Elite Logistics Announces Record Revenues For Fiscal 2001; Revenue Increase of 211% Over 2000
FREEPORT, Texas--Sept. 10, 2001--Elite Logistics Inc. (OTCBB:ELOG), a leader in telematics and wireless asset management, today announced its results for the fiscal year ended May 31, 2001 which included a 211% revenue increase over the previous year.The company revenue of $1,771,600 and a net loss attributable to common stock of $1,992,613, or $0.15 per share, for the year ended May 31, 2001. This compares to revenue of $569,263 and a net loss attributable to common stock of $1,724,307, or $0.16 per share, for the year ended May 31, 2000.
Joseph Smith, president and chief executive officer of Elite, said, "Notwithstanding the sudden downturn in the economy that severely impacted our growth, it was nonetheless a year of significant achievement for Elite.
| -- | "We successfully established Elite as a leader in providing hosted telematics and asset management solutions. |
| -- | "We grew revenues more than 200% and succeeded in holding the line on expenses so that we now have one of the lowest burn rates and shortest paths to profitability of any company in our industry. |
| -- | "We acquired a particularly strong telematics patent and progressed two other patent applications that are pending. We believe that we have a real chance of establishing a strong intellectual property position that we can leverage into strategic alliances that will create a winning position in the marketplace. |
| -- | "We concluded carrier relationships to extend coverage to Mexico and Canada. We have already shipped several hundred units to Motorola de Mexico, our Mexican distributor. We expect to open up Canada and additional countries in Latin America this year." |
Looking ahead, Smith added, "We did not achieve our objective of profitability in the past 12 months, but we remain focused on this. Tougher conditions in the telematics market and in financial markets will work to the advantage of the lowest cost services provider and the company with the shortest path to profitability. We believe that Elite is well placed on both these criteria and will emerge as a significant innovative force in the industry."
About Elite Logistics Inc.
Elite Logistics Inc. is the parent company of Elite Logistics Services Inc., its wholly owned operating subsidiary based in Freeport, Texas. Elite is best known for its patent-pending PageTrack(R) family of Intelligent Vehicle Systems that integrate global positioning systems and two-way wireless telemetry technology to provide Internet-enabled tracking and control of vehicles and other assets. The company provides a comprehensive solution to the logistics needs of fleet managers and security needs of private vehicle owners. The PageTrack(R) family of Intelligent Vehicle Systems is distributed internationally through an expanding network of distributors and dealers. Elite is a certified value-added integrator for Motorola and utilizes the paging network of SkyTel, a subsidiary of MCI WorldCom . For additional information, visit the company's Internet site at www.elitelog.com
Editorial Note: The above news release may contain forward-looking statements as that term is defined by the Federal Securities laws. Forward-looking statements discuss future expectations, contain projections of results of operations or of financial conditions, characterize future events or circumstances, or state other forward-looking information. Although the company's management believes that the expectations reflected in such statements are based on reasonable assumptions, actual results and outcomes could differ materially from those projected.