Elite Technical Inc.
TSX VENTURE : ET

Elite Technical Inc.

September 23, 2005 13:46 ET

Elite Technical Inc. Announces Management and Operations Update

CALGARY, ALBERTA--(CCNMatthews - Sept. 23, 2005) - Elite Technical Inc. ("Elite") (TSX VENTURE:ET) announces the termination of CEO Peter Fenton's employment contract, effective immediately.

The Board of Directors have engaged John Goudy and Peter Heidebrecht of Cornerstone Manufacturing under a short-term contract to manage the operations of Elite, while pursuing strategic alternatives for the Company. Mr Goudy has over 12 years executive experience in various manufacturing companies, including five years as Director of Sales with Hi-Tech Assembly Systems from 1997 to 2002, while Mr Heidebrecht was Director of Engineering with Sanmina for four years and prior thereto spent 14 years as Manufacturing Engineering Manager with Nortel.

The Company has also fulfilled its obligations to date under the Notice of Intention to make a Proposal under the Bankruptcy and Insolvency Act. With the bank's agreement, Elite has until October 12, 2005, to present a Proposal to Creditors or file for an extension, while continuing with production and operations.

In addition, Elite announces today that following the termination of the prospectus offering, the Share Purchase Agreement signed with Pinnacle Capital for the acquisition of Hi-Tech Assembly Systems has expired.

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 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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