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Elite Pharmaceuticals, Inc. Message Board

  • meifud meifud Mar 19, 2013 6:29 PM Flag

    why the ceo recently told the SEC there is doubt elite can continue as a going concern

    -- worst current ratio ever got even redder last qtr
    -- revenues essentially flat for last 4 quarters, up only $18k
    -- lodrane D doing next to nothing, as is bontril generic
    -- negative cash flow, huge negative tangible net worth
    -- selling accumulated tax losses with no hope to be using
    -- already technically bankrupt with liabilities exceeding assets
    -- in DEFAULT on the tax free bond used to finance their main facility
    -- has GIVEN UP on time release oxy patent, once considered a cornerstone
    -- CANNOT find a partner for snort proof FDA trials, or even for Euro time release
    -- CANNOT get money from anywhere except expensive bridge loans from own ceo
    -- seeing all of its products pitifully under-performing, with nothing any different in pipeline
    -- admitting to the SEC they need more financing after already ballooning to 350 million shares from less than 20 million outstanding six years ago
    -- changing accounting to appear to be approaching cash flow positive
    -- specter of bk hangs on them like green on broccoli (default and current assets/liabilities ratio)
    -- tax credits are not even a drop in the bucket for a 350 million share company already in default
    -- tangible net worth has been in long tern downward trend and deep in the red
    -- NO progress reported on BE and PK studies and NONE on phase III trials
    -- pipeline has produced nothing of importance, and has nothing of importance. all andas acquired on the cheap, the acquisition costs of some being already fully written off
    -- snort proof patent caused stock to drop and never recover

    and then there is a whole lot of andas and aspirations and goals and visions carried over from last year which were carried over from the year before and the year before that, except there are fewer and fewer resources available to accomplish much of anything which is why elite is basically living off high interest, short term loans from its ceo

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    • nothing changed with the LPC allowance that elite now gets every three business days because all that money has to go to repaying the 10% emergency loan from the ceo, and then paying the overdue principle on the bond secured by their facility that has been in default for over two years -- the former is due in july, and the latter on 9/1

      see LPC cannot hold more than 10% of the outstanding shares and, since they were given so many free shares as a signing bonus, they can only take about 30 million new shares. and at .07 per share that means elite is only going to see about $2.1 million out of what was announced as a $10 million deal

      geez, elite lost out on $5 million from socius last last year, and now almost $8 million from LPC this year. it's a shame they can't find a big chunk of money somewhere because they are deep in the red with an upside down current ratio

    • Meifunk is non other than Doctor Lowensteen. This guy is a paid basher for Big Pharma trying to discredit
      Elite. Probably works for the market makers.
      Guy is a real #$%$.

      Newbies Elite is in the best financial shape of its existance. All of this false information is put out there to drive the shareprice as low as possible.
      Meifunk and Doc Low are part of that scheme.
      Go to iHub if you want more DD on Elite. That's Investors Hub.

      Sentiment: Strong Buy

    • newbies, when you see all the thumbs down given to a post like this that is taken facts right out of SEC filings, you have to know that this board is infested with penny stock traders who will do anything to try to pump the price in an effort to get some of their money back

    • these are the kind of FACTS that simply gut all the grandiose visions, and aspirations, and goals

      if a company does not have the means to an end, they are not going to reach that end

    • FACTS that the pompom pumpers cannot deny but refuse to admit

      FACT, pumpers have been lying and attacking the few factfinders on this board since the pumpers got sucked into this stock and the ceo's nonsense in the .20's

    • now THAT is due diligence
      pumpers only listen to cc's and then yap about the ceo and his vision
      unfortunately, as the SEC filings show, elite needs to be fitted for a much, much smaller pair of glasses

    • and now they settled on a deal that only nets them $3 million (over $1 million of which will soon be going to pay off the ceo's loan) while they needed $12-14 million

    • This is what he actually said:
      The first is on our excitement over the patent and why we view it at as such. The patent, just to be clear, is a generalized approach to how to develop an abuse resistant product. It's important to remember that it's not specific to any one product. It can be used basically for any opioid.

      My vision is to create a line of abuse resistant opioid products using our patented technology. Push comes to shove, that's where the value -- the true large value of the Company is, is in the creation of that line of abuse resistant products. Nobody in management is working to see this Company grow by million-dollar increments.

      We are going for the doubles, the triples, and the home runs. And we think we can do that.
      If you look at the abuse resistant market and you look at some of the problems that other companies have had in manufacturing their products on a consistent basis, we think one of the big advantages that we have is that we have a system that can be consistently manufactured over and over again with many different products. And we think that's attractive. We think that's very attractive

      Sentiment: Strong Buy

    • it's a shame they have to keep reporting the truth to the SEC
      no wonder our resident pompom pumpers prefer the blather of cc's

    • this can all be discerned from an unbiased reading of the latest quarterly report elite filed with the SEC

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