Elite Pharmaceuticals, Inc. (ELI) Announces Amendment to Bridge Loan Facility
12/10/2012 9:09:09 AM
NORTHVALE, N.J., Dec. 10, 2012 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite") (OTCBB:ELTP) announced today that it has amended the bridge loan agreement ("Loan Agreement") with Jerry Treppel, Elite's Chairman & CEO. Pursuant to the amendment to the Loan Agreement, Mr. Treppel has agreed to increase the maximum principal amount of the line of credit from $500,000 to $1,000,000. All other terms remain the same. The additional proceeds will be used primarily for working capital to support Elite's increase in production and growth of sales.