SOURCE: Invicta Group Inc.

Invicta Group Inc.

March 09, 2010 08:39 ET

Invicta Group Signs Joint Venture Agreement With ChicagoAffordableCars.com

Invicta Group Helped to Increase the Number of Automobiles Sold by 55% and Increased Revenues to Over $325,000 in the First Month of Agreement

CHICAGO, IL--(Marketwire - March 9, 2010) -  Invicta Group Inc. (http://www.ivitgroup.com) (PINKSHEETS: IVIT) announced that the Company has entered into a Joint Venture Agreement with Chicago Affordable Cars, Inc. and www.ChicagoAffordableCars.com. The main purpose of this new agreement is for the Invicta Group to help manage, market, maintain, and expand the current business interest in Chicago and expand into future markets.

Yazan Abuharbeed founded Chicago Affordable Cars in October 2009. The Company is an internet car dealer that eliminates the costs related to a traditional car lot and showroom and passes the savings onto the customers. In January alone the website registered over 110,000 hits and the company sold 62 cars.

The Joint Venture with the Invicta Group began on February 1, 2010 and during the first month the preliminary numbers show the Company increased from 62 cars sold in January to 96 cars sold in February and increased revenues from about $160,000 in January to over $325,000 in February.

Yazan Abuharbeed said, "We have created a great product and service but I am looking forward to taking it to the next level with the Invicta Group. I understand it takes a quality team, with a detailed process and system in place to expand properly and I think the Invicta Group is the perfect partner for us." 

CEO of the Invicta Group, Paul Sorkin, said, "Yaz and the Chicago Affordable car team have found a great niche. We have been very impressed with what they have been able to accomplish so far and are looking forward to helping them expand their marketing, build awareness, add additional products and services, and expand to new marketplaces. My goal for the Invicta Group is to continue to diversify our projects and partners and help increase the overall revenues and profits while protecting our downside in case any specific projects don't work out as well as planned. This year has started off very well for us and we expect the continued growth and new opportunities to continue." 

Sorkin also went on to say, "As you are probably aware, the share price of Invicta Group has declined recently and has experienced a significant amount of short selling activity. We believe we are the victim of naked short selling and are looking into all actions to counter the negative impact it has had on our recent stock sales. Naked short selling is a well known problem that is illegal and we intend to take the proper actions to protect our shareholders."

About Invicta Group, Inc.

INVICTA GROUP, Inc. (PINKSHEETS: IVIT) is a full service multimedia management and marketing company. The Invicta Group is a conglomerate that utilizes shared resources to create synergies between their projects and companies and creates a lower cost of entry into the marketplace and almost instant start up capabilities for new products, services, and clients. www.IVITgroup.com

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

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