Elite Technical Inc.
TSX VENTURE : ET

Elite Technical Inc.

September 14, 2005 15:54 ET

Elite Technical Inc. Announces Financing Update

CALGARY, ALBERTA--(CCNMatthews - Sept. 14, 2005) - Elite Technical Inc. (TSX VENTURE:ET) ("Elite") announced today that due to market conditions it has terminated its agreement with Wolverton Securities Ltd to raise $3.5 million pursuant to the prospectus previously filed on July 29th, 2005. In addition the Company filed a Notice of Intention to make a Proposal under the Bankruptcy and Insolvency Act to Creditors and is in discussions with its lenders while it continues operations and evaluates strategic alternatives for the Company. Subject to certain conditions the chartered bank that provides Elites main lending facility has agreed not to enforce any security held by it until October 11, 2005.

About Elite

Elite is a Calgary-based manufacturer of high-quality, high-reliability cable assemblies and connection solutions for use in a broad range of consumer products, commercial and industrial products, and electrical systems. Elite is listed for trading on the TSX Venture Exchange under the symbol "ET." and has 10,999,650 common shares outstanding. More information on Elite can be found by visiting the Company website at www.etechi.com or under the Company's listing at www.sedar.com.

Forward-Looking Information

This news release may contain forward-looking information that involves risks and uncertainties. Actual results may differ materially. More detailed information about potential factors that could affect Elite Technical Inc.'s financial results is included in the documents the Company files from time to time with the Canadian Regulatory Authorities and the TSX Venture Exchange.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

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