Hartcourt Has Redeemed Preferred Shares and Cancelled Gold Mine Deal.LOS ANGELES--(BUSINESS WIRE)--August 18, 1998--The Hartcourt Cos. Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:HRCT HRCT high-resolution computed tomography. ) Tuesday announced that it has redeemed 1,000 shares of its Series C Redeemable Preferred Stock valued at $1 million, ahead of schedule. The redemption, made in furtherance of its agreement with Michael Caruana and Simerco Trading Ltd., former owners of Pego Pego can refer to:
Pego Systems, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Hartcourt, continues its strategy of aggressive acquisitions and has increased market share steadily. This action of Hartcourt to buy back its shares will strengthen its financial statements accordingly. Furthermore, Hartcourt management has elected to rescind the purchase of an undivided 100 percent interest in 34 state of Alaska mineral lease gold lode claims, known as Lodestar lode·star also load·star n. 1. A star, especially Polaris, that is used as a point of reference. 2. A guiding principle, interest, or ambition. claims numbered 1-34, consisting of 160 acres each, located in the Melozitna mining district near Tanana, Alaska. In September 1996, Hartcourt agreed to issue 1,298,700 shares of its common stock to the sellers in exchange for these properties, subject to an appraised value of $10 million. Because it has not been confirmed, Hartcourt has canceled the agreement and demanded the return of the 1,298,700 shares. The sellers' representative has agreed to buy back Hartcourt's shares in the open market over the next 6 months to satisfy this demand. Hartcourt management believes that the current acquisition mode will continue and make Hartcourt an even more significant holding company. Besides Pego, Hartcourt owns ECS See eComStation. , a $16 million contract manufacturer of high-tech electronic products and is acquiring MK Aviation, a $34 million aircraft leasing company, resulting in an anticipated addition of at least $17 million to its equity base, tripling its revenue and earnings in 1999. Hartcourt's wholly owned subsidiaries' primary clients include Coca-Cola (NYSE NYSE See: New York Stock Exchange :KO), Proctor & Gamble (NYSE:PG), General Instruments (NYSE:GIC GIC See: Guaranteed Investment Contract GIC See guaranteed investment contract (GIC). ), Arco (NYSE:ARC), Mobil (NYSE:MOB) and many others. Certain statements in this news release may constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are inherently subject to risks, uncertainties and other factors, which could cause Hartcourt's actual results, performance or achievement to differ materially from the forward-looking statements. CONTACT: Hartcourt Cos., Los Angeles Fred Cohn, 310/788-2634 |
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