Elite Group Inc. (fka ELTZ)

[TheLionAndTheLamb]

ELTZ There are $68K notes due October 28. I talked to Terrence a few minutes ago and this is what I asked him.

The $ 68K notes are due tomorrow. I hope you guys have some sort of a plan in place to stop the notes bleeding and to deal with that new note.

His response is as follows:

Mammoth taking that note. Since we did the acquisition we are working on bank debt to finance everything including taking out all the notes. I have a leak out agreement with Mammoth and with the new bank debt all the notes are being rolled up.

I, then asked him the following: Is it safe to say and more importantly true to say that the notes won't have a chance to hit the market because the bank financing will swallow all the existing notes?

He responded with the following:

Yes. Mammoth has bought the new note. The IR firm will have something to put out early next week.