Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Breakdown of yesterday's Form 4's:


13,760,695 (NH)
2,700,000 (")
2,570,018 (")
12,850,089 (NJ)
19,275,133 (AN)
--------------
51,155,935 (Insider Total)


67,659,232 - 51,155,935 = 16,503,297 - 51,155,935 = 16,503,297 (Non-insider total)

Total shares remaining under Epic Investments = Zero


Of the 67,659,232 shares distributed, insiders with reporting obligations received 51,155,935 shares. These shares are not restricted and they may sell those shares at any time but not without SEC filing. The remaining 16,503,297 shares went to non-insiders who may sell those shares at any time without notification. (I suspect Ram Potti receives most if not all of those shares). These shares are all previously accounted for and do not represent dilution or conversion of warrants. No shares were bought or sold. Epic Investments has no remaining shares.



If I am reading these incorrectly, somebody with more expertise in this area please correct.