Elite's continued listing plan accepted by Amex

By Lisa Kerner

Erie, Pa., March 22 - Elite Pharmaceuticals, Inc. said the plan it submitted on Feb. 3 to regain compliance with the American Stock Exchange's continued listing standards has been accepted.

The company has been granted an extension until July 3, 2007 to regain compliance with these standards, according to a company news release.

Elite can maintain its Amex listing through the plan period.

On Jan. 4, Elite was notified that, based on its 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 (Amex Rule 1003(a)(ii)); and shareholders' equity of at least $6 million and income from continuing operations or net income in at least one of its five most recent fiscal years (Amex Rule 1003(a)(iii)).

On March 15, Elite completed a private placement of shares of series B preferred stock resulting in gross proceeds of $10 million. The company informed Amex of the closing and its positive effects on the shareholder equity.

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

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