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ETLK ELEPHANT TALK COMMUNICATIONS INC.
8-K: ETLK Terminates Relationships with Parent
FRIDAY , JANUARY 10, 2003 07:00 AM
Elephant Talk Communications Inc. (OTCBB: ETLK) released an 8-K on Thursday, after the market closed.
Pursuant to an execution of a Spin-Off Agreement, dated September 12, 2002, and through the subsequent transactions that closed on January 4, 2003, the Company terminated its relationship with The Hartcourt Companies, Inc., a Utah corporation. The Company was formerly a subsidiary of Hartcourt.
Pursuant to the terms of the Spin-Off Agreement, the Company received 17,895,579 of its common shares held by Hartcourt and $349,000 in cash advances from Hartcourt, in exchange for returning 4,756,000 common shares of Hartcourt held by the Company and its affiliates, canceling two promissory notes of Hartcourt held by the Company and its affiliate in the respective amounts of $1,250,000 and $140,595, and canceling the indebtedness by issuing 5,000,000 of its restricted common shares to Hartcourt. In addition to executing the Spin-Off Agreement, the parties executed a mutual release to end their relationship and place each other in a position whereby no party is indebted to the other party.
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