Elite Pharmaceuticals Inc (ELTP)

[rob888]

BOND DEFAULT CURED, PAYMENTS UPDATED

During this quarter we finally cured the long standing bond default. We retired the Series B which we had a 9% interest rate and we caught up on all payments that were due on the Series A 6.5% bonds. That was a total of $1.1 million paid to the bonds to bring us current during the quarter. Now these payments have resulted in a number of positive effects for the company. First, we’ve cured the monetary default which had been hanging over us for almost six years. This removes a major threat to the company’s ability to operate as a growing concern.

http://seekingalpha.com/article/2696615-elite-pharmaceuticals-eltp-ceo-nasrat-hakim-on-q2-2015-results-earnings-call-transcript?page=2

way to go NH and team!

keep growing ELTP to become a major player soon.. to bad i didn't buy into AKRX of JT when it was just $3-5 (about the same time i spotted ELTP, chose ELTP instead of AKRX).