Staruni Corporation (SRUN)

[cjp01]

JiTong partner gets backdoor listing in US
(2001/10/10)(Agencies)



US-based VoIP start-up ElephantTalk and Chinese fixed-line operator JiTong have entered into a global deal to market IP telephony services under the JiTong brand.


Under the deal, JiTong, one of seven licensed telecoms operators in China, will take over ElephantTalk's global network of POPs while ElephantTalk will become a reseller and marketer of services for JiTong, who will be responsible for provisioning, technical support and after-sales services.


No financial details have been released. It is also unclear whether JiTong owns shares in ElephantTalk.


ElephantTalk's parent, Hartcourt Companies, has confirmed ElephantTalk had entered into a reverse merger with Staruni Corp, a company traded on the OTC board. The move will result in ElephantTalk actively trading on the US equity markets.


"After all necessary approvals, Staruni's ticker and name will change to become ElephantTalk," Hartcourt said in a statement. "Hartcourt targets the completion of all the merger requirements during the fourth quarter and will maintain a majority interest in the new public company."


http://search.chinadaily.com.cn/itchina/2001-10-10/37589.html