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EZ2 Member Level Grandfathered Member Tuesday, 06/18/02 07:09:04 AM
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This is worth a repost!

Tuesday June 18, 1:00 am Eastern Time

Press Release

SOURCE: The Hartcourt Companies, Inc.

Hartcourt to Dividend Shares of ElephantTalk Subsidiary; Shares to Be Distributed in Third Quarter 2002

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 - News) 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 .

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.

SOURCE: The Hartcourt Companies, Inc.

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