Here is why Elite sits where it's at
Here is the reason why Elite sits at the PPS it is at. Many years ago when Elite was trading well north of $1.00, they were able to secure financing easily on Wall Street. On one of the last tranches of financing they were receiving, the bio tech market collapsed and the folks who had just received preferreds from Elite took a major bloodbath on their investment in Elite. How is that relevant today you ask? Well, Wall Street is a tight nit group. Despite what you may think, if someone gets burned on financing on a deal, word travels fast on the Street. In essence, Elite has been punished for what could be considered not a company specific problem but rather an industry specific problem. The poor folks who lost millions on their investment in Elite literally within days of putting up the money have in essence "black balled" Elite. Elite quickly fell out of favor of investors on Wall Street. That is what is and has been playing out. All the short attacks, all the bashing I believe stem from one investment firm getting badly burned on an investment several years ago. When Dianne explained to me why Elite sits where it is at today, I understood why there are the dregs of the market punishing Elite for their past. But we are and have been at a major turning point for Elite. When Epic stepped up and saved Elite from BK, that changed everything. Now the dregs who have been punishing Elite are trying to unwind their positions, hence the major volatility and seemingly endless bashing and shorting. Notice how it has intensified over the past several months as Elite has picked up steam? I expect that once concrete news of another drug or two or the patent come out, we will see these dregs exit Elite once and for all and new money will step in and take Elite back to old levels and higher. I encourage you all to contact Dianne at IR and have her explain to you exactly what went down with the very last investors who put money up for Elite several years ago. Then you will understand why we are currently where we are PPS wise, but more importantly where we are heading very, very soon. Wall Street is known for its games, and we are just players riding the coattails of big money in this market.
