HARTCOURT-NEWS!! "hilft dem kurs nicht"

New SinoBull CEO Pledges Major Investment Banking Effort
Hartcourt Subsidiary Adopts New Structure As Part Of Plan To Maximize Shareholder Value
LOS ANGELES--(BUSINESS WIRE)--Aug. 7, 2000--The Hartcourt Companies, Inc. (OTC:HRCT - news; Frankfurt:HCT) www.hartcourt.com today announced the appointment of Mr. Allan S.S. Yuen as the new CEO of SinoBull Financial Group and SinoBull.com, Inc.

Mr. Yuen previously served as Hartcourt's Senior Vice President in charge of merger and acquisitions and maintains offices in both Beijing and Hong Kong.

Prior to joining Hartcourt, Mr. Yuen, a well-known and highly respected entrepreneur operating throughout Greater China, was the founder of SinoAmerican Telecom. His firm was the first foreign company to introduce pagers and paging services into the Chinese market. SinoAmerican's partners in this enterprise included Singapore Telecom, ING Fund, Beijing City Government, PLA and Ministry of Post and Telecommunications. Following SinoAmerican's IPO, Mr. Yuen was profiled in the 10/28/96 issue of Fortune Magazine.

Dr. Alan V. Phan, chairman and CEO of Hartcourt, said, ``We are reorganizing our management team to reflect the new business strategy the company is pursuing and to demonstrate to future business partners our readiness to implement the potential business combinations we are presently negotiating. Hartcourt Capital's focus toward online financial transactions appears best suited to the talents and experience of its new CEO, Mr. Michael Bianco.

``Mr. Yuen is an expert in deal structure and has well established contacts in Greater China. His primary duties will include the structure and spin-off of selected China-based Hartcourt assets through IPO and/or merger, as well as the acquisition of additional companies, the improvement of SinoBull's market position, and negotiations with future strategic partners.''

``I am very lucky to have a great management team already in place at SinoBull,'' stated Mr. Yuen. ``Stephen Tang of Financial Telecom is an experienced banker and entrepreneur; Patrick Kwan of StreamingAsia is a superb technocrat; Simon Zhang of UAC is a world-class engineer and manager, while Wang Jian of Shangdi Network has proven to be a very astute business leader in China today and Jiang Tai's skills as a builder of business networks is remarkable. Due to their contributions, I am now able to concentrate my efforts in assisting Dr. Phan in creating new efficiencies which we believe will lead to accelerated progress for all SinoBull operations and ventures.''