Elite Logistics Announces First Quarter Fiscal Year 2001 Results

18 October 2000

Elite Logistics Announces First Quarter Fiscal Year 2001 Results

    FREEPORT, Texas--Oct. 18, 2000--Elite Logistics Corporation (OTCBB:ELOG), a leader in the convergence of the Internet and wireless technologies for the tracking and management of assets, today announced a net loss attributable to common stock of $447,906, or $0.04 per share, on revenue of $172,221 for the three months ended Aug. 31, 2000. This compares to a net loss attributable to common stock of $87,303, or $0.01 per share, on revenue of $225,133 for the quarter ended Aug. 31, 1999.
    Joseph Smith, president and chief executive officer of Elite, said, "The company experienced a difficult quarter with the focus on securing interim funding until the company was re-listed on the Bulletin Board. Now that we have accomplished that objective, management will be actively seeking to secure the funding the company needs to fund our business plan to the point where the company is generating positive cash flows from operations."
    Looking ahead, Smith added, "The company continues to pursue a number of exciting opportunities for the deployment of our unique Internet-enabled asset tracking, monitoring and control solutions. We expect to make announcements regarding these initiatives soon."

    About Elite:

    Elite Logistics Inc. is the parent company of Elite Logistics Services Inc., its wholly owned operating subsidiary, based in Freeport, Texas. Elite Logistics Services Inc. is best known for its patent pending PageTrack(TM) family of Intelligent Vehicle Systems that integrates 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 the security needs of private vehicle owners. The PageTrack(TM) family of Intelligent Vehicle Systems is distributed within the United States through an expanding network of distributors and dealers. For additional information, visit the company's Internet site at www.elitelog.com.

    Forward Looking statements

    The above news release contains 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 could differ materially from those projected.