Elite Logistic Announces Third Quarter Results

    FREEPORT, Texas--April 12, 2002--Elite Logistics Inc. (OTCBB:ELOG), a leader in the telematics industry, has announced its results for the third quarter and nine months ending Feb. 28, 2002.
    For the quarter ended Feb. 28, 2002, the company reported revenue of $159,766 with a net loss attributable to common stockholders of $745,817, or a loss of $0.05 per share. This compares to revenues of $872,565 and a net loss attributable to common stockholders of $478,198, or a loss of $0.04 per share for the quarter ended Feb. 28, 2001.
    For the nine months ended Feb. 28, 2002, the company reported revenue of $601,840 with a net loss attributable to common stockholders of $1,968,612, or a loss of $0.14 per share. This compares to revenues of $1,544,107 and a net loss attributable to common stockholders of $1,418,711, or a loss of $0.11 per share for the quarter ended Feb. 28, 2001
    Stephen Harris, who was appointed president and chief executive officer of Elite on March 4th, said, "Once again, short term capital constraints inhibited business plan execution. Finding the necessary capital to fund operations is my top priority. Beyond that, we have made significant progress on reorganizing the business and expect to announce a number of positive steps including: enhanced revenues, margin improvement, new management appointments and progress on confirming the value inherent in the company's intellectual property portfolio. My goal is for the company to be profitable before taking account of non-cash charges by the second quarter of the next fiscal year."

    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. For additional information: Steve Harris (sharris@elitelog.com), Elite Logistics Inc., 979/230-0222 or 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 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.