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Hartcourt Subsidiary and China Cable Networks - CCN - to Jointly Develop the'CCN Financial TV Channel' Prior to WTO Approval Thu May 25 09:14:00 EDT 2000
LOS ANGELES, May 25, 2000 (BUSINESS WIRE) --
Technology Would Provide Access to Real-Time Financial Content to 80 Million Chinese Cable TV Users
The Hartcourt Companies Inc. (OTC:HRCT)(Frankfurt:HCT) www.hartcourt.com, today announced that its subsidiary, Shanghai Guo Mao Financial Corporation, has formed a strategic partnership with China Broadcast and Television Cable Networks Ltd., also known as China Cable Networks (CCN).
The alliance calls for a multi-year effort to jointly develop and deploy a financial TV channel to be marketed to 80 million Chinese cable TV subscribers across all Chinese provinces and cities.
The agreement calls for China Cable Networks to utilize its leading TV broadcasting expertise and integrated technologies and services for broadcasting cable channel signals to market the "CCN Financial TV Channel" with content developed by Shanghai Guo Mao Financial Corporation.
The content would be transmitted via satellite and ground transceiver systems optimized for cable TV networks. The financial content will include real-time market data, market commentary, financial news and analysis, interviews, paid programming as well as advertisements.
"We are very pleased to collaborate with China's leading cable TV company, China Cable Networks," said Hartcourt Chief Operating Officer Dr. Charlie Yang. "The development and launch of the planned CCN Financial TV Channel should put the partnership into a leading position similar to that enjoyed by CNBC (NYSE:GE) or CNN Financial (NYSE:TWX) TV programming broadcast in the United States. We are very excited at the prospect of capturing the attention of this market, which is currently 12 million viewers larger than the U.S. market.
"Our advertising revenue when combined with the licensing revenue from participating provincial cable TV service providers will contribute significantly to our bottom line. We have proved to our investors again that Hartcourt is not a 'dot.com' company. Our success is built on the expertise of our corporate officers in providing total IT solutions to the financial industry and a leading financial content provider in China," Dr. Yang concluded.
Dr. Alan Phan, Chairman and CEO of Hartcourt commented: "For the last two months, our SinoBull subsidiaries have aggressively expanded their operations in Greater China.
"Beijing-based UAC Stock Exchange Online Ltd. recently announced that a third Top Ten Chinese brokerage firm was being added to its trading network; Financial Telecom Ltd. (Hong Kong) acquired 51% of a data transmission network, and StreamingAsia Ltd. was selected to deliver sports-related video and audio via the Internet for the Chinese National Sports Networks. More importantly, Hartcourt was chosen to set up the China Law Web site for the People's Supreme Court.
"Each of these achievements are remarkable in themselves. Taken as a whole, our progress has been surprising in the slow-moving world of China. With the PNTR and WTO agreements likely to be approved by the U.S. and other world powers, Hartcourt is strategically positioned to benefit fully from these new opportunities."
About China Cable Networks (CCN)
CCN (www.ccn.net.cn) is the leading TV and broadcast full-service provider in China. It is jointly owned by various provincial and municipal cable companies including: Beijing Cable, Guang Dong Cable, Zhe Jiang Cable and Wu Han Cable as well as Xinhua News Agency. It utilizes the national and local cable TV networks in China to form a national data and information service network and offer value-added services to over 80 million Chinese cable TV subscribers.
About Shanghai Guo Mao
Guo Mao is principally engaged in the business of developing financial content for broadcast over existing TV channels and networks in China. The company's programs cover information relating to Chinese and other Southeast Asian markets, as well as those in Europe and the United States. Guo Mao is the leading provider of real-time financial information and financial-related software to securities brokers, financial institutions, corporations, financial service companies and serious individual investors in China.
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. Its mission is to become one of the leading broadband applications infrastructure providers in Asia, including developing broadband networks and vertical market focused contents for broadband applications. Detailed information on Hartcourt can be obtained via the company's Web site, www.hartcourt.com.
This news release includes forward-looking statements that depend on circumstances that may or may not occur including the performance of the companies now held, the acquisition and performance of new companies and other factors listed in the company's Form 10-KSB for the period ending Dec. 31, 1999. Changes in these factors could alter the company's financial performance and future prospects.
CONTACT: The Hartcourt Companies Inc. Jack Westfield, 310/410-7290
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