Elite Logistics Updates Form 10 Status
Thu Jun 08 15:07:00 EDT 2000
FREEPORT, Texas, Jun 8, 2000 (BUSINESS WIRE) -- Elite Logistics Inc. (NQB:ELOG)
wishes to advise shareholders of progress regarding its transition to reporting
company status.
The company filed a Form 10SB with the Securities and Exchange Commission (SEC)
on March 7. The company received the SEC's comments, which included a request
for a change in the accounting treatment of the acquisition of Elite Logistics
Services Inc. and the submission of audited and reviewed financial results for
periods different to those originally submitted.
This necessitated the extensive additional accounting work and required
additional time-consuming work by the auditors of the company, Williams &
Webster, P.S. This work has now been completed and the company expects to
respond to the SEC's comments and file an amended Form 10SB no later than June
15. (**************!!!!)
Pending acceptance of the Form 10SB by the SEC, the company's common shares are
traded on the NQB OTC Pink Sheets, which is managed by the National Quotation
Bureau, under the symbol "ELOG." The company wishes to convey to its
shareholders that it is working vigorously, along with its professional
advisors, to ensure reinstatement of its OTC Bulletin Board listing.
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 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 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. The company is a certified value added integrator for
Motorola (NYSE:MOT) and utilizes the paging network of SkyTel, a subsidiary of
MCI WorldCom (Nasdaq:WCOM). For additional information, visit the company's Web
site at www.elitelog.com.
Editorial note: 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.
CONTACT: Vollmer, Houston
Dan Soine, 713/546-2230
dan@vollmerpr.com
or
Lauren Coke, 713/546-2230
lauren@vollmerpr.com
or
Elite Logistics Inc., Freeport
Rich Hansen, 979/230-0222
rich@elitelog.com
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