Evertz Technologies Ltd T.ET

ET announces propsed acquisition

[pritz]

Elite Technical Announces Proposed Acquisition ccnm CALGARY, ALBERTA--(CCNMatthews - May 17, 2005) - Elite Technical Inc. (TSX VENTURE:ET) (Elite) today announces that it has signed a purchase agreement with Pinnacle Private Capital Corporation to acquire the outstanding shares of Hi-Tech Assembly Systems Inc. (Hi-Tech), a Calgary based cable manufacturer. "Hi-Tech is a strategic acquisition for Elite; as it provides radio frequency capability, and diversifies the customer base" said Peter Fenton, President and C.E.O. of Elite. "The acquisition would make Elite one of the largest cable assemblers in Western Canada." The consideration for the proposed purchase is $1,600,000 cash or as otherwise agreed to by Elite and Pinnacle after completion of Elite's due diligence, subject to usual post-closing adjustments. Closing of the purchase is subject to several conditions including satisfactory due diligence, board and regulatory approval, and closing of Elite's previously announced prospectus offering. The parties to the agreement are at arm's length to Elite. No finder's fee is payable in respect of the acquisition. 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 custom engineered, commercial and industrial products, and electrical systems. Elite is listed for trade on the TSX Venture Exchange under the symbol "ET." 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. FOR FURTHER INFORMATION PLEASE CONTACT: Elite Technical Inc. Peter Fenton President and C.E.O. [phone] Email: [e-mail] Website: www.etechi.com or Jason Krueger, CFA Investor Relations [phone] Email: [e-mail] Website: www.redwood-capital.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Copyright 2002 The Globe and Mail ---------------------------------------------------- To edit your alerts, go to: https://tdw.globeinvestor.com/generated/hubs/alerts.html ---------------------------------------------------- If you no longer wish to receive this alert, go to: https://tdwdb.globeinvestor.com/invest/investSQL/port_tdp.alert_news ---------------------------------------------------- Stock Alert data is provided for informational purposes only, and is not intended for trading purposes. Bell Globemedia Interactive Inc. and its related entities and all their employees assume no liability for inaccurate or incomplete information on this site, or for any missing information. The information is provided by multiple data suppliers without verification by Bell Globemedia Interactive. Past performance is not necessarily indicative of future performance. Prior to making any investment decision, consult directly with the individual or firm, and with a qualified investment advisor. ---------------------------------------------------- Copyright 2004 Bell Globemedia Publishing Inc. All Rights Reserved.