LOS ANGELES, Jan. 19, 2023 (GLOBE NEWSWIRE) -- via InvestorWire – ECGI HOLDINGS INC. (OTC: ECGI) (ECGI or the Company), D/B/A Elite Cannabis Group Incorporated, a Nevada-based portfolio company pivoting into the legal cannabis and cannabinoid marketplace, is pleased to issue the following Letter to Shareholders from the Company's CEO:

Dear Valued Shareholder,

First off, we would like to thank you for your continuing support as we turn the corner toward more tangible operations and begin to capitalize on the growth opportunity underlying our vision and value proposition.

I am pleased to announce that we are once again current with our financial filings and our status with the OTC Markets Group. This step opens up new avenues to support our aggressive path forward, and we are happy to finally accomplish this goal as we kick off an exciting 2023.

I recognize that we haven't communicated a great deal with our shareholders or the broad marketplace over recent months. However, many developments have been taking root and maturing underneath the surface, and we plan to pick up communications going forward.

We have made significant strides toward our goal of targeting a leadership role in product manufacturing and wholesale distribution in the California legal cannabis marketplace. We continue to believe that the legal cannabis industry in California has over-verticalized, creating a strong opportunity for disruption by tapping into the value case from smaller producers as well as the retail interface of the market.

Last month, we noted our plans to actualize our vision through a series of strategic deals and cultivated brand relationships, which will be manifest as minority stake acquisitions, exclusive licensing contracts, or similar contractual agreements that build the Company's scale as a central player in the California cannabis supply chain.

Our focus right now is on talent and asset deals that bring production and leading talent in-house to serve our market and beyond (once cross borders open up on policy). And we are closing in on finalizing such a deal.

Another acquisition is close to being finalized as well and centers on our exclusive licensing deal for a cannabis vape line. Our partners in this deal represent a beast of a sales team who single-handedly brought one of the most successful brands in the market to the top. I can't wait to disclose all of the details here once the ink is dry.

We are now aggressively engaged in moving this project forward, and we expect more frequent communications and the achievement of additional benchmarks now that we are current on filings and in the process of finalizing key deals.

Once again, we sincerely appreciate your commitment and patience. We believe in our vision and our ability to execute on that vision, and we thank you for your support. I look forward to updating you again very soon as we hit coming milestones.

Sincerely,

Danny Wong, CEO

About ECGI

ECGI Holdings, which plans to operate as Elite Cannabis Group, is reorganizing as an acquisition-oriented corporation with California-based targets including undercapitalized and distressed licensed cannabis assets, properties zoned for cannabis cultivation and processing, and cannabis companies operating in market sectors with nationwide expansion possibilities.

For additional information, please contact us at info@ecgiholdings.com.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to, economic conditions, changes in the laws or regulations, demand for products and services of the Company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.

For more information, please contact:

Danny Wong
Info@ECGIholdings.com

Wire Service Contact
InvestorWire (IW)
Los Angeles, California
212.418.1217 Office
Editor@InvestorWire.com