Elephant Talk Communications, Inc. (ETAK)

[Investorman]

Sinobull Distributes Financial Data Services in China Via Mobile Short Messaging (SMS)
April 12, 2002 02:59:00 AM ET

Hartcourt Subsidiary Signs Key Distribution Deals

LOS ANGELES, April 12 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT) www.hartcourt.com, announced today that its subsidiary, Sinobull Network Technology, has signed partnership agreements with five of Greater China's leading telecom and Internet companies to begin the distribution of its comprehensive financial information, stock quotes, and analysis on the local and international stock markets to millions of mobile phone users in China. Sinobull Network owns and operates www.sinobull.com , one of the leading financial information portals in China ... voted "Most Popular Financial Web Site" two years running by the China Security Times.

The company's recently signed revenue sharing deals with key players in the mobile data business include:

-- UTStarcom UTSI www.utstar.com -- the key supplier of PAS
mobile networks and equipment for China Telecom, China's largest telecom company

-- CellStar www.cellstar.com -- one of China's largest mobile phone distributors

-- China Telecom 168 -- 168 is the SMS service of China Telecom

-- HongLian95 www.hl95.com -- a major value added telecom services provider in China

-- Sina.com SINA www.sina.com -- one of Greater China's largest portals

-- China Telecom Hotline -- information hotline services from China Telecom, via fix line

"Mobile data communication is a very exciting area of growth for the mobile communication industry, and Sinobull Network has successfully leveraged its unique advantages in financial content to secure revenue sharing agreements with these key industry players", said Dr. Wallace Ching, Hartcourt's CEO. "The agreements have generated revenue from day one, and we expect a very healthy growth in this business as the mobile data market continues to expand."

China has recently passed Japan and the US and now has the largest mobile phone user population in the world, with approximately 140 million registered subscribers. Data mobile communication is becoming a very important sector of revenue growth for carriers. Short messaging service (SMS) enabled mobile chat, financial data, and other forms of data communication have become very popular with mobile users and is growing at a rapid rate. According to industry reports, SMS traffic is projected to generate approximately 300 million USD for China's mobile phone markets in 2002.

Hartcourt has announced that it will publicly divest its operating division, the Sinobull Financial Group, in a reverse merger with Global Telephone Communications Inc. (OTC Bulletin Board: GTCI). The reverse merger will result in Sinobull Financial Group actively trading on the U.S. equity markets.

About Hartcourt

The Hartcourt Companies 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 divestitures 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 .

About Sinobull Financial Group

Sinobull Financial Group develops financial technology, financial operating platforms and internet-based financial services. Sinobull's operating companies include: Sinobull Information Company Ltd., Sinobull Network Technology, Financial Telecom Ltd., Ton Bo software, HCTV Financial TV channel Ltd. and Sinobull Magazine Ltd. Sinobull.com is a financial information and stock trading website. Sinobull Group and its strategic partners provide news, data and analysis to the business community and media outlets. Services include; real-time pricing, historical pricing, indicative data, analysis and electronic communications. Clients include China's investment institutions, commercial banks, government offices and agencies, corporations, and news/media organizations. www.sinobullfinancial.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.

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