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Elite eyes new acquisition

February 27, 2002

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ATLANTA - Internet kiosk manufacturer Elite Technologies Inc. (OTCBB:ETCH), continuing to run on acquisition mode, announced on Oct. 18 it has signed a letter of intent to purchase privately held computer peripheral distributor CenDyne Inc.

Terms of the deal were not disclosed. The acquisition is pending as both companies engage in due diligence.

The announcement comes less than two months after Elite closed a deal to purchased telecommunications system provider Worldtouch Inc. (see story: Elite Technologies wraps up Worldtouch deal). While the Worldtouch deal gave Elite access to voice technology for its kiosks, company chairman Scott Schuster said the latest move has more of a marketing slant to it.

"CenDyne has some very exciting opportunities before them," Schuster said in a news release. "(The acquisition) will allow Elite to begin expansion to the West Coast areas of the U.S., and further open new markets for its other products."

In June, CenDyne was ranked fourth on Entrepreneur Magazine's list of America's 100 fastest-growing new businesses. Based in Santa Ana, Calif., the company had sales of $29.9 million last year, the magazine reported.