Replies to post #30178 on Elite Group Inc. (fka ELTZ)

[okwife]

HOW COME THEY DIDN'T FOLLOW THRU ALL THIS TIME FROM MAY 30TH 2019? AND WHY DIDN'T THE INSIDERS NOTIFY THE SHAREHOLDERS WITH A 8K RIGHT AFTER MAY 30TH? THE ONLY 8K WE GOT WAS AN LOI. ANYBODY CAN LOI.
On December 20, 2019, Elite Group Inc. (the “Company”) announced that, effective December 18, 2019, it entered into a Binding Letter of Intent (“Binding LOI”), with Power Conversion Technologies Inc., a corporation duly formed under the laws of the State of Pennsylvania, (“PCTI”) and Catherine Chis, its CEO and sole shareholder (“CC”) (collectively the “Parties”), setting forth the principal terms pursuant to which the Company will acquire all of the issued and outstanding shares of common stock in PCTI representing 100% ownership in PCTI (“PCTI Shares”), held by CC (the “Transaction”).



The Binding LOI sets forth the terms of the Transaction as follows:



1. Subject to the Company declaring itself satisfied with its due diligence of PCTI within 60 days of the execution of the LOI, the Parties agree to enter into a definitive agreement for the consummation and closing of the Transaction no later than within 240 days of the execution of the LOI.

[Neight]

Filings don’t matter, they don’t have a market maker and that is a drawn out process.