Hartcourt Companies (fka HRCT)

[EastWind]

Hartcourt and Elephant Talk Appoint Investor Relations Firm; Lexington Enterprises Ltd. Chosen to Represent Companies

PR Newswire - Tuesday, March 12, 2002

LOS ANGELES, March 12 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com , and Elephant Talk Communications, Inc. (OTC Bulletin Board: ETLK), www.ElephantTalk.com announced today that Lexington Enterprises Ltd., has been appointed as their official investors relation firm, and will be the companies formal channel for information dissemination and all investor inquiries.

Lexington Enterprises www.lexingtonenterprises.com is an Investor Relations and Public Relations firm headquartered in Vancouver, BC, Canada. They increase investor awareness, develop relationships with new investors, provide support for current shareholder's and create institutional and industry interest, throughout the US, Europe and Asia. Their IR programs are designed to build a strong, long-term shareholder base and achieve full stock valuation for their client companies.

Lexington's Vice President of Marketing, Ms. Lidija Brus, "Our mission is to provide the investment community with an accurate and attractive portrayal of The Hartcourt Companies and Elephant Talk's current businesses, and their significant growth potential in the Greater China and Asian markets. We create investor awareness and build shareholder value through a comprehensive range of services custom designed to meet each of our clients needs. Our entire team is looking forward to working for these two fine companies."

Hartcourt CEO, Dr. Wallace Ching, stated, "This is a first step in presenting our compelling story to the investing public. Lexington will strengthen our presence in the investment community, help us develop relationships with key capital decision makers, and solicit institutional coverage. Their services will create significant access to new investors for our companies, and provide our current shareholders a centralized presence for information dissemination and support. The Hartcourt Companies and Elephant Talk are entering new phases in their development and it is important that we have a professional Investor Relations team representing us. We look forward to working with Lexington Enterprises and their fine staff."

About Elephant Talk Communications, Inc.

Elephant Talk Communications Inc. is a leading telecommunications company established in 1994 and is located and operated in Hong Kong with offices in Boston, MA. It also owns switching facilities in China, Hong Kong, U.S., Taiwan and Singapore. Elephant Talk operates international long distance service on both sides of the Pacific to over 220 foreign destinations. They enable telecommunications carriers and other service providers the ability to offer long distance, voice, data, fax, and VOIP services to their end- customers, through an advanced and scaleable network. More information on Elephant Talk could be founded at www.ElephantTalk.com .

About Hartcourt Companies, Inc.

The Hartcourt Companies, Inc. is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture spin-offs via IPO or public merger to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company's Web site: www.hartcourt.com .

Forward-looking statements

The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward- looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward- looking statement.

For more information please contact: Norik Yaghoobian Vice President Lexington Enterprises Ltd. Suite 204, 910 Richards Street Vancouver, BC V6B 3C1 Email: [e-mail] Tel: [phone] Fax: [phone] www.lexingtonenterprises.com MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X18121052

SOURCE The Hartcourt Companies, Inc.; Elephant Talk Communications, Inc.

/CONTACT: Norik Yaghoobian, Vice President of Lexington Enterprises Ltd. [phone], or fax, [phone], [e-mail], for The Hartcourt Companies, Inc. and Elephant Talk Communications, Inc./

/Web site: http://www.lexingtonenterprises.com /

/Web site: http://www.ElephantTalk.com

http://www.hartcourt.com /

(HRCT ETLK)