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Elite Logistics Announces Q4 and Year-End Fiscal 2000 Results

30 August 2000

Elite Logistics Announces Fourth Quarter and Year-End Fiscal 2000 Results

    FREEPORT, Texas--Aug. 29, 2000--Elite Logistics Corporation (NQB:ELOG), a leader in wireless tracking and asset management, today announced a net loss attributable to common stock of $1,724,307, or $0.16 per share, on revenue of $569,263 for the year ended May 31, 2000. This compares to a net loss attributable to common stock of $64,093, or $0.01 per share, on revenue of $23,500 for the five months ended May 31, 1999.
    Joseph Smith, president and chief executive officer of Elite, said, "We successfully launched our PageTrack(TM) range of intelligent vehicle systems and have made rapid progress in building our technology and organizational infrastructure to support rapid growth. As a result of the successful launch of our technology, Elite has shifted its focus from a technology development company to an operating company focused on sales and marketing. We have entered into a number of promising strategic relationships, and have several more under discussion, that will assist us in our goal of establishing Elite as the leading provider of logistics and Telematics solutions."
    Looking ahead, Smith added, "A key objective this coming year will be to turn the corner to profitability on a monthly basis. We are excited about the future and believe that we have a sound strategic growth plan for building the company and creating value for our shareholders."