NORTHVALE, N.J., May 24, 2011 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite") (OTCBB:ELTP) today announced that all of the outstanding shares of its Series D 8% Convertible Preferred Stock (the "Series D") has been converted into the Company's common stock, pursuant to the election of the holders of the Series D. This eliminates the Company's obligation to pay $720,000 in annual dividends and eliminates the associated administrative costs. The Company now has 243,363,531 shares of common stock outstanding.
