SOURCE: The Hartcourt Companies, Inc.

November 16, 2005 04:51 ET

Hartcourt Signed Agreement With Xian Jiao Tong University to Acquire Jump Technology Equity

SHANGHAI, CHINA -- (MARKET WIRE) -- November 16, 2005 -- The Hartcourt Companies, Inc. (OTC BB: HRCT) (Frankfurt: 900009) Hartcourt has signed an agreement with the largest shareholder of Jump Technology, Xian Jiao Tong University, to purchase its 25% holding in Jump, a provider of network security solutions in China.

Xian Jiao Tong University is one of the top universities in China. Since its founding in 1896, it has trained generations of talents including China's former President, Jiang Zemin, the "Father of China Aerospace and Rockets" Qian Xuesen. The scientists of Xian Jiao Tong University invented China's first dynamo, first radio-station, first diesel engine and first typewriter. In 1999, Xian Jiao Tong University invested its router technology in Jump and subsequently, the network security technology. Today, Jump Technology still bears the Xian Jiao Tong University as part of its full name and will continue to do so after Hartcourt acquisition.

Jump Technology brings comprehensive and scalable security solutions to the Chinese enterprises. Their solutions include integrated security appliance, upgradeable and expandable platform, intelligent layered security, combined with ease of use and expert support. It possesses strong R&D capability in product development and owns more than 30 intellectual properties in core security technologies. The Jump network security products and solutions are used in education, telecom, utility and finance industries as well as government and research institutes.

This is an all cash transaction with Xian Jiao Tong University, for approximately US$2mm. Management is working with US institutional investors to arrange the financing.

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