Elite Announces Late Filing of 10-Q for Period Ending February 28, 2003.Business Editors FREEPORT, Texas--(BUSINESS WIRE)--May 6, 2003 Elite Logistics, Inc. (Previously OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ELOG ELOG Electronic Log ELOG Epitaxial Lateral Over-Growth ELOG Emitter Log ELOG Electronic Logbook ELOG Event Logging , presently OTC BB: ELOGE), a telematics services provider, today announced that it has missed the filing deadline for the 10-Q for the period ending February 28, 2003. Effective April 29, 2003 and as a result, the stock symbol has changed to OTC BB:ELOGE. The company is currently working with its accountants to complete the 10-Q as soon as possible. Elite is operating under the previously announced OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business model where it focuses on the sales of its hardware, software, deployable infrastructure and intellectual property to a limited number of Original Equipment Manufacturers (OEMs). This shift is underway and is expected to have an immediate negative impact on the company's revenue but in the medium term, it is hoped that it will allow the company to move closer to achieving profitability and a positive cash flow operation. The company will also continue to pursue the defense and licensing of its patent portfolio as a revenue stream. About Elite Logistics, Inc. Elite Logistics, Inc. is the parent company of Elite Logistics Services, Inc., its wholly owned operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. based in Freeport, Texas Freeport is a city in Brazoria County, Texas within the Houston–Sugar Land–Baytown Metropolitan Area and is situated in Southeast Texas. As of the 2000 U.S. Census, the city population was 12,708 and is about sixteen miles away from Angleton. . Elite is best known for its family of Intelligent Vehicle Systems that integrate global positioning systems and two-way wireless telemetry telemetry Highly automated communications process by which data are collected from instruments located at remote or inaccessible points and transmitted to receiving equipment for measurement, monitoring, display, and recording. technology to provide Internet-enabled tracking and control of vehicles and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . Elite's position as a market leader in the telematics industry is supported by a strong intellectual property portfolio that includes U.S. Patent No. 5,712,899 (the "899 patent"). The "899 patent" discloses certain telematics technology and systems including a mobile communications unit, configured to receive and process signals generated by a Global Positioning System (GPS) and transmit them to a base communications unit and allow voice communications between a mobile operator and an operator of a base communications unit. For additional information, contact Steve Harris Steve Harris or Stephen Harris may refer to:
Editorial note: The above news release may contain "forward-looking statements" as the Federal securities laws define that term. 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. |
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