January
4, 2001 Headlines---
Perferred Capital Exclusive Interview with Mark Seif
Old
Kent Financial Good-Bye ( added to the List )
BSB
Back in Business
Harcourt
Expands eFinance in China with IBM Software
Westar
( on line auto leasing ) up 300 percent
New
UAEL Exec. Joan Dalton Lacks Experience???
V.C.
Competition for Leasing Companies?
Vote
for "Pioneer of Leasing"
The List is Up-dated-----
Exclusive Interview: Mark Seif/Peferred Capital
Preferred Capital is
for sale, according to their general counsel Mark Seif. Last November, 1999, they
did $17 million in capital equipment cost. That was their best month. They had
been doing anywhere from $14 to $15 million each month, according to informed
sources. Not any more.
Peferred Capital was very heavy in the mail marketing
and telephone solicitation with the "Pre-approved" approach, selling mini-paper
to GE/Colonial Pacific, Advanta, Manifest, Commerce Security, among others. With
the changes of policy at their funders, placing business started to decline and
warehouse lines could not find take-outs, resulting in serious cash flow problems,
especially in October and November of last year, it was reported.
" Yes,
we have not been sold, " Seif said in an exclusive interview. They have had many
offers, but the two original principals could not agree on the selling price,
and from a high of 270 employees, closed their branches, and are now down to one-quarter
their original size with their main facility in Tahoe City, according to Seif.
" We have 42 sales reps now, " he says. " The commissions are now based on
rewards. We have cut the boats, cars, and all the frills...We are aggressive,
but not what we used to be. Right now, we are actively talking to investors, strategic
partners."
He blames credit tightening, more competition, more sources
for the dramatic change in the small ticket market.
" It is not the internet,
" he explains. " We are with Live Capital, get leads off our web site, but the
business is very small. Not much is being done on the world wide web. We are going
to weather the storm with a tight budget, running lean and mean, taking very good
care of all our funding sources."
He and Louis Schneider are basically
managing the company. David Murray left on November 7, 2000.
"Basically
David didn't like laying off his friends, facing the financial difficulties of
a downsized company, closing offices, and didn't want to remain in the leasing
business any more, " Seif explains. " It wasn't fun... And yes, the small ticket
market is no longer what it used to be. "
For more about this company,
please go our original story:
http://www.leasingnews.org/archives/December/12-20-00.htm
Old
Kent Financial Sale
Fifth Third Bank (Cincinnati, Ohio) on announced
on Nov. 20th that they were going to acquire Old Kent Financial (Grand Rapids,
Michigan) including Old Kent Leasing Services Corp. (Lombard, Illinois). Closing
expected in the second quarter, perhaps by April.
The acquisition of
Old Kent appears on the Fifth Third stock announcement board (FITB). The purchase
amount was $4.9 Billion on 11/20/00 and should be completed in April, 2001 according
to the press release.
It will be interesting to see how this acquisition
impacts Old Kent Financial Services (which has been small ticket oriented, both
direct and indirect) when they become part of Fifth Third whose leasing activities
have principally been middle market and large ticket leases to excellent credits.
(In 1997 Gateway Leasing to Fifth Third, Bruce Kropschot was involved, and in
1999 they decided to exit the small ticket leasing business by selling Gateway
to Sierra Cities.)
Unicapital--No response form Steve Dallas about taking on new business, as suggested
would happen this year. The companies dealing with them say, "no change."
" No checks. No docs. No return calls. I did send Steve an e-mail to which
he responded about a week ago. He basically lamented the treatment by Lehman and
said he was doing all he can. I empathize. It has been a problem for us, though.
"
Name With held
BSB Leasing is BACK!!!!!
Don Meyerson bought back the company and they
are back in business at 303-329-09227. Official announcement to be made soon.
They are notifying brokers to start sending them business again.
61 Leasing
Companies Major Changes
( For specific stories, use search on our site,
or go to archives: http://www.leasingnews.org/archives.htm )
Advanta
Leasing ( 9/2000 for sale, former prez now at eOriginals,others let go like Kaye
Lee.)
Affinity Leasing, Washington ( 12/2000 to close and concentrate on Financial
Pacific biz )
American Business Leasing ( gone )
Balboa Capital ( 9/2000
Founder Pat Byrne "...office available any time he wants to use it" ).
Banc
One Leasing ( 12/2000 Lays Off 60, Closes 5 offices )
The Bancorp Group, Inc.
(Southfield, MI) (Not accepting news business. The BOD of the parent bank is assessing
what to do with the leasing subsidiary.....currently servicing portfolio but not
originating. no longer in business )
Bankvest (bankrupt)
Bayview Capital
( 12/2000 announces $17 million loss/later does not issue dividend )
Bombadier
( 12/2000 reported having leasing problems, not confirmed, company strong in other
divisions, but appears backing out of leasing division )
BSB Leasing ( 1/2001
Don Meyerson bought back the company and they are back in business at 303-329-09227.
Official announcement to be made soon. They are notifying brokers to start sending
them business again. 12/2000 Don Meyerson says to be "re-born"11/2000 closed to
accepting new business.)
Charter Financial ( purchased by Wells Fargo 9/5/2000
)
Colonial Pacific (11/98) purchased by GE Capital 5/2000 no more re-brokered
applications, except from one or two sources, such as Steve Dunham's Leasing Associates
)
Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings)
Comstock Leasing ( 3/2000 Unicapital then Linc and discontinued operation this
date )
Conseco Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing.
Copelco ( 4/2000 sold to Citibank/10/2000 stock down rated/10/2000 ceases broker
business, many complaints in manner turning off faucet )
Dana ( 7/2000 sold
off portfolio, active as captive lessor )
DVI Capital (12/2000 out of broker
)
El Camino Leasing, Woodland Hills, Caifornia (10/2000 No longer taking
broker business 11/2000 struggling to stay in leasing business, according to insider
reports )
eLease ( June/July/2000 senior management changes )
Finantra
(11/2000 will eliminate its commercial finance operations in order to focus on
its two core finance platforms, consumer finance and services and consumer mortgage
lending. )
FMA Finance ( 4/2000 reportedly closed to brokers )
Fidelity
( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered
in the Netherlands, raising funds )
Finova ( 12/2000out of market place,
many problems, raises $250 MM, but not enough ) ( 10/2000 Dow Jones headlines
"Finova Stock Falls As Buyout Hopes Wane 10/2000 Dow Jones notes stock falling
and problems at Finova 11/2000 Announces they will discontinue business, sell
units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest $350 Million
in Finova 11/2000 reports $274 million loss ))
First State Bancorp, Albuquerque,
N.M ( 3/2000 sold leasing division-$64 million---)
Franklin Leasing, Des Moines,
Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases ( limited by regulations
and leases are for sale ).
Franchise Mortagage Acceptance Corporation (FMAC)
11/1999 purchased by Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing
all franchise loan and lease production.
Golden Gate Funding ( 2/99 purchased
by Westover Financial )
Heller Financial's Commercial Services Unit ( 10/99
purchased by CIT )
Imperial Credit Industries (ICII) ( sold portfolio )
Japan Leasing Credit claims ( JLC --6/99 purchased by Orix )
Lease Acceptance
Corp---( ceases broker business 7/26/2000 )
Leasing Solutions ( bankrupt )
Liberty Leasing ( closed, California company )
Linc Capital ( out of vendor
and broker business, Nasdaq halts stock sales, $13.4 loss last quarter,10/2000
assets for sale )
Lyon Credit Corporaton ( 9/99 purchased by Hudson United
Bancorp )
Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and
Financial, "...a win for all the parties involved," Brian Bjella. Matsco Financial
(12/2000 purchased by Greater Bay Bank )
Merit Leasing ( gone )
Metwest
Leasing, Spokane Wa. ( 9/2000 advising brokers that they have run out of funds
so they are unable to fund a transaction we have there for funding. 11/2000 Metwest
Leasing Spokane, WA. is pulling the plug, confirmed by five sources. )
Metrolease--(
5/2000 reports closing operation,John Blazek at Evergreen Leasing, Hathcock losing
assets, will not confirm nor deny; many serious rumors of serious fraud floating
around the marketplace, including debt to Textron Financial, reported to file
bk.)
NationsCredit, Business Leasing Group (1/29/99 sold to Textron**)
*"The Business Leasing Group of Nations Credit was sold to Textron and we still
do broker business," say Jim Merrilees, past UAEL president.
NIA National
Leasing ( 3/2000 purchased by Lakeland Bancorp )
New England Capital ( 6/2000
sold to Network Capital Alliance a division of Sovereign Bank. Sovereign did hire
two people who will run a sales office in CT, doing basically the same deals with
the same people as before. Little will change in that aspect.
Newcourt ( 8/2000
sold off )
Old Kent Financial ,GrandRapids, Michigan ( 11/2000 Fifth Third
Bank,Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway
Leasing sold to Old Ken in 1997, small ticket leasing specialists )
Onset
Capital ( 9/2000 Irwin buys 87% equity )
Orix 11/10 First Six Month Profits
up 14% at Orix! ) 10/2000 "long-term Outlook has been revised from Stable to Negative"
Credit Allianchat it has changed its name to ORIX Financial Services, 9/2000 Japanese
Bank President Committs Suicide (Orix is a 14.7% shareholder in bank having problems
), ( 8/2000 closes small ticket vendor division in Portland, Oregon, "Business
as usual (in New Jersey and with brokers)," says Steve Geller 11/8 New President
at Orix appointed 11/10 First Six Month Profits up 14% at Orix! No negative reports,
company appears to be doing very well. )
Phoenix ( 5/2000 both divisions closed
)
Preferred Capital ( 12/2000 On the block. David Murray left 11/7 "didn't
like letting his friends go." 01/2000 Mark Seif confirms )
Republic Leasing,
South Carolina 9/27/2000 ( "The expected result will be a sale of Republic Leasing"---Dwight
Galloway )
Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm
acquires major portion of the assets.)
Rockford ( sold to American Express
)
Scripp Financial ( 6/29/2000 ( purchased by US Bancorp )
Signature Leasing,
Dublin, California ( 11/2000 no longer in small ticket marketplace )
SDI (
5/2000 closed to broker programs )
SFC Capital ( 9/15/2000 purchased by Trinity
Capital )
SierraCities (11/2000 to be acquired by Vertical Net Credit on December
29, now extended to January 16,2000 , Sells Off UK Assets )
T&W, Washington
(10/2000 filed Chapter 11. Creditors meeting on 12-4-00 Seattle. Case # 00- 10868
US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc
Barreca 206-623-7580)
Transamerica ( 11/2000 for sale, but no buyers, so taken
off marketplace, no longer for sale )
Unicapital ( 12/2000 files bk ) ***
series of company that may be affected, end of report )
United Capital, Austin
Texas ( 12/2000 no new deals until after the 1st of year, Steve Dallas says, "
We will survive." Varilease ( 11/2000 closed down )
USA Capital Leasing (
gone-bk )
any corrections, additions, comments will be appreciated.
We are presently working on dividing the list into last twelve months and
prior. We are close to completion on this project
***Original Purchases
by Date by Unicapital
American Capital Resources 2/98
Boulder Capital
Group 2/98
Cauff, Lippman Aviation 2/98
Jacom Computer Services 2/98
Matrix Funding 2/98
Merrimac Financial Associates 2/98
MunicipalCapital
Markets Group 2/98
The NSJ Group 2/98
PortfolioFinancial Servicing 2/98
--aquires assets of Unicapital
Vanlease 2/98
The Walden Group 2/98
K.L.C., Inc. dba Keystone Leasing 5/98
Jumbo Jet 7/98
HLC Financial 7/98
Saddleback Financial Corporation 7/98
U.S. Turbine Engine Corp. 7/98
The
Myerson Companies dba BSB Leasing 9/98
--- to start again says Don Meyerson
Please note, we are continuing to fill in the dates, so we can break this list
into a "current" and " recent" list. We have also deleted smaller companies and
sales of portfolio's as the list was getting too large. Editor had not completed
new chronological section.
We give you permission, and in fact, encourage you to pass on information to your
colleagues. If you would like to join our leasing news network, we are free, with
no advertising or banners, too--- all you need to do is e-mail us. View Us on
Line, too: www.leasingnews.org
Vote for the "Pioneer of Leasing"
http://www.efj.com/pages/poll_form.asp
The Equipment Financing Journal (EFJ), published by R.H. Caruso & Co., Inc.
is currently accepting online nominations for the distinction of "Pioneer of Leasing"
for a feature article slated for mid-2001. The EFJ is requesting reader assistance
in determining which individuals have made the most impact on equipment leasing
during its formative years between 1960-1980. Categories included are: Big-Ticket,
Middle-Market, Small-Ticket, Captive, Vendor and Service Provider. Those interested
can obtain more information and cast their votes online at http://www.efj.com/pages/poll_form.asp
until January 31.
When the voting is completed, a panel of judges will
determine the top two "Pioneers of Leasing" in each category. These significant
individuals will be the focus of a comprehensive feature that covers the history
of equipment leasing.
For more information contact The EFJ at 716-885-0444
or editor@efj.com.
New UAEL Exec. Joan Dalton Lacks Experience???
On December 15, 2000 you
published Bob Rodi’s, UAEL’s out going President, “Letter on the Year,” in which
he states “... the desires of the UAEL leadership [is] to position our Association
as the premiere trade organization in the equipment leasing industry,” and “delivering
maximum value” for our dues. On December 29, 2000, you subsequently published
the UAEL ANNOUNCEMENT , ...”Joan Dalton is appointed Managing Director of the
United Association of Equipment Leasing effective January 1, 2001, ...Joanie replaces
Dr. Raymond Williams.”
I am concerned as a member that the appointment
of somebody with less than two years experience in leasing and association management
does not instill confidence that the UAEL is on a course to being the “premiere
trade organization in the equipment leasing industry.” I am sure that this maybe
a concern of others as well.
My intent in writing is not to vilify Ms.
Dalton, but to ask if others beside myself are searching for a reasonable answer
as to why this particular choice was made? Is she the strongest candidate for
this important position, or are there others who would be better qualified? The
announcement clearly indicates a replacement has been made and prompts the question
of the value in my membership.
I feel that we need a strong person for
this position that understands our industry and association management with the
leadership capabilities to help guide us in this new millennium.
D. Paul
Nibarger, CLP
Nibarger Associates
nibarger@deltanet.com
(310) 541-8609
( This e-mail was not alone, except it was the only one who wanted us to
use their name. We received many who were "afraid" to voice their opinion about
the alleged "lack of experience" and/or ability to go to regions, not being a
members of the American Society of Executives. Most were very pro Ray Williams,
mentioning things he had done for them.. Normally w will print "off the record,"
but not in this regard. If you don't have the guts to use their name for an adverse
opinion...then NO. In my personal opinion, Dalton can do the job and handle the
crticism. Whether you agree or disagree with Mr. Nibarger, he has the courage
to speak his opinion and we should applaud him for that. He has many valid points,
and we should respect him for his opinion and leadership to speak out. editor.
)
More
Competition for Leasing Says Major V.C. Play
"Bearish," were the first
words out of William "Boots" Del Biaggio mouth. He is president and CEO of Sand
Hill Capital, one of the panelist at the Economic Trends 2001 "Commonwealth Club
of California" meeting held at the San Jose Fairmont Hotel this morning, also
sponsored by The Silicon Valley San Jose Chamber of Commerce and Silicon Valley
Business Ink.
The Moderator was Robert T. Parry, president and CEO of
the Federal Reserve of San Francisco, and among the other panelists we Daniel
McFadden, 2000 Nobel Laureate in Economics, and Gary Burke, vice-president of
the Nasdaq Stock Market. Burke said yesterday was the best day ever in Nasdaq's
history, largest volume they have ever recorded, and strengthens their trend to
keep expanding overseas to provide money to emerging companies.
" There
is $80 billion out there to spend by venture capitalist, " Del Biaggio said. "But
you will now see VC's look inward, see what to keep, what to sell off. There is
a new way to look at investments this year. Management that can change, and make
profit. Look also for VC to invest in public companies not performing well." "
There will be less angel financing, few "B" round financing, as investors will
want to look at profits and not lack of profits." They will start investing in
companies in smaller dollar amounts, in companies performing, completing more
with banks and leasing companies. " Only 20% to 30% of the $80 billion is committed
and watch for the V.C. investor to be bearish..." and they will be looking for
more proven companies with solid management and history of profit."
Westar Financial
Reports $105 Million in 3Q01 Revenue, Up 300%
TUMWATER, Wash.--(BUSINESS
WIRE)--1--Westar Financial Services Incorporated (OTC:WEST), the leading automobile
e-finance portal, today reported continued record growth.
The company
generated revenues of more than $105 million for its third fiscal quarter ended
December 31, 2000, an increase of 300% from $26 million in the year ago period,
and 76% from $60 million in the prior quarter of this year. For the first nine
months of fiscal 2001, revenues increased 140% to more than $202 million compared
to $84 million in the like period a year ago. Westar has reported record revenues
for each of its most recent four quarters.
"For the five years it took
us to build and prove our business model, the most common comment we heard from
others was, `That's not the way it's normally done.' We agree. Today, Westar is
delivering on its promise to meld exciting new technologies with older concepts
of high-touch service in order to deliver quality growth," said R. W. Christensen,
Jr., President. "Westar is capitalizing on its recognition that `e-commerce' is
a tool, rather than an end in itself. The business models and practices we've
developed to serve the B2B2C marketplace have positioned Westar on the leading
edge of the financial services industry of the future in terms of revenue growth,
margin expansion and operating efficiency. In February, we will report full fiscal
third uarter results, and expect the final quarterly results will be significantly
improved and approaching breakeven. The widening margins and strengthening operating
results are a direct result of the economies of scale we are beginning to generate
in finance and operations."
"We expect Westar will have more opportunities
presented to it in the coming year as large competitors continue to exit the automobile
segment of consumer financial services. In particular, we expect more major institutions
to look to outsourcing their auto finance operations, essentially similar to their
earlier large-scale departures from personal loans, mortgages and credit cards.
This will create additional possibilities for Westar in terms of revenues, market
share and margins," he added.
WEST is the leading publicly traded automobile-oriented
financial portal. Westar originates, decisions, commits to and fulfills consumer
financings for itself or others, using sophisticated decision tools and high-speed
communications to assure transparency to all parties to the transaction. Through
DriveOff.com, recently acquired by MSN CarPoint, Westar completed the first entirely
electronic Internet automobile purchase and lease transaction in October 1999.
The company operates its Dealer Direct Retaill Leasing program in 14 western states
and is rapidly expanding its e-finance activities nationally through alliances
with DriveOff.com, AmSouth Bancorporation, Mellon Bank and others.
Statement
regarding "Forward-Looking Statements": Statements concerning future performance,
developments or events, including projected profit and loss levels, expansion
of operations, growth of loan originations, quality of the company's lease portfolio,
the ability to place securitizations, success of the e-commerce model, trends
in interest rates, various statements concerning expectations for growth or profits
and any other guidance on future periods, constitute forward-looking statements
which are subject to a number of risks and uncertainties which might cause actual
results to differ materially from stated expectations.
CONTACT:
WESTAR FINANCIAL
R.W. Christensen, Jr., President & CEO, 360/754-6227
KEYWORD: WASHINGTON
What is the Problem????
I don't think the problem is that we are all
"down" on the leasing industry. I think many of us have been very skeptical, from
the start, concerning the use of the World Wide Web as a source for business,
and as a means for efficiently underwriting that business. If we look at the experience
of another industry that started from scratch, namely biotech, we should be optimistic
that eventually a business model, and the related management depth, can be developed
that will result in a leasing dot.com being successful. The lesson we should draw
from Biotech is - don't hold your breath.
I had lunch recently with
a friend of mine who is CEO of a successful, publicly traded biotech company.
He had some interesting insights on dot.coms. As you may know Biotech is one sector
that has remained strong throughout last year. He thinks, based on his experience
of 20 years in the biotech industry, an industry that was started from scratch
in the early 80's much like the dot.coms were in the mid-90's, that it will take
10-15 years for the dot.com industry to really mature and be successful.
Prior to becoming CEO of his current company my friend was a senior manager at
Genentech, probably the earliest "pure" biotech company. Biotech was an industry,
like dot.com, that was started from scratch. My friend is one of the few senior
managers who have been in the Biotech Industry, in a major role, almost from the
inception of the Industry. He reminded me that when Genentech was founded no major
drug company used biotech as a means of developing commercially successful drugs.
No one knew if a biotech company could be successful on its own. Now there is
not a single drug company that does NOT use biotech as a means to develop commercially
successful drugs. There are now a large number of very successful "pure" biotech
companies whose market value is collectively worth hundreds of billions of dollars.
My friend thinks that it is impossible that many senior managers in dot.coms
know what they are doing. He feels that way because, looking back on his 20 year
career in biotech, there were very few senior people in biotech, at the time that
industry was in its infancy, that knew what THEY were doing, and he doesn't think
he is any less smart than Jeff Bezos, Tom Depping, et al. I reminded him of a
conversation I had with him over 10 years ago, when he was still at Genentech,
about his Genentech colleagues who were borrowing against stock options to buy
fancy houses in Pacific Heights. Keep in mind that Genentech was the "E-Bay of
its day;" the "gold standard" against which all other biotech companies were measured.
Genentech had the backing from Kleiner, Perkins, as many of the premier dot.coms
do today, the best people, etc., etc. He said, "it is interesting you remember
that conversation because I see the same 'gold rush' frenzy going on with dot.coms
today, as went on in biotech in the mid-1980's, and it is only in the past few
years that biotech has really developed the management depth and experience to
reduce the likelihood of that happening once more."
Also, as conventional
drug companies have embraced biotech, as a way of developing new drugs, conventional
financial services companies are embracing the World-Wide Web. GE Capital is one
example. ATEL might be another. Rather than getting "down" on the leasing industry,
because of some of the failures resulting from the decisions of a few to become
a pure dot.com, one should also look at the successes that some of the other companies
in the industry have had from using the World Wide Web to become more productive
and expand their services.
Frankly, I am less concerned about the collective
psyche of the leasing industry than I am about this recent Fed rate decrease,
which may be perceived by the markets as "monetizing" higher asset prices and
higher inflation, but that is another story.
Bob Homans/Norden Capital
rhomans@nordencapital.com
Hartcourt Subsidiary and IBM Form Software Partnership in China
SinoBull
Financial Group Integrates IBM Open Standards Software for Chinese e-Finance Applications
LOS ANGELES, Jan. 4 /PRNewswire/ -- The Hartcourt Companies Inc. (OTC Bulletin
Board: HRCT; Frankfurt: HCT), www.hartcourt.com, today announced that its subsidiary,
SinoBull Financial Group, has agreed to become an IBM Partner (NYSE: IBM) for
Software in China. The agreement entitles SinoBull Financial Group to integrate
IBM's best available software technology into SinoBull's e-solutions for the banking
and securities industry in China. The partnership was structured to assist SinoBull's
efforts in delivering greater value to its customers, including proven ways to
cut costs, speed up business processes and software development, and increase
productivity for e-finance applications.
Under the partnership arrangement,
SinoBull will receive IBM partnership benefits including free trainings and technical
support in China. IBM will help SinoBull to choose from more than 3,000 products
and components for redistribution, resale and repackaging. These are open standards-based,
ready-to-use, high-quality software technologies, components, sub-products and
packaged products that SinoBull can embed, integrate, preload or bundle with its
own products.
Ms. Xiaohong Liu, the lead manager of IBM Software Partner
World in China, said, "IBM (China) welcomes SinoBull Financial Group as a new
member of IBM China Partners for Software. We recognize SinoBull's leading position
in China's e-finance market and are offering SinoBull engineers all necessary
training and technical support to enhance the value of our working together as
strategic partners in China."
Dr. Charlie Q. Yang, CEO of Hartcourt
commented, "We are very excited with the opportunity of becoming an IBM Software
Partner for China. Former joint activities between SinoBull and IBM dealt with
other technical areas, including voice recognition technology development for
online stock trading. We are now more focused on offering competitive solutions
to our clients operating within the highly profitable financial industry. We believe
that the marketing of proven software solutions should translate into meaningful
revenue growth for the current year and beyond, and look forward to a long-term
and enriching relationship with IBM."
About SinoBull Financial Group
SinoBull Financial Group, a Hartcourt subsidiary, is a financial technology
developer and Internet service provider. SinoBull's operating companies include:
Beijing UAC E-Commerce Networks, Shanghai Guo Mao Science & Technology, SinoBull
Network Technology (formerly Shangdi Networks), and Financial Telecom Ltd. In
addition to quality financial news, real-time market data, financial analysis
and commentary via the SinoBull portal, www.sinobull.com.cn, the SinoBull platform
enables brokerage firms to provide their clients with the ability to securely
trade securities online. The company's E-Finance platform is an integration of
the most advanced Internet, telecommunication and wireless access systems available
on the market today. The service platform and collateral content is offered via
subscription to leading securities brokerages, investment firms, banks, as well
as media companies throughout Greater China. The Hartcourt Companies, Inc. owns
approximately 51% of SinoBull Financial Group.
About Hartcourt
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. Hartcourt's business goal over the
next three years is to complete a series of IPOs or spin-offs focused on four
main divisions: StreamingAsia, the streaming content (video/audio) web-casting
and web hosting leader in Hong Kong; SinoBull Financial Group, the multi-media
financial data provider and online securities trading platform; the Broadband
ISP and Internet Infrastructure Group; and Hartcourt Capital Inc., the financial
E-Finance transactions platform offering online banking, securities, insurance,
equipment leasing, credit, and B2B transaction settlements. Detailed information
on Hartcourt can be obtained via the company's Web site, www.hartcourt.com. Forward-looking
statements 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.
SOURCE
The Hartcourt Companies, Inc. CO: Hartcourt Companies, Inc.; SinoBull
Financial Group; IBM ST: California, China
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