News

Elite Technologies wraps up Worldtouch deal

March 18, 2002

ATLANTA - Kiosk manufacturer Elite Technologies (OTCBB:ETCH) on Tuesday announced that it has completed the purchase of telecommunications system provider Worldtouch, Inc., in a stock for stock transaction.

Elite and Worldtouch signed a letter of intent on May 9. The letter was extended in late June while due diligence and negotiations continued.

Elite chairman Scott Schuster, in a press release, said Worldtouch's Voice Over IP product would be utilized in Elite's kiosk products. He expects the new telecommunications capability to expand the company's visibility in the domestic and international kiosk marketplaces.

Elite Technologies provides hardware wholesale and retail distribution of computer parts and systems and markets Internet pay-by-the-minute kiosks in the U.S. and other countries. Stock in the company was up a penny to six cents at the end of trading on Tuesday, an increase of 20 percent.