News

Another acquisition for Elite

February 26, 2002

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ATLANTA - Setting a rapid expansion pace, Internet kiosk manufacturer Elite Technologies Inc. (OTCBB:ETCH) recently announced its third potential acquisition in two months. The company has signed a letter of intent to acquire Source Code Corp. and Integrated IT Solutions Inc.

Terms of the deal were not disclosed. The acquisition is pending while the two companies complete due diligence.

The Boston-based privately held company owns nine subsidiaries focused on the manufacturing and distribution of computer-related components. According to a news release, Source Code has EBITDA of $1.5 million on revenue of about $48 million in its last fiscal year.

Elite announced on Oct. 18 it had signed a letter of intent to purchase privately held computer peripheral distributor CenDyne Inc. (See story: Elite eyes new acquisition). That followed the company's acquisition of Worldtouch Inc. in late August (see story: Elite Technologies wraps up Worldtouch deal).