Hartcourt Completes Acquisition of Fifty-One Percent of Elephant Talk
Hong Kong Based Elephant Talk is a Leading International Long Distance Telecom Service Provider
LOS ANGELES, May 17 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: HCT), www.hartcourt.com, announced today that the company has completed the purchase of fifty-one percent of Elephant Talk. Details of the transaction will be disclosed on form 8K, which the Company will file shortly.
Mr. Russelle Choi, Chairman and CEO of Elephant Talk, said, ``We are happy to be a member of the Hartcourt Group. Through our dedicated effort and excellent customer service, Elephant Talk is now viewed as a premium brand name company throughout Hong Kong and parts of China. With the support of Hartcourt, we intend to spread our wings and target a much larger portion of the growing Asian market.''
Hartcourt Chairman, Dr. Alan V. Phan, commented: ``Upon completion of this acquisition, we will be able to consolidate Elephant Talk's revenue onto Hartcourt's balance sheet. We are looking forward to assisting Elephant Talk in developing an improved profit model and significant expansion of its telecom services within the fastest growing and most profitable telecom market in the world.''
About Elephant Talk
Based in Hong Kong, Elephant Talk is one of the leading international long-distance service providers to Hong Kong and portions of China. Established in 1995, it holds a number of licenses including US FCC 214, HK ETS and ISP PNETS allowing it to provide voice, data transmission like IDD, pre-paid calling card and ISP services. Its customers include major telecom carriers based in the U.S. and Hong Kong.
Additional information regarding Elephant Talk can be found at www.elephanttalk.com.
About Hartcourt
The Hartcourt Companies is a holding and development company that is building a network of Internet and telecommunication service companies in The People's Republic of China, including Hong Kong, in partnership with Chinese entrepreneurs as well as Chinese government-owned entities. Hartcourt's business goal over the next three years is to benefit from a series of IPOs or spin-offs of its core business holdings and investments in Greater China.
Additional information regarding Hartcourt can be found at www.hartcourt.com.
Forward-looking statements
Certain statements in this news release may constitute ``forward looking'' statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. |
