Elitecon International Ltd — Important, 22-07-2026: Company Update

Elitecon International announced the resignation of two Independent Directors: Dr. Venkata Ramesh Penumaka (effective April 7, 2026) and Mr. Edward Michael Bourgoin (effective April 27, 2026). Dr. Penumaka cited concerns over corporate governance and regulatory developments, while Mr. Bourgoin raised issues regarding information availability and governance. Both also ceased their board committee memberships. The company admitted a disclosure delay due to senior management and compliance transitions, assuring corrective measures. This development impacts the company's board composition and governance oversight, which is key for shareholders.