Hartcourt UAC JV Obtained Official Goverment Licenses [143164:941502258]
edward basic
Saturday October 30, 2:30 pm Eastern Time
Company Press Release
Hartcourt UAC JV Obtained Official Government Licenses
LOS ANGELES--(BUSINESS WIRE)--Oct. 30, 1999--The Hartcourt Companies, Inc. (OTC:HRCT - news) today announced that the Joint Venture formed with UAC Online Stock Trading Inc. of China has been approved by the government.
An official Business License and Certificate of Foreign Investment were issued to the JV. It is a significant development in affirming the legality of the JV company, especially in view of recent confusion on foreign investment; and reflecting the desire of the government for a speedy implementation of the project. UAC operates the first and the only nationwide online trading network in China, connecting investors with their stock brokerage offices.
UAC system has been in operation at two offices of China Securities in Beijing and 12 additional offices should be wired up during the next few weeks. China Securities, the second-largest brokerage firm in China, has signed an agreement to install the UAC system in all of its 98 offices nationwide. As the first and only CHINAPAC operating agent designated by China Telecom, UAC is in a unique position to market the services to all brokerage firms in China. At present, there are 4,000 brokerage offices in China serving 40 million investors. UAC's mission is to quickly capture as much market share as possible. Total revenues, excluding the TV set-top box users segment, are projected to exceed $40 million by 2004.
UAC is also working with Financial Telecoms Ltd (FTL) of Hongkong to create the most comprehensive financial portal in Chinese language for the Internet users of China and Hongkong. The merged entity, with the participation of additional well-known American and Chinese strategic partners, will proceed with an IPO planned for the 2nd quarter of 2000.
Dr. Alan Phan, Chairman and CEO of Hartcourt, stated, ``We were surprised to receive the licenses this early. Our Chinese partners have delivered more than expected. It is a good omen for the future. With its technology and infrastructure, UAC has positioned itself to become the first and major E-trade in China. With the planned IPO and the national ISP project coming on schedule, Hartcourt's effort is being rewarded finally. We are proud of these unique achievements.''
Mr. Shi Zhang, Chairman and President of UAC, said, ``Even though the profit potential of the Joint Venture is tremendous, it is just a first step of our cooperation. Next on line is the best Chinese financial portal with the same standards and features like Bloomberg or MarketWatch. We are creating something unique and spectacular for the Chinese Internet users. Our market position and our leading-edge technology will ensure our long-term success.''
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.
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Contact:
The Hartcourt Companies Inc.
Dr. Alan V. Phan, 562/426-9796
Greg Martin
wrote:
>
>Saturday October 30, 2:30 pm Eastern Time
>Company Press Release
>Hartcourt UAC JV Obtained Official Government Licenses
<chomp>
>Contact:
>
>The Hartcourt Companies Inc.
>Dr. Alan V. Phan, 562/426-9796
Grrrr....#$%^&&###
1) What makes you think anyone in a news group for the discussion of
the C programming language gives a tinkers damn?
2) Have you ever heard of word-wrapping?
3) Thanks for including an abuse@ e-mail address. I put it to good
use.
Regards,
Greg Martin.
Michael Neitzel
a new ANSI C ??? *rofl*
Hey guy, you should proberly join to comp.lang.my.own.problems ;-)
i can understand the mood of Greg Martin, so post this things everwhere, but
*NOT* in Programmers Area's :-)))
Michael Neitzel, Windows NT System Developer
Greg Martin wrote in message <381e2f39...@news.netidea.com>...