SCHEDULE 14A INFORMATION
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ELITE PHARMACEUTICALS, INC.
---------------------------
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ELITE PHARMACEUTICALS, INC.
165 Ludlow Avenue
Northvale, NJ 07647
August 14, 2002
Dear Fellow Shareholder,
Harris Freedman, his son, Michael Freedman, and an associate, Sharon
Will, have filed a Form 13D and amendment preparing to try to obtain consents
from shareholders of the company to remove three of the four members of the
Elite board of directors and put themselves on the board.
In a few days we will be sending you our statement which will analyze
and explain this effort and give you our recommendation and the reasons for
these recommendations.
IN THE MEANTIME, YOUR BOARD OF DIRECTORS STRONGLY URGES THAT YOU DO NOT
SIGN AND DO NOT RETURN ANY CONSENT CARD OR OTHER FORM SENT TO YOU BY HARRIS
FREEDMAN OR HIS RELATED PERSONS OR ENTITIES.
We ask you to hold your decision until you have heard and considered
our analysis of this effort and our position and objectives for the company.
If any shareholder has questions or needs assistance, please call
Catherine Barnes at 704 372-9870.
Sincerely,
/s/Atul M. Mehta
Atul M. Mehta, Ph.D.
President and CEO
For the Board of Directors
ELITE PHARMACEUTICALS, INC.
SUPPLEMENTAL INFORMATION
August 14, 2002
(1) PARTICIPANTS. The participants in this solicitation are the Company,
Elite Pharmaceuticals, Inc. ("Elite"), and members of the Elite board of
directors: Atul M. Mehta, Donald S. Pearson, Harmon Aronson and Eric L. Sichel.
Dr. Mehta is the direct owner of 1,175,000 shares of the common stock of Elite
("Common Stock") and the beneficial owner of 312,600 issued shares, and he holds
options to purchase 1,475,000 shares. Mr. Pearson is the direct owner of 18,750
shares of Common Stock and holds options to purchase 60,000 shares. Dr. Aronson
holds options to purchase 60,000 shares of Common Stock. Dr. Sichel holds
options to purchase 30,000 shares of Common Stock.
(2) INFORMATION STATEMENT. Elite intends to file an information statement
with the Securities and Exchange Commission ("SEC") which will contain an
analysis and explanation of the Freedman effort, Elite's position and other
information. ELITE SHAREHOLDERS ARE URGED TO READ THIS INFORMATION STATEMENT
WHEN IT IS AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Elite
shareholders and investors may obtain a free copy of the information statement
when available and any other documents filed with the SEC on the SEC website at
www.sec.gov. Elite shareholders may also obtain free copies of same by directing
the request to Elite at 165 Ludlow Avenue, Northvale, NJ 07647.