading platform; the Broadband ISP and Internet
 Infrastructure Group; and Hartcourt Capital Inc., the E-Finance transactions
 platform offering online banking, securities, insurance, equipment leasing,
 credit, and B2B transaction settlements.  Detailed information on Hartcourt
 can be obtained via the company's Web site: www.hartcourt.com.
 
     Forward-looking statements
     Certain statements in this news release may constitute "forward looking"
 statements within the meaning of Section 21E of the Securities Exchange Act of
 1934.  Such forward looking statements involve risks, uncertainties and other
 factors, which may cause the actual results, performance or achievement
 expressed or implied by such forward looking statements to differ materially
 from the forward looking statements.
 
 

SOURCE The Hartcourt Companies, Inc.
    LOS ANGELES, April 2 /PRNewswire/ -- The Hartcourt Companies, Inc.
 (OTC Bulletin Board:   HRCT) (Frankfurt: HCT), www.hartcourt.com today announced
 its annual results for fiscal year 2000.
     Revenues in 2000 were $1,531,339 compared to $378,677 reported in 1999. On
 a fully diluted basis, the company reported a net loss in 2000 of $6,790,879
 equal to 11 cents per share versus a net loss in 1999 of $7,862,468 equal to
 20 cents per share.  As of December 31, 2000 Hartcourt had 59,486,747 shares
 outstanding compared to 39,405,356 shares outstanding as of December 31, 1999.
     Mr. Manu Ohri, Hartcourt's Chief Financial Officer stated, "Because of
 various investment banking activities that the company was negotiating during
 the fourth quarter, we could not consolidate the statements of operations of
 any additional revenue generating holdings in Greater China prior to closing
 the books for fiscal year 2000.  Had this additional revenue been available,
 Hartcourt would have reported significantly higher sales figures."
     "I also would like to point out that approximately $3,700,000 of the
 stated losses for 2000 were from non-recurring events.  These events primarily
 include the write down of $2,500,000 of marketable securities the company
 acquired in GoCall Inc. in 1999, and the write-off a note receivable from an
 unrelated entity in the amount of $225,000," said Ohri.
     Hartcourt CEO, Dr. Charlie Q. Yang stated, "It is important to point out
 that in contrast with the United States, Japan and other countries, China's
 GNP is expected to grow at a 7% pace in 2001.  All Hartcourt subsidiaries and
 strategic holdings in Greater China have substantial cash on hand and incur
 relatively small operating costs from their activities.  We believe that they
 have sufficient cash flow from current operations to not only sustain these
 activities, but to assist in near term growth as well.
     "Additionally, it's encouraging to see China's securities markets continue
 to perform significantly better than other major world markets.  In this type
 of investment climate, it is reasonable to believe that the business ventures
 Hartcourt is pursuing in China will continue to be attractive to outside
 investment."
 
     About Hartcourt
     The Hartcourt Companies is a holding and development company that is
 building a network of Internet and telecommunication service companies in The
 People's Republic of China (China), including Hong Kong, in partnership with
 Chinese entrepreneurs as well as Chinese government-owned entities.
 Hartcourt's business goal over the next three years is to complete a series of
 IPOs or spin-offs focused on four main divisions:  StreamingAsia, the
 streaming content (video/audio) web-casting and web hosting leader in Hong
 Kong; SinoBull Financial Group, the multi-media financial data provider and
 online securities trading platform; the Broadband ISP and Internet
 Infrastructure Group; and Hartcourt Capital Inc., the E-Finance transactions
 platform offering online banking, securities, insurance, equipment leasing,
 credit, and B2B transaction settlements.  Detailed information on Hartcourt
 can be obtained via the company's Web site: www.hartcourt.com.
 
     Forward-looking statements
     Certain statements in this news release may constitute "forward looking"
 statements within the meaning of Section 21E of the Securities Exchange Act of
 1934.  Such forward looking statements involve risks, uncertainties and other
 factors, which may cause the actual results, performance or achievement
 expressed or implied by such forward looking statements to differ materially
 from the forward looking statements.
 
 SOURCE  The Hartcourt Companies, Inc.