Elite Pharmaceuticals Inc (ELTP)

[BuddyGuise]

That is not correct, what this means is that 395 Series "I" shares are now backed by common, and these assets equal $39,500,000 to elite to be used to complete multiple trials.

That’s also like a chief study. It turns a $0.5 million to a $1 million as well, so all of these studies add up
and when you have an appetite like mine and more than a dozen products that you would like to go a
clinical phase with, this gets to be expensive

We are actively pursuing a partner. We
have Jerry Treppel, our Chairman and I had a meeting with the company yesterday, actually on
Presidents Day. Another major pharmaceutical company, very viable and one of my favorite were
coming to see us and we had to delay it by couple of weeks due to the snow. But the discussions with a
partner are very viable. We cannot depend just on that. We need to make sure that we have a Plan B
and Plan C to ensure that this company is going to deliver on all the products.
I hate to see us and hear, do products one at the time and go serially and take several years. I really
would like us to figure out the best way for financing and doing concurrently, so this way we will
maximize a return for the stockholders, okay.