Sinobull Financial Group (fka GTCI)

[EZ2]

off the HRCT board:

Thursday March 21, 8:30 am Eastern Time
Press Release
SOURCE: Elephant Talk Communications, Inc.
ElephantTalk Signs Milestone Agreement With EADS Multicoms; EADS Multicoms Expands in Asia in Partnership With ElephantTalk

LOS ANGELES, March 21 /PRNewswire-FirstCall/ -- EADS Multicoms, a 100% subsidiary of EADS (EADS, NV), has joined forces with Elephant Talk Communications, Inc. (OTC Bulletin Board: ETLK - news), to accelerate its business development in Asia. EADS, the European Aeronautic Defense and Space company, is the European leader and number two worldwide in the aeronautics, defense and space fields, after Boeing. ElephantTalk is a subsidiary of the Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT - news).

Multicoms is an interconnect carrier operating circuit and packet switched voice solutions and services. The company operates hybrid and satellite long distance telecommunications, (license L 33-1), with its own long distance telephony network, providing solutions and services for interconnections with African, Asian, East European and Middle Eastern countries, and in difficult to reach destinations without access to fiber networks, fixed line, or standard wireless networks. More information about Multicoms can be obtained at www.multicoms.net .

ElephantTalk and EADS Multicoms have signed reciprocal carrier agreements to use each other's networks, and call termination agreements to terminate premium quality telephony traffic in China and other areas of Asia for Multicoms, and for ElephantTalk to terminate traffic in Europe and in difficult access areas serviced by Multicoms. Estimates for the Multicoms termination traffic are for 5-6 million minutes initially, with revenues surpassing $1 million annually. Estimates for other revenues resulting from the agreement will be forthcoming as services are initiated. The agreement is to take effect immediately.

Mr. Russelle K.P. Choi, the Chairman of ElephantTalk, explains that, ``This is a no overlap, a win-win partnership. ElephantTalk and Multicoms networks are totally complementary. To take advantage of Multicoms direct routes to 67 hard-to-reach destinations and European cell phone networks, will definitely result in significant increase in income for ElephantTalk. In addition, ElephantTalk can benefit from the stable direct routes of Multicoms and from pricing advantages and service quality management resulting from direct negotiation of interconnection and call termination agreements established by Multicoms with local PTOs.''

After opening its Main Point of Presence (MPoP) in New York last month, EADS Multicoms is now announcing the opening of its Asia MPoP in Hong Kong. This fourth MPoP will support Multicoms' business growth by collecting Asian telephony traffic. This commercial and technical event represents a significant milestone in Multicoms' ramp-up, since the Pacific area is experiencing a rising and sustained growth rate.

Multicoms will benefit from the direct interconnection with the ElephantTalk's telecommunications networks that have access to over 270 destinations worldwide. ``Accessing state-of-the-art telecommunications infrastructure in the Greater China region helps Multicoms to continue its fast growth pace while minimizing the investment since the company takes advantage of high quality available infrastructure,'' stated Mr. Gilles Deveau, Multicoms Chief Executive Officer. He further added, ``With the help of ElephantTalk's sales locations in the Asia Pacific region and their networks complementary geographical coverage ElephantTalk is perfect for Multicoms to extend its leverage and to access the Asian markets, while ElephantTalk will benefit with additional traffic and revenues.''

About ElephantTalk

Elephant Talk Communications, Inc. is a leading telecommunications company established in 1994, located and operated in Hong Kong with offices in Cerritos, CA. and Boston, MA. The company owns switching facilities in China, Hong Kong, U.S., Taiwan and Singapore. ElephantTalk operates international long distance services 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 ElephantTalk can be found at www.elephanttalk.com .

About Multicoms

Multicoms, an alternative international interconnect carrier, has a global presence and terminates traffic in more than 60 hard-to-reach locations. The company operates an end to end managed network that supports circuit and packet switch solutions designed for premium voice services. By negotiating Call Termination Agreements and interconnect directly with local PTOs, EADS Multicoms is able to guarantee its customers with 'last mile' quality of service and attractive pricing through dynamic and permanent price adjustments. The company has been selected by more than 20 major telecom operators including 5 incumbents and 4 tier ones. Multicoms is a fully owned subsidiary of European Aeronautics Defense and Space Company (EADS, NV), the European leader and number two worldwide in the Aeronautics, Defense and Space fields, just after Boeing. (http://www.eads.net ) (http://www.multicoms.net )

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 conditions 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' 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 Larry Kristof, Vice president of Lexington Enterprises ltd., Suite 204, 910 Richards Street, Vancouver, BC V6B 3C1, Email: [e-mail], Telephone: [phone], Fax: [phone]

SOURCE: Elephant Talk Communications, Inc.