Elite Technical Inc.
TSX VENTURE : ET

Elite Technical Inc.

November 14, 2005 18:26 ET

Elite Technical Inc. Sells Assets and Enters Bankruptcy

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2005) - Elite Technical Inc. ("Elite") (TSX VENTURE:ET) announces the appointment of a Receiver by Elite's bank effective November 10, 2005. Concurrently, the Receiver has accepted an offer to sell all the assets, excluding accounts receivable, of the Company to a US-based cable manufacturer for $300,000 subject to any adjustment for a final inventory count. Any proceeds from accounts receivable will be applied against the bank facility first and then unsecured creditors, who are not expected to be paid in full.

In addition, as no Proposal to Creditors was filed in accordance with the Notice of Intention to make a Proposal under the Bankruptcy and Insolvency Act that was filed on September 12, 2005 and extended to November 10, 2005, the Company entered into formal bankruptcy effective November 11, 2005.

The directors are pursuing options for the remaining shell company, once settlement has been achieved with the creditors.

About Elite

Elite is a Calgary-based company and has 10,999,650 common shares outstanding. More information on Elite can be found by visiting the Company website at www.etechi.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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