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I am not saying that MLXO mgt. is treating us like mushrooms (i.e., keeping us in the dark and feeding us, ahem, manure), as I'm not sure about the manure part, but it still feels the same. IMHO, most investors do not like to invest their money with companies who seem to have utter disregard for their investors.
Hopefully, MLXO will learn from their mistake (the mistake being their decision that IR was unimportant) and rectify the problem going forward.
Also, I don't agree with the notion that IR is too expensive or that it takes too much time. All they had to do was provide information to investors via their website and hire a flunky to answer phones (of course, that requires a working phone) and reply to emails. Saleem/Kakani could just write the reply for various questions and then have the flunky send them out. In fact, it would be much easier for Saleem/Kakani to have someone doing that rather than having to answer emails (when they feel like it) and take calls directly from investors.
We know what a LOI is. We also know that we do not like it when a company announces a LOI and then never follows up as to whether the agreement was finalized or terminated!
gwebb: not yelling at you, just very frustrated w/ MLXO mgt.
Yes, very common. However, it is not common, at least for 'good' pinkies, to not also announce that the deal has either been consummated or terminated.
1) Typicaly pinkie move to announce deals before they are finalized. However, most good pinkies will at least update investors as to whether the deal was finalized or fell through. Their remaining silent is not comforting.
2) Am I mistaken, I thought we were 'informed' (via back channels), that financing was being delayed until the audit was finalized. Now we are told that they already have access to a $25M line of credit (I thought it less than that intitially). They have access to $25M yet they cannot afford a $175 phone bill? I'm all for keeping expenses down, so why didn't they at least pay Time Warner $30/month for a phone?
3) They may be very good at what they do, but they are no longer doing it as private citizens, they are now running a public company. I have the sense that they could care less about 'shareholder value'. However, if they want to maximize their market capitalization and their ability to self-finance, they need to maximize share price. In order to do that, they need to be effective at IR. Forcing investors to track you down is not an effective method of IR.
Thanks for posting the phone numbers. However, investors should not have to track down executive management b/c the phones have been disconnected and communication only occurs via private messaging with select investors. Their regard, or rather disregard, for investors is appalling. I sincerely hope that they get their act together and understand that they are no longer a private company, but a publicly traded company. Even if all of their plans come to fruition, they will not maximize the share price if they treat shareholders and potential investors as a nuisance and fail to understand that they need to 'sell' MLXO to the investing public, not deter potential investors by actions such as disconnecting phones and going underground.
Thanks...but Kakani should not be having every Tom, Dick and Harry calling his cellphone number. One has to assume that they could not afford to keep a working phone number, otherwise, what purpose does it serve to have a disconnected number? To scare off investors?
I'm not saying that MLXO won't get its act together, but it surely seems that they are living on a shoe-string waiting for a big infusion of capital. I just find it unconscionable that they either can't afford or don't have the good sense to have a working phone number in the meantime.
GLTA...
They can't afford a working phone number unless they receive 'additional funding'? That is ridiculous (I'm not saying that you are ridiculous or that you are offering an excuse for their ineptitude.) I'll assume that either one of the main principals has enough spare change to afford a working phone number (if they don't, we are in big trouble). The idea that they are so busy that they can't even afford an answering machine and a working phone number is beyond comprehension. Their actions scream "Typical Pinky". Sure, we all hope they are not, buy it gets tiresome holding one's nose...
GLTA (still holding, but very frustrated in their utter inability to comprehend IR functions...my goodness, a disconnected number for months!)
Both the Michelex and Pristine websites still list the non-working phone number (201-977-1177) for the contact number. I'm dumbfounded. What possible reason(s) are there for not having a working phone? I can come up with two, and neither are very comforting. To say the least, Michelex/Pristine is not creating an environment that is conducive to retaining current investors or enticing new ones to invest in its stock.
PS...That's why, in general, one is not 'investing' in pinksheet stocks, but rather 'gambling'...
I agree, SEC filing has the potential for serious consequences if the numbers are 'fudged', as compared to an accounting firm just calling them 'Final'.
What constitutes 'official'? Auditors taking 'draft' off of audit or filing w/ SEC?
Below are excerpts from some recent PR’s along with associated questions. MLXO may have ‘answered’ some of these questions via private channels, but they have not provided updates via the MLXO or PPC websites. What information, if any, has been released via ‘back channels’?
PRESS RELEASE-8 – 06/01/2011
New York, NY – JUNE 1, 2011
Pristine Pharma Corporation, has signed a contract with International Trade Association of America for export distribution of six over-the-counter pharmaceutical products. This contract is valued initially at $5.5 million per year, and delivery of these products is to begin in August 2011.
Questions:
1) What is the status of this contract?
2) If the contract is still valid, where will the products be manufactured, Massena, NJ or some other location?
3) When will delivery commence and when will delivery be completed?
=====================================
PRESS RELEASE-7 - 4/26/2011
New York, NY – April 26, 2011
Michelex Corporation (ticker symbol:PINK SHEETS:MLXO.PK) (“Michelex”) has signed a binding letter of intent to acquire, from Girish Desai, MD, 100% of the ownership interest of Vitacoat Corp., Alpro Inc., and G&P International LLC. All three entities are under the common, privately held ownership of Dr. Girish Desai. The total acquisition cost is $5,800,000. The terms of this LOI require that the contract be executed within 30 days after due diligence is completed by Michelex.
Questions:
1) What is the status of these acquisitions? Have the acquisitions been completed? If not, why not?
2) When will these acquisitions be finalized?
=======================================
Press Release-5
[Feb 17, 2011]
Michelex (PINKSHEETS:MLXO) Announces Successful Registration of Pristine Pharma Corporation's Manufacturing Facility With the US FDA
NEW YORK, NY--(Marketwire - February 17, 2011) - Michelex Corporation (PINKSHEETS:MLXO) (Michelex) President Mr. Albert Laclé is pleased to announce the successful registration of Pristine Pharma Corporation's (Pristine) newly constructed manufacturing facility with the United States Food and Drug Administration (FDA). Having met cGMP (Current Good Manufacturing Practices) requirements, Pristine commenced operations and will deliver, for export, the first lot of its products in February.
During the third week of January 2011, Mr. Venkat Kakani, CEO of Pristine, provided a tour of the Massena, NY, facility to Mr. Maxim Pantchenko, President of the International Trade Association of America, an export distributor of OTC pharmaceuticals to Russia. ITA placed orders with Pristine for two products worth over $2.0 million, and a contract for four more products for near term fulfillment is under negotiation. During his visit to Pristine's facility, Mr. Pantchenko confirmed that ITA will source its liquid OTC pharmaceuticals exclusively from Pristine.
Questions:
1) Has the $2.0 million contract been completed? If so, when and where were the products manufactured? If the contract has not been completed, why not?
2) What products, if any, have been manufactured at the Massena facility?
2) What products, if any, have been manufactured at facilities other than Massena? What are those products and where were they manufactured?
4) What is the status of contract negotiations with ITA for "for four more products for near term fulfillment"?
What is the address that you are sending them to?
I do not send insults, random or otherwise. I respectfully ask questions that any publicly traded company should expect to receive from a shareholder.
Again, hope you are correct.
Well, I hope that you are correct in that they expect the price to rise dramatically in the future, and that it (i.e., high price) actually materializes.
Good for you. Although it was a buy order, it wasn't anywhere need the ask. Thus someone must have placed a sell at the market. Were you the lucky one (hopefully lucky) to get the 765K at .0024
LOL...there is a difference between bashing and being annoyed with management...or lack thereof, in terms of supporting the price of their stock. Basically, MLXO management acts like a private company but they want the benefits of being public. It's one thing for established companies to operate like that, something entirely different for a "Limited Information" pinksheet.
I think that is a cop-out. It would not be very expensive to hire a desk-jockey to answer the phones (and to have working phones!) and respond to emails. Saleem and Kakani could just feed him the information and not have to deal with retail investors.
Well, shares were sold at the bid of .0048 .0047 .0045 .0025 and .0024
those shares were NOT sold at the ask.
Well, shares were sold at the bid of .0048 .0047 .0045 .0025 and .0024
those shares were NOT sold at the ask.
Basically a million shares went in the mid 2's. The MM did not have to fill those 2 bids. My guess is that either someone had a sell order at the market price (incredibly stupid, but great for whoever got them; make that 'potentially' great) or the 2 trades were an exchange between MM's. My guess is that someone screwed up and placed a market order.
However, one would think that there were some AON bids in that were higher than .0025 and were for amounts less than 200K and 765K.
I don't think anyone can deny that they are doing a pathetic job of keeping investors, and potential investors, informed. They are acting like a typical pinky, and that is not good.
What is the new phone number for IR? (Not that it matters, as they never seem to return calls or emails). The number on the MLXO site (201-977-1177) is 'out of service'.
They sure know how to market themselves, don't they...
I don't think the little piddly buys at .045 and .05 are going to work this time around. They need to come clean with what is going on or we will be in a new trading range. Actually, I think we are in a new trading range, and it is sub 5.
Looks like support is going, going.......pathetic IR work by MLXO....leaving much room for speculation. Given that this is a pinksheet stock that is not "Current Information" but "Limited Information", MLXO management should expect investors, and potential investors, to be very skeptical.
If they truly are a 'real company', they need to start acting like a real company.
Was it an AON trade? Who is the MM? If it was AON, it will not show up. If it is placed w/ a MM who has a higher price, it will not show.
LOL...someone sure is making a statement with their $7 purchase ;)
Last paperwork I saw noted wrapping up by end of 2012. Hopefully, it will be before then. Maybe Xylan can provide an update on the case.
It may take awhile, but PBLS will be an attractive candidate for a RM once the BK is completed....
After BK, it will be a shell w/out any debts. Who be nicer if the AS/OS wasn't so high. The key is to find the right business to do a RM with. JMHO...would have been much better if none of this was needed...
IR/Marketing does not appear to be their strong suit....However, for longs, Michelex has plenty of time to 'get it right' if they want to maximize share price and thus market capitalization.
Given current investor apathy, w/out additional news I would not be surprised to see this trading in the .004's before the end of the month. For those who are believers, and who want shares sub .005, June might be your month.
GLTA
PS..It would help if Michelex could do a better job of marketing itself...hopefully, once audits and acquisitions settle down, they can focus on getting the price up. I hope they were forward thinking and bought a ton, make that 2 tons, of shares last year and are holding them so that they can make a splash with a large retirement of shares (and of course, un-gagging the TA)sometime this year. Just a wish...
Dumping shares??? At the volumes we have seen lately? And the volume we have seen today? I don't see any evidence of large-scale insider dumpage. I do see traders (which is different than investors) selling the news.
Nothing to say just yet...didn't want to post w/out additional info ;)
It is rather strange that w/out any news we went from a very small gap yesterday back to a larger gap. In fact, I'm kind of surprised that the gap between B/A has been as large as it has been. Obviously, people don't want to get rid of shares....
Zecco routes my MLXO trades through NITE. NITE was top of ask at .0051 (5,000 shares). Just to see what happened, I put in an order w/ Zecco for 5,000 shares at .0051. My order was immediately filled, but NITE remained at .0051 for 5,000 shares.
If we go w/out news for another week, my guess is that we will be trading mid 4's, if not lower, by the end of the week. Buy more now, wait....tough call. Most here assume that when news comes, it will be good. Hope that's the case, if it's not, there will definitely be opportunity for those who are long to pick up shares in the 4's or lower.
Around 1.5million shares in total (various trades) just went at .005
Regarding the 30 day time-frame, is it 30 calendar days or 30 business days? In addition, sometimes there are 'extensions' if everything is not completed w/in the 30 days and both parties want the transaction to occur. Either way, management should inform the shareholders of what is happening. No one likes to be treated like a mushroom...you know, being kept in the dark and fed bleep. Not saying they are feeding us BS, but lack of communication gives one a similar feeling.