Elite Pharmaceuticals warned of possible delisting from Amex

By E. Janene Geiss

Philadelphia, Jan. 10 - Elite Pharmaceuticals, Inc. said it received notice Jan. 4 from the American Stock Exchange that, based on the company's unaudited financial statements as of Sept. 30, the company was not in compliance with the continued listing standards of at least $4 million of shareholders equity and income from continuing operations in at least two of its four most recent fiscal years.

The company said it plans to submit by Feb. 3 a plan advising the exchange of actions it has taken or will take to bring it into compliance within the next 18 months, according to a company news release.

The plan is to include specific milestones, quarterly financial projections and details related to any strategic initiatives the company plans to complete, the release said.

If the exchange's Listing Qualification Committee determines that the company has made a reasonable demonstration in the plan of its ability to regain compliance within the 18-month period, the plan will be accepted and listing will continue subject to periodic review of the progress, the release said.

No assurance can be given that the company's plan will be accepted or, if accepted, that the necessary progress will be achieved during the course of the 18-month period, according to the release.

Elite is a Northvale, N.J., specialty pharmaceutical company principally engaged in the development of oral, controlled-release products.

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