Evertz Technologies Ltd T.ET

ET 8 month results out..not good

[pritz]

So much for Fenton's .03-.04 eps Elite Technical Inc. Posts Results for the Eight Months Ended December 31st, 2004 4/6/05 CALGARY, ALBERTA, Apr 6, 2005 (CCNMatthews via COMTEX) -- Elite Technical Inc. ("Elite") (TSX VENTURE:ET) today announces its financial results for the period ending December 31st 2004. The company has changed its year end to December 31st and is therefore reporting an 8 month fiscal period. "The first six months were encouraging and we posted reasonable profits, however the final two months were slow in terms of sales. The impact of the US dollar exchange rate was a significant factor due to a very sharp rise in the Canadian dollar." said Peter Fenton, President and CEO, Elite Technical Inc. "As we move into 2005 we have had significant success in diversification and are now at a point where no one customer is more than 30% of our business and our order book is $1.4 million. We have filled key management positions in the first quarter of 2005. Elite plans to raise funds through a prospectus offering with the proceeds to be used to expand operations. This will include establishing a US sales presence, increasing sales staff in Canada, acquiring processing equipment for our new medical and automotive lines, and pursuing acquisition opportunities." Results Of Operations Elite reports a net loss of $26,162 ($0.00 per share) for the eight month period ended December 31st, 2004, compared to a net income of $39,586 ($0.00 per share) for the year ended April 30, 2004. Total foreign exchange losses for the year were $99,429 in addition the overall profit was impacted by increases in selling expenses and facility costs. Sales Sales for the 8 months were $2,844,523 compared to $3,818,179 for the previous 12 months The average monthly sales improved to $355,000 compared to $318,000 in the prior year.. The reduced sales in the final two month period were due to ending the year in our historically slowest month. Financial Performance Summary For the eight months ended For the year ended December 31st, 2004 April 30th, 2004Revenue $ 2,844,523 $ 3,818,179Gross margin $ 1,139,165 $ 1,552,723Net income/(loss) $ (26,162) $ 39,586Net income/(loss) per share $ 0.00 $ 0.00 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." More information on Elite can be found under the Company's listing at www.sedar.com. Note Regarding Forward-looking Statements Certain information regarding Elite Technical Inc. set forth in this document, including management's assessment of the Company's plans and future operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, the lack of availability of qualified personnel or management, stock market volatility and ability to access capital from internal and external sources. The Company's actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive there from. The Company undertakes no responsibility to update the information provided herein. 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. Elite Technical Inc.Peter FentonPresident and C.E.O.[phone]Email: [e-mail]: www.etechi.comorJason Krueger, CFAInvestor Relations(403) 374-1234Email: [e-mail]: www.redwood-capital.com NEWS RELEASE TRANSMITTED BY CCNMatthews The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release. Copyright (C) 2005, CCNMatthews. All rights reserved.