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[peedro]

LOS ANGELES, May 8 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (BB:HRCT, Frankfurt: 900009), www.hartcourt.com , today announced that it has signed a definitive agreement to purchase 45 percent of Shanghai GuoWei Science and Technology Ltd., www.guowei.com.cn , a major PC retailer and distributor based in Shanghai, China. Furthermore, Hartcourt has obtained a voting proxy for an additional 10 percent of outstanding shares of GuoWei to effectively control the Board of Directors.

The purchase price for the 45 percent acquisition is RMB35.85 Million (US$4.35Mil) payable in 10,863,792 restricted common shares of Hartcourt at US$0.40 per share.

In 2002, GuoWei recorded sale revenue of RMB310 Million (US$37.6 Million). It was one of the top PC retailers in Shanghai, specializing in DIY (do-it- yourself) PC assembly and online PC sales.

GuoWei, founded in 1996, owns and operates 13 stores in Shanghai area and surrounding areas, completed with service centers and warehouse distribution. The stores provide customers with latest computer hardware, software, technical services and other digital products. It is also the leading online PC retailer in Shanghai for computer products at www.12diy.com .

GuoWei`s business model is very similar to that of HuaQing and NewHuaSun, two other Hartcourt subsidiaries. Recently acquired by Hartcourt, HuaQing and NewHuaSun recorded a combined US$120 Million in sales and US$2.2 Million in net profit in 2002. Adding GuoWei, the three subsidiaries should give Hartcourt over US$165 Million in sales for the next 12 months. In Q1 of 2003, GuoWei recorded RMB99.5Mil (US$12Mil) in revenue.

China has experienced explosive growth in PC sales for the last 10 years from 670,000 PC sold in 1994 to 7,260,000 in 2001. IDC predicts China`s PC sales will grow at 18-22% for the next 5 year, with sales reaching 19,800,000 PC in 2006 (global PC sales is 131,800,000 in 2002 vs. China`s 9,280,000). Experts believe the huge market potential will come from the low PC penetration in home uses (5% in China compared to 49% in the US), as well as demand from technology upgrades and adoption of information technology by SMEs (small medium enterprises) and government sectors.

More details on GuoWei and the PC market in China could be obtained from Hartcourt Website, www.hartcourt.com or GuoWei website, www.guowei.com.cn .

Mr. Zhou Jian, Chairman and President of GuoWei, comments, "We are pleased to join HuaQing and NewHuaSun to create a major PC marketing group in China under Hartcourt`s leadership. Undoubtedly, there are more companies out there anxious to join us. Our combined purchasing power and marketing budget will improve our profit margin. The acquisition strategy of Hartcourt will enable us to expand more aggressively. Bringing China`s future growth into the present is Hartcourt`s mission. We only just begin."

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.

For further information, please contact: Mr. Richard Yan, 8621 5213 0673, or fax, 8621 5213 0664, [e-mail] , for The Hartcourt Companies, Inc.

SOURCE The Hartcourt Companies, Inc.
-0- 05/08/2003
/CONTACT: Mr. Richard Yan, [phone], or fax, [phone],

[e-mail]

, for The Hartcourt Companies, Inc./
/Web site:

http://www.12diy.com

/
/Web site:

http://www.guowei.com.cn

/
/Web site:

http://www.hartcourt.com

/
(HRCT)

CO: Hartcourt Companies, Inc.; GuoWei Science and Technology Ltd.
ST: California, China
IN: REA CSE OTC CPR
SU: TNM

JA
-- LATH063 --
8772 05/08/2003 03:26 EDT

[2002buyer]

Hartcourt erwirbt GuoWei Group, einen bedeutenden PC Händler und Vertrieb in Shanghai

Los Angeles (08.05.2003) The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009 www.hartcourt.com) gaben heute bekannt, daß sie 45% von Shanghai GuoWei Science and Technology Ltd. erwarben (www.guowei.com.cn) . GuoeWei ist in ein bedeutender PC Händler und Vertrieb in Shanghai. Außerdem erhielten sie zusätzliche 10% des Umlaufkapitals, um die Kontrolle des Aufsichtsrats zu haben.

Der Kaufpreis für die Übernahme der 45% beträgt RMB35.85 Million (US$4.35Mio) und wird mit 10,863,792 "restricted common shares" von Hartcourt bezahlt. Der Aktienwert für diesen Vertrag wurde bei US$0.40 festgelegt.

GuoWei hatte 2002 einen Umsatz von RMB310 Million (US$37.6 Million) und einen Gewinn von RMB$4.8 Million (US$585,000). Es ist einer der Top PC Händler in Shanghai und ist spezialisiert auf "DIY (do-it- yourself)" PC Assembler und Online PC Vertrieb.

GuoWei wurde 1996 gegründet und betreibt 13 Filialen mit Service Center und Vertrieb in Shanghai und Umgebung. Die Kaufhäuser bieten Kunden die neuesten Hardware-, Software- und Digital Produkte, sowie den technischen Service. Sie sind ebenfalls der führende Online PC Vertrieb für Computerprodukte in Shanghai über www.12diy.com.

GuoWei´s Geschäftsmodell ist sehr ähnlich mit dem von HuaQing und NewHuaSun, zwei Hartcourt Tochterfirmen. Die kürzlich von Hartcourt übernommenen Tochterfirmen HuaQing und NewHuaSun erwirtschafteten 2002 zusammen einen Umsatz von US$120 Million und einen Gewinn von US$2.2 Million. Mit GuoWei werden alle drei Tochterfirmen in den nächsten 12 Monaten über US$165 Umsatz erwirtschaften. Im 1. Quartal 2003 verbuchte GuoWei einen Umsatz von RMB99.5Mil (US$12Mil).

In den letzten 10 Jahren erlebte China ein explosives Wachstum im PC Verkauf. 1994 wurden 670,000 und im Jahre 2001 7,260.000 PC´s verkauft. "IDC" erwartet für die nächsten 5 Jahre ein Wachstum von 18-22% bzw. 19,800,00 verkauften PCs im Jahre 2006 (weltweit wurden im Jahre 2002 131,800.00 PC gekauft und davon 9,280,000 in China). Experten glauben, daß das große Potential vom geringen PC Durchbruch in Haushalten (5% in China verglichen mit 49% in den Staaten), sowie die Nachfrage von Technologieverbesserungen und Annahme von Informationstechnologie durch kleine und mittlere Unternehmen und dem Regierungssektor kommt.

Weitere Informationen über GuoWei und den PC Markt in China finden sie auf der Hartcourt Webseite (www.hartcourt.com), oder auf der GuoWei Webseite (www.guowei.com.cn)

Mr. Zhou Jian, Geschäftsführer und Präsident von GuoWei sagte: "Wir sind erfreut uns mit HuaQing und NewHuaSun zu vereinen, um eine bedeutende PC Marketing Gruppe unter der Leitung von Hartcourt in China zu schaffen. Zweifellos gibt es mehr Firmen, die bestrebt sind sich mit uns zu vereinen. Unsere gemeinsame Kaufkraft und Marketing Budget verbessert unsere Gewinnspanne. Die Übernahme Strategie von Hartcourt ermöglicht uns dynamischer zu expandieren. Hartcourt´s Mission ist "Bringing China`s future growth into the present". We only just begin."


Andi

[2002buyer]

Hartcourt Reports Substantial Improvements on Q1 Financial Results

May 15, 2003

LOS ANGELES, May 15, 2003 /PRNewswire-FirstCall via COMTEX/ --

The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com , today reported financial results for the first quarter of 2003. Revenues for the quarter were $5,722,349 as compared to $119,344 for the last quarter of 2002. Hartcourt recorded a loss of $186,916 or $0.00 per share, as compared to a loss of $768,523 during the same quarter of 2002.

The increase in revenue was due to the consolidation of one-month operation of HuaQing, a recent acquisition. The cash position has improved from $79,845 as of 31 December 2002 to $2,987,588 as of 31 March 2003. The actual loss on ongoing operation was narrowed to only $30,383 (before depreciation and impairment). The current ratio of assets over liabilities is positive.

Mr. Richard Yan, Acting CFO of Hartcourt, comments,`We look forward to Q2; as we shall be able to consolidate all 3 months of HuaQing operation, as well as additional revenue and income from NewHuaSun and GuoWei. There might be some impact from SARS epidemic, but the positive trend will continue.`

Since February 2003, Hartcourt has acquired controlling interest of HuaQing, NewHuaSun and GuoWei, all top PC marketers and distributors in China and dominant players in their own geographical areas. The combined revenue in 2002 of these subsidiaries was US$145 Million with a net profit of US$2.5 Million. IDC expects the PC market in China to grow an average of 18-22% percent from now to 2006.

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, strategic consolidation and corporate governance to enable its subsidiaries to grow and expand faster with the ultimate objective of mature divesture via public markets. 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.

Mr. Raymond Liu of The Hartcourt Companies, Inc., [phone], or fax, [phone], [e-mail]

http://www.hartcourt.com


Andi