Straight Talk From Nasrat Hakim

That was a long winded and I appreciate that. But what I can tell you is this. Whatever happened during -- I heard you mention Bernie Berk and anybody else’s eras, I heard everybody’s problems when I took over as CEO. From the time I have taken over as CEO, you’ve seen what was achieved in two years and 10 months; we went from $0.068 to about $0.30 plus. I have a vision, I have a plan I am executing on. I have a lot of people that have been pushing me to go to NASDAQ too early from former board members to top people on Wall Street and the answer is no. I have people trying to get me to borrow money and get in debt, so I can get projects going and the answer is conditional, and it’s mostly no. I will get us to where we are going in about three years. I am not going to lie to you about that and I am not going to pump up the stock or pump it down. I have a realistic plan that will get us where we are going. The expectations from the old days may have been valid; I wish I joined Elite 10 years ago; I could have gotten Oxy BID to the market and we’d all have been billionaires by now. The problem is for 10 years nothing happened and now today I am faced with an industry that everybody in their program wants the anti abuse. We’re no longer unique; we are one of many. Now, we have Pfizer and Teva and other companies that are playing in this field. Now, it’s a great honor for little Elite to throw its hat in the ring and be there with these giants. But the fact it costs a lot of money, money that we don’t have. How do you get this money? You’re going to get it through a deal like Lincoln Park, which really divides the burden among all of us shareholders. You want to start borrowing money and if a project doesn’t work, these people are going to come ask for their money and under that condition, we could end up bankrupt.

We are a solid company today, I know the folks who’ve been investing for 10 years are frustrated and have been waiting for a day where things will change. But today, we are a viable Company. If we don’t want to be ambitious and run R&D like crazy, we’re profitable. And we’re going to continue on that path till we get to a point where we are a viable company that gets on to NASDAQ. I cannot do any more or any faster. But, I’m a cautious guy, who gets the job done.