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CHINA: ELEPHANT TALK COMPLETES MERGER WITH STARUNI CORPORATION.(forms new company, Elephant Talk Communications Inc.)(Brief Article)

IPR Strategic Business Information Database, January, 2002

Staruni Corp. announced the closing of the merger with Elephant Talk, China oriented investment house, the Hartcourt Companies' telecom subsidiary. The company will change its name to Elephant Talk Communications, Inc. and commence trading of its shares on the US OTC Bulletin Board Market on January 22, 2002 under the ticker symbol ETLK.

As a result of the merger, 51.8% of the outstanding shares will be distributed to The Hartcourt Companies Inc., 38.2% to the shareholders of Elephant Talk Limited and 10% to Staruni shareholders. "We are pleased to finalize the merger and commence trading of our shares in the US markets. The listing will allow us to raise the necessary capital for business expansion and unlock the valuation of our company," said Mr. Russelle...

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