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Welcome back HARR.
I think your action is notable.
Best of luck with your investments, including MLXO, of course.
PS..I think you and I, and probably many others, agree with the following maxim for investing, especially for 'investing' in Pink Sheet stocks:
Presently, our situation is a bit different than situations that are typically considered to require a 'quiet period'. However, our hope is that we will be able to publicly release information within 30 days, which is the time period that most investors associate with a 'quiet period'. As previously noted, we will release information as soon as possible. Unfortunately, at the present time, I really can't be any more specific.
FYI:
SEC: Quiet Period
Following is the link that appears at the bottom of the SEC page noted above. It can be used to receive more information. It links to a PDF file that has 468 pages.
SEC Rules: Final
I realize that shareholders are anxious for updates. However, we are in a situation that is similar to what is often referred to as a ‘quiet period’. Public updates will be provided as soon as possible.
Based upon recent postings, and questions that I have received, I believe it is appropriate to paraphrase a post from January 12th (see below).
Thank you for your patience and understanding.
No specific time-frame, but I will provide an update asap. In general, 'things look good'.
Welcome...and I hope you have returned a signed consent form... ;)
Thank you.
Hopefully, you've already returned a signed consent form.
To clarify what MabMan8 posted regarding the share count, I it best if we have 550 million shares at a minimum. Regarding how many shares we currently have...well...let me just say that if you have not yet sent in your consent form, please do so. In addition, please encourage other shareholders to do the same. Given the duplicitous nature of certain individuals, I will not publicly release an updated share count until early next week. I'd prefer to announce a 'Final' share count rather than a 'Final Draft'.
Again, I do encourage every shareholder to return a consent form asap.
Thank you for your cooperation and understanding.
We know who we are dealing with and have proceeded accordingly. Our efforts are most definitely not a lost cause or a waste of time. Time will tell....and you do know that the good guys often win, don't you? Shareholders always lose if they do nothing and allow themselves to be scammed.
One could reasonably assume that the back-dating of official filings of a public company whose stock is publicly traded might constitute securities fraud. I guess investors in Pink Sheet companies should probably keep an eye out for such practices in companies in which they hold shares.
Securities Fraud
Definition of Securities Fraud
Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws.
Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
Securities fraud includes outright theft from investors and misstatements on a public company's financial reports. The term also encompasses a wide range of other actions, including insider trading, front running and other illegal acts on the trading floor of a stock or commodity exchange.[2][3]
According to the FBI, securities fraud includes false information on a company's financial statement and Securities and Exchange Commission (SEC) filings; lying to corporate auditors; insider trading; stock manipulation schemes, and embezzlement by stockbrokers.[4]
Thank you, your efforts are commendable and greatly appreciated. I hope that other investors also appreciate your efforts and will emulate them!
It was released to the public on July 19, 2011. I believe it was released in an attempt to convince shareholders and prospective investors that the the company was 'legitimate'. In addition, I believe investors were subsequently informed that the draft audit provided 'proof/independent verification' that alleged assets existed, but that 'funding' could not be released until the audit was completed. Quite convenient; who knew that one could get so much use out of a 'draft audit'! However, a July 15, 2010 PR stated that 'Michelex Invested $1 Million into Pristine Pharma Corporation', funding that has never been verified and funding which the CEO of Pristine claims never occurred.
The makeup of the Board of Directors for any given company can vary greatly. Most large companies will usually have more than three members on the BOD, with one member usually being the CEO of the company and the other positions filled by 'notable' persons from across various industries and academia who are not employed by the company. For example, at the bottom of this post is the BOD for Apple.
For most Pink Sheet companies, the BOD is often comprised of individuals who directly run the day-to-day operations of the company and/or those individuals who hold a majority of the outstanding stock of the company. Often, these people are one and the same, and as such they do whatever they want, often-times enriching themselves at the expense of the rest of the shareholders.
Michelex' new board will be comprised of three people; Mr. Kakani, Mr. Lasusa and me (FYI, Mr. Kakani requested that I be a candidate for the BOD, and after much thought, I agreed). Comploaf replied to your post with a link to the 'consent form' cover letter that includes brief bios for Mr. Lasusa and me. Please note that Michelex' new board will have 5 positions, but only three will be immediately filled; the remaining two will be left open in case additional sources of funding require board representation.
If you review Michelex' history since Messrs. Lacle, Syed and Saleem became involved, and subsequently Mr. Kakani, I think you will discover that Mr. Kakani is the only one who seems committed to operating Michelex as a transparent company that will hopefully create value for all of Michelex' shareholders.
Apple's Executive Mgt. Team and BOD
That was quick...I should have you make all my calls so that I can watch football all weekend ;)
Fantastic!
I will be sending emails and making calls all weekend.
I believe it is best if I say that we can never have too many shares, and as such, I encourage everyone to return a signed consent form if they have not already done so.
Thanks!
I have no doubt that Messrs. Lacle, Syed and Saleem are...well...you can fill in the blank! ;)
At best, Messrs. Lacle, Syed and Saleem have been negligent and incompetent. At worse, well, let's just leave it at incompetent and negligent.
Pristine Pharma Corporation is Michelex' only real asset, and PPC's CEO, Mr. Venkat Kakani, has publicly acknowledged that promised funding was never received. However, a majority of shareholders do believe that Michelex should at least be given an opportunity to become a successful company that is transparent and focused on creating shareholder value for all shareholders, not just those who happen to be members of the Board of Directors. That is why the shareholders of Michelex have decided to remove Messrs. Lacle, Syed and Saleem from the Board of Directors.
As previously noted, there are no guarantees that Michelex will become a profitable company. There are many challenges that need to be overcome, and the first is to seat a Board of Directors who believe that Michelex should be a transparent company that is committed to creating shareholder value for all shareholders.
It was never filed with the SEC, and for good reason.
That audit is not worth the paper it's printed on. It was never finished. An unfinished audit is worthless in terms of verifying anything.
Anyone can present information to a firm conducting an audit. The firm conducting the audit then has the responsibility to verify that the information presented to them is accurate and factual. At a minimum, independent verification requires a completed audit from a reputable firm. I am not saying that Paritz & Company is not a reputable firm, I am saying that they've acknowledged that the audit was never completed.
In addition, I fail to see what is so good about that draft audit. Revenue is under $30K and no one besides Messrs. Saleem, Syed and Lacle have ever verified that the assets listed in the draft audit actually exist and/or are held by Michelex and/or are in a form that can be accessed by Michelex. We do know that Paritz & Company did not verify anything.
Michelex Shareholders:
The last-minute ‘amendment’ that was filed by Mr. Syed with the state of Utah is just that, a ‘filing’. A ‘filing’ does not mean that the information contained therein is accurate, legal or enforceable. It is my belief that the 'filing' made on behalf of Messrs. Lacle, Syed and Saleem is about as useful as an unsigned ‘Final Draft Audit'.
However, given the litigious nature of the issues involved, release of additional information regarding the removal of Messrs. Lacle, Syed and Saleem from Michelex’ Board of Directors will be held in abeyance until cleared by counsel. In addition, I do not want to publicly release any information that might prove useful to individuals who only seem concerned with taking actions that benefit themselves at the expense of the rest of the shareholders of Michelex.
In the meantime, what can you do to help save Michelex? If you have not yet returned your consent form, please do so over the weekend. In addition, encourage every shareholder that you know to do their part to save Michelex, and thus their investment, by faxing in a signed consent form over the weekend. Remember, Michelex is a public company, and as such, it is the shareholders who determine who should run our company on our behalf.
I look forward to sharing additional information with you in the very near future.
Thank you for your cooperation and patience, and please contact me if you have any questions.
Sincerely,
Dino A. Sawyer
savemichelex@gmail.com
PS..Please note that Messrs. Lacle, Syed and Saleem rejected numerous offers that would have allowed them to walk away from Michelex under extremely equitable terms. The filing made on behalf of Messrs. Lacle, Syed and Saleem by Mr. Syed speaks for itself.
Sorry about the delay in responding, I just got back home and can verify that the fax was received.
Thank you!
I will provide updates later tonight. Things are looking very good.
Thanks to all who have supported the effort to save Michelex.
I will not be able to post until after 9:00 PM this evening.
Thank you, it has been received.
447 million as of last night.
Please note that I will not be posting much today as I need to work the phones and send emails so that we can get to 500,000,001 today.
I encourage everyone to fax in their forms if they have not done so, and to encourage all other shareholders to do the same.
Thanks to all the shareholders who are trying to 'save Michelex'!
Please know that counsel is aware of their action and believes it is a desperate ploy. In addition, all appropriate actions have been, and will be, taken to protect the shareholders of Michelex.
I believe it is best to focus on encouraging all shareholders to fax a signed consent form today and let counsel handle the legal work. If we get the consents returned today, their desperate ploy will be a moot point.
It is critical that Messrs. Lacle, Syed and Saleem be removed today, before they can do any additional harm to shareholders. They have had control of this company from the day they became involved. They have disconnected phone lines, misled investors by knowingly claiming that an unsigned, unfinished audit was 'proof' and 'verification' that Michelex had assets of $15 million. They released a PR on July 15, 2010 claiming that Michelex had invested $1,000,000 in Pristine, yet no records exist proofing this and Mr. Kakani, CEO of Pristine, disputes their claims. In the fall of 2010, Mr. Saleem requested that Mr. Kakani find investors to buy shares directly from the company in order to fund the retro-fitting of the Massena Facility. Why would Mr. Kakani need to go out hat-in-hand to find investors if Michelex had $15 in assets?
The lies, distortions and half-truths go on and on.
If you like the status quo, do nothing. If you believe that Michelex should be a transparent company and that Pristine Pharma Corporation is Michelex' only real asset, fax your consent form today.
It is imperative that Messrs. Lacle, Syed and Saleem be removed today, not Monday or sometime next week.
What this means is that we need to get everyone to return their consent forms returned ASAP.
They need to be removed ASAP.
Thank you. I already have a copy, but thanks for your hard work and efforts.
Again, let me reiterate that moves such as this are not to be unexpected given who we are dealing with.
Yes, that is what it is, and it is not unexpected.
Thank you for your support and efforts to encourage fellow shareholders to return the consent forms asap.
Regarding the website, once we get through the current situation, I'm sure that the company will come up with a system for keeping shareholders, and potential investors, informed.
We understand that some shareholders are excited about the possibility of a potential increase in the share price in the very near term. Please understand that our focus will not be on short-term increases and/or fluctuations in the price of Michelex stock. Our focus will be on building Michelex into a transparent company that is profitable and creates shareholder value based upon the underlying strength of the company. Therefore, we will not take actions with the goal of creating illusory or short-term price fluctuations driven by rumor and/or speculation. However, please note that we will take all appropriate actions if the share price is being manipulated illegally.
We also want to caution shareholders and potential investors that there are no guarantees that Michelex will become a successful company that is profitable. However, we can guarantee that if given the opportunity, we will do our best to build a transparent and profitable company that creates shareholder value.
Sincerely,
Venkat Kakani
Dino A. Sawyer
Thank you for the update. Your attention to the matter in question is greatly appreciated.
No date has been set for a shareholders meeting. The immediate concern is to remove Messrs. Lacle, Syed and Saleem before they can do any additional harm to Michelex and its shareholders. The new Board of Directors will have to call for a shareholders meeting. Please note that there are expenses involved with holding a shareholders meeting, but that the new board is committed to holding a shareholders meeting as soon as feasibly possible. Transparency is key to the future success of Michelex.
In addition, updates and information will be posted to this board on a regular basis.
It's a tough task to undertake, but I have faith that you are up to the challenge.
Thank you for the update. I do not believe we will need to bother your family members.
404 Million
That is the approximate amount of shares accounted for on returned consent forms. Michelex shareholders need to focus on returning their consent forms. I will continue to contact additional shareholders. Hopefully, we will be over 500 million shares tomorrow. Remember, we have 'pledges' of support of over 560+ million shares.
Yes.