AIM-quoted Elite Strategies wants to raise £2.5 million at 5p to back retail investor Retec Interface's 'electronic shop assistant'.

Elite, a former independent financial advisory group-turned-cash shell, now holds a loan note convertible into an 80 per cent holding in Retec, a company whose technology enables shop visitors to find out where to find the type of goods they want and also to make instant purchases. Retec's 'guided information' and 'guided selling' equipment is already in Tesco, Boots (in the form of 'interactive kiosks') and Sainsbury (where its slogan is 'try something new today').

The idea is to 'turn browsers into buyers', says Charles McKay, chief operating officer of Elite, which was once backed by Griffin Securities, an outfit linked to wheeler-dealer Stephen Dean. Griffin is no longer an investor in Elite, which hopes to use some of the funds it seeks to make an acquisition, is holding 'beauty parades' around the City for a broker to handle the issue.

Elite directors argue the loss-making company will 'turn the corner' this year and start to make significant profits in 2007. The shares are a gamble, but one which could pay off well if current expansion plans pay off.