Elite Pharmaceuticals Inc (ELTP)

[KravMD]

Elite Pharmaceuticals Announces Change in Executive Leadership


Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP) today announced that Chris Dick will step down as President and Chief Operating Officer (COO) and as a member of the Board of Directors, effective May 24, 2013. Mr. Dick will remain as a consultant with Elite to ensure a smooth transition while the Board conducts a search for a permanent replacement.
"We thank Chris for his contributions to Elite, especially the passion, dedication and energy he brought to the Company every single day," said Jerry Treppel, Elite's Chairman and CEO. "Chris has worked hard to successfully turn the company around through very challenging circumstances, secured two very important patents for our abuse deterrent technology and advanced the development of this technology through commercial scale up. We appreciate Chris' leadership and the many important strategic initiatives he has achieved for the Company."

Mr. Dick stated, "Elite is an outstanding company with creative and talented employees, and it has been an honor to serve as the Company's President and COO. I am proud of what we have accomplished together. I feel it is the right time for me to pass the baton and let new leadership take the Company into its next phase with the abuse deterrent technology. I remain very optimistic about Elite's future."

Business Outlook

Elite will announce its fiscal year ended March 31, 2013 results on or before July 1, 2013 and will host a conference call shortly after the filing to discuss the results and provide guidance on the developments in the opioid space.