CUSIP No. 28659T200 13D Page 1 of 9 Pages
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(A) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. 5)
ELITE PHARMACEUTICALS, INC.
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(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
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(Title of Class of Securities)
28659T200
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(CUSIP Number)
MICHAEL H. FREEDMAN, ESQ.
LAW OFFICES OF MICHAEL H. FREEDMAN, PLLC
200 EAST 89TH STREET, SUITE 17A
New York, New York 10128
(212) 426-7499
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(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
December 24, 2002
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f), or 13d-1(g), check the following
box: |_|.
(Continued on following pages)
(Page 1 of 9 Pages)
CUSIP No. 28659T200 13D Page 2 of 9 Pages
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1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
BRIDGE VENTURES
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |x|
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3) SEC USE ONLY
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4) SOURCE OF FUNDS*
WC, OO
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5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
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6) CITIZENSHIP OR PLACE OF ORGANIZATION
FLORIDA
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NUMBER OF 7) SOLE VOTING POWER
SHARES 269,720 (1)
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BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY -0-
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EACH REPORTING 9) SOLE DISPOSITIVE POWER
PERSON WITH 269,720 (1)
---------------------------------------------------
10) SHARED DISPOSITIVE POWER
-0-
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11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
269,720 (1)
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12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
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13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
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14) TYPE OF REPORTING PERSON
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 244,720 shares of Common Stock and (b) 25,000 shares
of Common Stock issuable upon the exercise of warrants.
CUSIP No. 28659T200 13D Page 3 of 9 Pages
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1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
SMACS HOLDING CORP.
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |x|
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3) SEC USE ONLY
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4) SOURCE OF FUNDS*
WC
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5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
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6) CITIZENSHIP OR PLACE OF ORGANIZATION
FLORIDA
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NUMBER OF 7) SOLE VOTING POWER
SHARES 121,000 (1)
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BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY -0-
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EACH REPORTING 9) SOLE DISPOSITIVE POWER
PERSON WITH 121,000 (1)
---------------------------------------------------
10) SHARED DISPOSITIVE POWER
-0-
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11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
121,000 (1)
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12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
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13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1%
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14) TYPE OF REPORTING PERSON
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 46,000 shares of Common Stock and (b) 75,000 shares
of Common Stock issuable upon the exercise of warrants.
CUSIP No. 28659T200 13D Page 4 of 9 Pages
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1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
BRIDGE VENTURES, INC. EMPLOYEE PENSION PLAN
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |x|
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3) SEC USE ONLY
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4) SOURCE OF FUNDS*
OO
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5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
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6) CITIZENSHIP OR PLACE OF ORGANIZATION
FLORIDA
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NUMBER OF 7) SOLE VOTING POWER
SHARES 62,200 (1)
--------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY -0-
---------------------------------------------------
EACH REPORTING 9) SOLE DISPOSITIVE POWER
PERSON WITH 62,200 (1)
---------------------------------------------------
10) SHARED DISPOSITIVE POWER
-0-
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11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
62,200 (1)
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12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
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13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.6%
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14) TYPE OF REPORTING PERSON
EP
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 52,200 shares of Common Stock and (b) 10,000 shares
of Common Stock issuable upon the exercise of warrants.
CUSIP No. 28659T200 13D Page 5 of 9 Pages
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1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
HARRIS FREEDMAN
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |x|
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3) SEC USE ONLY
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4) SOURCE OF FUNDS*
OO
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5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
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6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF 7) SOLE VOTING POWER
SHARES 392,720 (1)
--------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 62,200 (2)
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EACH REPORTING 9) SOLE DISPOSITIVE POWER
PERSON WITH 392,720 (1)
---------------------------------------------------
10) SHARED DISPOSITIVE POWER
62,200 (2)
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11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
454,920(1)(2)
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12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
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13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
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14) TYPE OF REPORTING PERSON
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 2,000 shares of Common Stock, (b) 269,720 shares of Common
Stock owned by Bridge Ventures, Inc. (including 25,000 shares of Common
Stock issuable upon exercise of warrants owned by Bridge Ventures, Inc.)
and (c) 121,000 shares of Common Stock owned by SMACS Holding Corp.
(including 75,000 shares of Common Stock issuable upon exercise of warrants
owned by SMACS Holding Corp.).
(2) Consists of 62,200 shares of Common Stock owned by Bridge Ventures, Inc.
Employee Pension Plan (including 10,000 shares of Common Stock issuable
upon exercise of warrants owned by Bridge Ventures, Inc. Employee Pension
Plan).
CUSIP No. 28659T200 13D Page 6 of 9 Pages
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The following constitutes Amendment No. 5 ("Amendment No. 5") to the Schedule
13D filed by the undersigned. This Amendment No. 5 amends and restates the
Schedule 13D as specifically set forth below.
ITEM 2. IDENTITY AND BACKGROUND is hereby amended as follows:
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(a) This Statement is filed on behalf of Harris Freedman, Bridge
Ventures, Inc., a Florida corporation ("Bridge"), SMACS Holding Corp., a Florida
corporation ("SMACS"), and Bridge Ventures, Inc. Employee Pension Plan ("Bridge
Pension Plan"). Each of the foregoing is referred to as a "Reporting Person"
and collectively as the "Reporting Persons."
(b)-(c) The principal business/occupation of Harris Freedman, Bridge,
and SMACS is private equity financing. Harris Freedman is the Secretary and a
Director of each of Bridge and SMACS. Annelies Freedman, Harris Freedman's
spouse, who is not actively employed, is the President and a Director of each of
Bridge and SMACS. Harris Freedman and Annelies Freedman are the sole executive
officers and directors of each of Bridge and SMACS. By virtue of his positions
with Bridge and SMACS, Harris Freedman has the sole power to vote and dispose of
the Issuer's Shares owned by each of Bridge and SMACS. The principal business
address of Harris Freedman, Annelies Freedman, Bridge, and SMACS, is 1241 Gulf
of Mexico Drive, Sarasota, FL 34228.
Bridge Pension Plan is an employee benefit plan for the benefit of Harris
Freedman. Harris Freedman and Annelies Freedman are the Trustees of Bridge
Pension Plan. By virtue of his position with Bridge Pension Plan, Harris
Freedman has the sole power to vote and dispose of the Issuer's Shares owned by
Bridge Pension Plan. The principal business address of Bridge Pension Plan is
1241 Gulf of Mexico Drive, Sarasota, FL 34228.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER is hereby amended to add the
-----------------------------------------
following:
(a)-(b) The aggregate percentage of Shares of Common Stock reported
owned by each person named in Item 2(b)-(c) is based upon 10,494,427 Shares
outstanding, which is the total number of Shares of Common Stock outstanding as
of November 1, 2002, as reported in the Issuer's Proxy Statement dated November
13, 2002.
As of the close of business on January 8, 2003, Bridge Ventures, Inc.
beneficially owned 269,720 Shares of Common Stock, including 25,000 Shares
issuable upon exercise of warrants, constituting approximately 2.6% of the
Shares outstanding. SMACS beneficially owned 121,000 Shares of Common Stock,
including 75,000 Shares issuable upon exercise of warrants, constituting
approximately 1.1% of the Shares outstanding. Harris Freedman beneficially
owned 2,000 Shares of Common Stock constituting less than .1% of the Shares
outstanding. Bridge Pension Plan beneficially owned 62,200 Shares of Common
Stock, including 10,000 Shares issuable upon exercise of warrants, constituting
approximately .6% of the Shares outstanding. Harris Freedman may be deemed to
beneficially own the 454,920 Shares owned directly by Bridge, SMACS and Bridge
Pension Plan by virtue of his direct authority to vote and dispose of such
Shares.
As of December 24, 2002, Harris Freedman ceased to be the beneficial owner
of more than 5% of the Issuer's securities.
CUSIP No. 28659T200 13D Page 7 of 9 Pages
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SIGNATURES
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After reasonable inquiry and to the best of his knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: January 8, 2003
/S/Harris Freedman
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HARRIS FREEDMAN
CUSIP No. 28659T200 13D Page 8 of 9 Pages
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EXHIBIT INDEX
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EXHIBIT PAGE
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1. Joint Filing Agreement dated August 5, 2002 (previously filed).
2. Letter from Harris Freedman to Elite Pharmaceuticals, Inc. dated August 5,
2002 (previously filed).
3. Letter from Harris Freedman to Elite Pharmaceuticals, Inc. dated August 29,
2002 (previously filed).
4. Settlement Agreement dated October 23, 2002, by and among Elite
Pharmaceuticals, Inc., Harris Freedman, Sharon Will, Michael H. Freedman,
Bridge Ventures, Inc., Bridge Ventures, Inc. Employee Pension Plan, SMACS
Holding Corp., Saggi Capital Corp., Saggi Capital Corp. Money Purchase
Plan, and Saggi Capital Corp. Profit Sharing Plan (previously filed).
CUSIP No. 28659T200 13D Page 9 of 9 Pages
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SCHEDULE A
TRANSACTIONS IN THE SHARES DURING THE PAST 60 DAYS
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SHARES OF COMMON PRICE PER DATE OF
STOCK PURCHASED/(SOLD) SHARE($) PURCHASE/(SALE)
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BRIDGE VENTURES, INC.
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(5,000 Warrants) .65 (10/23/02)
(25,000 Warrants) .65 (10/25/02)
(50,000 Warrants) .45 (11/4/02)
(10,000 Warrants) .60 (11/6/02)
(8,000 Warrants) .65 (11/6/02)
(80,000 Warrants) .15 (11/26/02)
(40,000 Shares) 2.00 (12/24/02)
BRIDGE VENTURES, INC.
EMPLOYEE PENSION PLAN
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(40,000 Shares) 2.00 (12/24/02)