October 18, 2018 08:00 ET | Source: Elite Group Inc
FRISCO, TX, Oct. 18, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Elite Group, Inc. (OTC: ELTZ) a Nevada corporation announced today that the company has retained Ryder Scott Petroleum Consultants and Safe Harbor Equity Advisors to provide petroleum engineering, reserve analysis and Investment Banking for private placement funding associated with the acquisition of 17 producing oil and gas wells from Silver Lake Industries Inc. The company has signed a letter of intent with Silverlake Industries to purchase the wells that provide annual cash flow of approximately $4.8 million.
With the addition of Ryder Scott and Safe Harbor, the company has added two critical professional business partnerships that will enable ELITE to analyze and fund its acquisition strategy and is now in position to accelerate growth. Additionally, the company is currently in the process of updating the appropriate corporate filings and financials and are expected to be completed shortly.
About the Company
ELITE Group, Inc. (www.EliteGroupEnergy.com) a Nevada corporation is an independent energy company engaged in the acquisition and development of oil and gas related assets in the United States.
Management believes it will accomplish its goal of maximizing shareholder value through strategic acquisitions, effective execution of it business model, and implementing corporate governance and oversite with strong financial controls and procedures.
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.
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