Sinobull Financial Group (fka GTCI)

[EZ2]

ElephantTalk Partners With Great Wall Broadband For Rollout of VoIP services and Calling Cards in Greater China


LOS ANGELES, Jun 17, 2002 /PRNewswire-FirstCall via COMTEX/ -- Elephant Talk
Communications, Inc. (OTC Bulletin Board: ETLK), today announced that the
company will partner with Beijing Great Wall Broadband Network to launch new
Voice over Internet Protocol (VoIP) and calling card services in Greater China
-- PRC, Taiwan and Hong Kong. ElephantTalk is a subsidiary of The Hartcourt
Companies, Inc. (OTC Bulletin Board: HRCT).

ElephantTalk ( www.elephanttalk.com ), and Great Wall Broadband ( www.gwbnet.com
), will operate a PC2Phone project that will employ ElephantTalk's world-wide
VoIP platform, PC2Phone software and technology, then coordinate with
ChinaRailCom to launch the PC2Phone services to its existing customers, as well
as issuing and selling a "GreatWall- RailCom-eTalk" PC2Phone prepaid calling
card. The soft launch for the project is expected to take place in July.

This agreement with Great Wall will expand on ElephantTalk's initial plans to
resell the company's PC2Phone and PC2Fax services to Great Wall's customers who
are subscribing to its broadband network services. Great Wall Broadband Network
is a PRC nation-wide broadband services provider leading the development of a
comprehensive broadband network across the major cities of China and is quickly
establishing its IP and value-added telecom services. Great Wall has recently
listed in Hong Kong.

According to Great Wall Broadband's plans, it will employ the coming 3 years to
extend into and cover a market of approximately 5 million community users in
PRC. It is also estimated that its subscriber base will reach 2.5 million by
2003. The company has already signed agreements with several metropolitan
communities in the PRC cities like Chengdu, Shanghai, Kunming, Shenzhen, Wuhan,
and Beijing. Within the year, it is estimated that its infrastructure will be
able to cover a market of over one million users in the PRC.

"ElephantTalk looks forward to working with our new partners, Great Wall
Broadband and ChinaRailcom, to bring IP and Calling Card services to under
served areas of China's vast telecom market," said Mr. Russelle Choi, President
and CEO of ElephantTalk. "This is another important step in our strategy to
enter new markets and to offer higher margin VoIP and Calling Card services to
areas in Greater China where the demand for connections to international
destinations rank among the highest in the region. Using VoIP compared to
regular long distance can result in savings as high as 50%-80%. ET has installed
packet-switched technology in its infrastructure and will route VoIP traffic
through its privately managed IP networks."

ElephantTalk has recently reached expanded reseller and cross branding
agreements for VoIP services with three of China's largest and most influential
telecom operators, JiTong Network Communications Company Limited ( www.gb.com.cn
), China Netcom Corporation Limited ( www.cnc.net.cn ), and China Railway
Communications, ChinaRailcom ( www.crc.net.cn ). ElephantTalk is developing its
strategies to capture market share in the expanding and untapped telecom markets
of Greater China and Asia, and is building a leading global Internet Telephony
Service Provider (ITSP), focused on the deployment of IP-based communications.

About ElephantTalk

Elephant Talk Communications, Inc. is a leading telecommunications company
established in 1994 and is located and operated in Hong Kong with offices in
Cerritos, California. It also owns switching facilities in China, Hong Kong,
U.S., Taiwan and Singapore. ElephantTalk 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
ElephantTalk can be found at www.elephanttalk.com

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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SOURCE Elephant Talk Communications, Inc.