Inactive Instrument

Elite Group, Inc.

ELTZ

US28661E1001

Elite Group Executes Binding LOI With Power Conversion Technologies Inc.

December 20, 2019 at 09:01 am EST

FRISCO, TX, Dec. 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Elite Group, Inc. (OTC: ELTZ), a Nevada corporation, announced today that the company has entered into a binding letter of intent to acquire Power Conversion Technologies Inc. (PCTI).

PCTI operates in the multi-billion dollar power electronics industry and designs and manufactures leading edge power electronic equipment for use in power conversion. PCTI serves clients in several industries including telecommunications, military, transportation, renewable energy and aerospace. PCTI’s clients include Fortune 500 companies and government organizations such as the US Military, US Airforce, US Navy and NASA. The global power electronics market size in 2017 was valued at $36 Billion and is expected to reach $51 Billion by 2023 according to MarketsandMarkets^TM.

PCTI is also entering the Utility Scale Energy Storage industry. PCTI is well positioned to capitalize on the industry’s explosive growth by leveraging its expertise and market reputation. The Utility Scale Energy Storage industry is expected to grow tenfold by 2024 to reach $74 Billion according to Wood McKenzie Power & Renewable.

For more information on PCTI please follow the link www.pcti.com

Please read this press release in conjunction with the 8K filed on www.sec.gov

Forward-Looking Statements

Certain statements in this press release and elsewhere by management of the Company that are neither reported financial results nor other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of the Company's operations varying significantly and materially from anticipated results. Debt Resolve undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by SEC rules. Investors are advised to consult any further disclosures made on related subjects in the Company's reports filed with the SEC.

Terrence Alan Tecco 214-783-1835 terrencetecco@gmail.com

Latest news about Elite Group, Inc.

Power Conversion Technologies, Inc. cancelled the acquisition of Elite Group, Inc. in a reverse merger transaction.	20-02-27	CI
Power Conversion Technologies, Inc. entered into a binding letter of intent to acquire Elite Group, Inc. in a reverse merger transaction.	19-12-19	CI
Elite Group, Inc. cancelled the acquisition of 17 oil and gas wells in Colorado from Silver Lake Industries Inc.	19-10-17	CI
Elite Group, Inc. cancelled the acquisition of all assets of Carter County Resources, Inc.	19-01-24	CI
Elite To Seek Acquisitions	18-10-18	CI
Elite Group, Inc. entered into a letter of intent to acquire 17 oil and gas wells in Colorado from Silver Lake Industries Inc.	18-10-17	CI
Elite Group Inc. cancelled the acquisition of a 75% working interest in 2 wells in the Permian Basin of Texas.	18-06-19	CI
Elite Group Mulls Acquisitions	18-02-14	CI
Elite Group, Inc. entered into a LOI to acquire all assets of Carter County Resources, Inc.	18-01-24	CI
Elite Group Inc. entered into an agreement to acquire Pirate Oilfield Services for $0.85 million.	17-10-25	CI
Elite Group Mulls Acquisitions	17-10-17	CI
Elite Group Signs Purchase Agreement to Acquire 75% Working Interest in 2 Well Package in the Permian Basin of Texas	17-07-06	CI
Elite Group Inc. signed letter of intent to acquire a 75% working interest in 2 wells in the Permian Basin of Texas.	17-06-19	CI
Elite Books, Inc will Change its Name to Elite Group, Inc	17-03-29	CI
Elite Books Inc. Announces Executive Changes	16-10-11	CI
Elite Books Inc. Appoints Dino Munroe as CFO and Director in Place of Brad Fretti	16-07-26	CI
Elite Books Inc. Announces Executive Changes	16-02-01	CI
Elite Group, Inc. Auditor Raises 'Going Concern' Doubt	15-07-09	CI

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Company Profile

Elite Group, Inc., formerly Elite Books Inc., is engaged in oil and gas business operations. The Company specializes in the acquisition of assets relating to the management of oilfield water used in upstream oil and gas operations. The Company holds a Salt Water Disposal (Kypo) property in oil and gas land located in Carrizo Springs, Texas. As of December 31, 2016, the Company had no revenues.

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