6/11/2014 7:16:35 AM
NORTHVALE, N.J., June 10, 2014 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP) entered into a settlement agreement with Novel Laboratories, Inc. ("Novel"), Veerappan S. Subramanian ("Subramanian"), VGS Pharma, LLC ("VGS") and other related parties (all of the foregoing collectively, the "VGS Parties") pursuant to which the 2006 Strategic Alliance Agreement and Stockholders Agreement with Subramanian and VGS (collectively, the "Agreement") were terminated and all parties executed mutual releases. In addition, the VGS Parties paid Elite $5,000,000 in exchange for 9,800 shares of Novel Class A common stock owned by Elite. This resolves all disputes and claims between Elite and the VGS Parties, including those alleged in the action commenced by Elite against the VGS Parties on April 28, 2014, and ends Elite's ownership in Novel.
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