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Hartcourt to Distribute 5 Million Shares of ETLK

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EZ2 Member Level Grandfathered Member Monday, 09/30/02 08:41:45 AM
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Hartcourt to Distribute 5 Million Shares of ETLK As Dividends
September 30, 2002 04:00:00 AM ET

LOS ANGELES, Sept. 30 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com , today announced that it will distribute 5 Million shares of ETLK [Elephant Talk Communications, Inc. (OTC Bulletin Board: ETLK)] as dividends to all shareholders of record on October 21st, 2002. Signature Stock Transfer will handle the distribution to the shareholders of records on that date.

Mr. David Chen, Acting CEO of Hartcourt, comments, "This is the first step in our dividend distribution program. We are planning more distribution of other assets in Q4 of 2002 and Q1 of 2003."

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 .

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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