Elephant Talk Communications, Inc. (ETAK)

[Investorman]

Hartcourt to Dividend Shares of ElephantTalk Subsidiary; Shares to Be Distributed in Third Quarter 2002
June 18, 2002 01:00:00 AM ET

LOS ANGELES, June 18 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT; Frankfurt: 900009), www.hartcourt.com , announced today that the Board of Directors of Hartcourt have voted to issue a stock dividend of a minimum of 750,000 common shares of Elephant Talk Communications, Inc. (OTC Bulletin Board: ETLK) in the third quarter of 2002. The bulk of the shares owned by the company will be retained to fund additional acquisitions and to create a strong asset base for the future. Shareholders will be notified of details of the distribution and the distribution date in a timely manner.

About Hartcourt

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 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 .