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I tried looking for it the other day to no avail. I did, however, listen to that conference before I bought in 2011 and that's almost exactly what JT said. No link to verify, but I did hear him say those words!
Oh, didn't realize the second link contained a list of applicants! Haha. So add another $920,000 to the Elite stash for sure?? LOL LOL.
Lol good news indeed if Elite is one of those 65 applicants!
Haha. It really is quite simple here, no complication is needed. The CEO of the company has not only made $500,000 available to his company for use, but DOUBLED that amount. It would be ludicrous to suggest that he has any opinion about the company's future other than a positive one. The CEO would probably know before anyone else if the company was headed for bankruptcy and I highly doubt he would double down on this personal loan if that were the case. I don't need a link to show that, it's purely common sense. If I loaned out a million dollars to some person/company, I would also expect at least a decent rate of return. He gets paid what, around $30,000 annually? Not uncommon for CEOs to be paid hundreds of thousands of dollars each year, if not millions.
I would assume one of your intelligence level could arrive at the same conclusion.
On June 12, 2012 (the "Effective Date"), Elite Pharmaceuticals, Inc. (the "Company") entered into a bridge loan agreement (the "Loan Agreement") with Jerry Treppel, the Company's Chairman and CEO. Under the terms of the Loan Agreement, the Company has the right, in its sole discretion, to a line of credit ("Credit Line") in the maximum principal amount of up to $500,000 at any one time. Mr. Treppel provided the Credit Line for the purpose of supporting the acceleration of the Company's product development activities. The outstanding amount will be evidenced by a promissory note which shall mature on the earlier of (i) such date as the Company raises at least $2,000,000 in gross proceeds from the sale of any of its equity securities or (ii) July 31, 2013, at which time the entire unpaid principal balance plus accrued interest thereon shall be due and payable in full. The Company may prepay any amounts owed without penalty. Any such prepayments shall first be attributable to interest due and owing and then to principal. Interest only shall be payable quarterly on July 1, October 1, January 1 and April 1 of each year. Prior to maturity or the occurrence of an Event of Default as defined in the Loan Agreement, the Company may borrow, repay, and reborrow under the Credit Line through maturity. Amounts borrowed under the Credit Line will bear interest at the rate of ten percent (10%) per annum. For more detailed information, please see the Loan Agreement filed as an exhibit to this Current Report, the terms of which are incorporated herein by reference.
Not per quarter... per year right Hike? I guess 10% interest payments divided between the 4 quarters..
LOL LOL. PLEASE give me your interpretation of this latest event. I'm dying to hear it.
Haha nice man. I wish I had that kind of dough to throw around.. I'll just be happy if I can get to 200,000 shares total!
One MILLION dollars worth of SKIN in the game. Think about that.
Doesn't seem likely that Elite would be on the verge of bankruptcy if the CEO just authorized $500,000 MORE of his own personal capital to total $1,000,000, does it?
Good things ahead!!!
Gotta love in-house funding! JT must be confident in his company... I wonder why that is? ;)
Bam, news.
ELITE PHARMACEUTICALS ANNOUNCES AMENDMENT TO BRIDGE LOAN FACILITY
NORTHVALE, N.J. - December 10, 2012 - Elite Pharmaceuticals, Inc. ("Elite") (OTCBB: ELTP) announced today that it has amended the bridge loan agreement ("Loan Agreement") with Jerry Treppel, Elite's Chairman & CEO. Pursuant to the amendment to the Loan Agreement, Mr. Treppel has agreed to increase the maximum principal amount of the line of credit from $500,000 to $1,000,000. All other terms remain the same. The additional proceeds will be used primarily for working capital to support Elite's increase in production and growth of sales.
A copy of the amendment to the Loan Agreement will be filed in a Current Report on Form 8-K which will be filed with the Securities and Exchange Commission.
About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. develops oral sustained and controlled release products. Elite's strategy includes assisting partner companies in the life cycle management of products to improve off-patent drug products and developing generic versions of controlled release drug products with high barriers to entry. Elite has three commercial products being sold through a partner, two products produced for partners under contract manufacturing agreements, two additional products approved and pending launch, and two products under review, pending approval by the FDA. Elite's lead pipeline products include abuse resistant opioids utilizing the company's patented proprietary technology, and a once-daily opioid. They are sustained release oral formulations of opioids for the treatment of chronic pain, which address two of the limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential abuse. Elite also has partnered with Mikah Pharma to develop a new product, with Hi-Tech Pharmacal to develop an intermediate for a generic product, and a Hong Kong based company to develop a branded product for the United States market and its territories. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Including those related to the effects, if any, on future results, performance or other expectations that may have some correlation to the subject matter of this press release, readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, delays, uncertainties, inability to obtain necessary ingredients and other factors not under the control of Elite not under the control of Elite, which may cause actual results, performance or achievements of Elite to be materially different from the results, performance or other expectations that may be implied by these forward-looking statements These risks and other factors, including, without limitation, the timing or results of pending and future clinical trials, regulatory reviews and approvals by the Food and Drug Administration and other regulatory authorities, intellectual property protections and defenses, and the Company's ability to operate as a going concern, are discussed in Elite's filings with the Securities and Exchange Commission, including its reports on forms 10-K, 10-Q and 8-K. Elite undertakes no obligation to update any forward-looking statements.
Contact:
Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations, 518-398-6222
Dianne@elitepharma.com
It really is the only logical conclusion you can arrive at. Unless he loves burning money just to burn it and thats why he hasnt sold..
I would think someone who enjoyed burning money could find a more entertaining way to do it besides the OTC markets.
Can't PM you back Lasers..
When I counted the Akorn products, I only used the company's website product page.
Links? Or just speculation?
Since when do you care about PRs?
2007 is almost 6 years ago by the way. If the company has around 20-25 products currently with close to 100 employees, I'm gonna go out on a LIMB here and say that they are doing better than they were 6 years ago.
But hey, we both know what this really boils down to after all now don't we? LOL LOL.
Well your statement wasn't entirely accurate but that's not surprising. I count 157 different products from their website.
http://www.akorn.com/prod_list.php
Oh really? Hope that's the case. I'm sure lasers will give his interpretation when he reads the board.
Dumb man. Wonder what bullcrap rejection they've come up with this time.. Naysayers to be out in full force today I'm sure.
Well it's like they say.. "You can lead a horse to water but you can't make him drink it." Lol lol
I can think of a few people who think that, just off the top of my head.. LOL LOL.
Lol yep.
Good up day = buyout imminent, Nasdaq bound, JT rocks
Bad day down = worthless penny stock, bankruptcy imminent, JT sucks
So predictable!
I sympathize with the 60% of patients that dropped out too. Who wants to be in a trial that makes you sick all the time?
Do us a favor then and post the numbers.
LOLOLOLOLOLOLOL!!!!!!!!
Eagerly awaiting a Naltrexone launch, don't let me down AMA.
Better believe I'm checking the FDA site daily for approval of it and others!
Really hope you're right. You'll get some kudos from me if your predictions come true this week or next!
So when the stock market dips post-presidential election, thats a good reason? Company fundamentals across the market have changed? Hmm.
Looking to pick up a few shares in this company, have briefly read over some of the DD posted here... Suggestions from longs? Dilution upcoming? Wait for a drop? All answers welcome.
Wish the company's website was updated as soon as the products were launched. Not like its that hard to do.
Since when are first to file drug applications and numbers of products a company produces speculation?
Oh, you mean 6,000 shares of Apple the company? Yeah that'd be a little over 3 million dollars at current stock prices..
The question wasn't asked of me.
I mean we must be. Like I think cargo said, yearly revenue highs and yearly pps lows?! Wtf???!!!!
Wait I thought we couldn't be sure Actavis would be distributing this product because Mikah is some quote "garage company". LOL LOL
Pesky facts! Thanks for posting links Cargo!
Yeah this part was intriguing to me as well! That money would certainly come in the clutch as far as funding some studies if they do decide to monetize it soon!
BOOM! Good news!
Elite Announces First Shipment of Generic Phendimetrazine
Lol so funny to watch everyone scream and cry like little girls. Have some patience. Earnings right around the corner, almost guaranteed to be a huge increase year over year.
True. On really bad days for the market, we seem to be somewhat insulated. Not nearly as highly traded as other big board stuff. Just annoying.
Hoping for a drug launch PR soon or something positive!
I'm sure you're right!
Good ole BHO is also crushing the market today.