Sinobull.com Engaged Ernst & Young for IPO Business Plan

Business Wire, Dec 13, 1999

LOS ANGELES--(BUSINESS WIRE)--Dec. 13, 1999--

The Hartcourt Companies Inc. (OTC:HRCT) (Frankfurt:HCT), www.hartcourt.com, today announced that Sinobull.com has engaged the international accounting and consulting firm, Ernst & Young, to prepare an Information Memorandum required by the IPO underwriter and legal authorities.

The business plan is expected to be completed by the end of January 2000.

Sinobull.com is the holding company that controls UAC Online Stock Trading and Financial Telecom Ltd. Sinobull.com is acquiring 3 other Internet operations, including 50 percent of StreamingAsia.com, to create a premier financial portal and service company in Chinese Internet. Sinobull.com is planning for an IPO during the first quarter of 2000. Major American and Chinese strategic partners are expected to join Sinobull.com in the IPO.

Hartcourt's mission is to become the leading Internet company in Asia. Besides the Sinobull.com project, Hartcourt is also a Joint Venture partner with Innostar Hi-Tech of Beijing to create the first and only wireless ISP network throughout China via a Chinese satellite. The operation is expected to start around March 2000.

Dr. Alan Phan, Chairman & CEO of Hartcourt, said: "We are determined to work only with the best. Ernst & Young is the logical choice. We are proceeding on schedule regarding the IPO. The year 2000 should be an exciting year for Hartcourt shareholders. We worked hard in 1999, and 2000 will be the year of reaping the fruits of our labor."

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.