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Keep the pressure on the BOD, call/email them today. There are many shares that are held by people who do not belong to this board.
Karbo might have, and I plan on doing one in the next few days.
If you haven't contacted the BOD's, please do so. Thanks.
If things do not change ASAP, I think you might be surprised how many shares we will have. JMHO.
Here is Albert Lacle's personal email:
albert@albertlacle.com
Mr. Lacle is the President of Michelex.
If given a legitimate opportunity to succeed, there is the possibility that Pristine Pharma Corporation can be extremely successful. However, there is also the possibility that Pristine Pharma Corporation will extricate itself from Michelex. If that happens, you will be able to get all of the triple zero shares you want, just don't expect to be able to sell them at a profit! Mr. Kakani is committed to making Pristine successful, and he wants to do so with Pristine operating as a subsidiary of Michelex. We need to make sure that happens; we need to make sure that Mr. Kakani and Pristine Pharma are part of Michelex. In order for that to happen, Michelex' Board of Directors must understand that we will not let Michelex go under due to mismanagement by its Board of Directors.
Come on shareholders, be pro-active. IMO, one thing is for certain: If the existing Board, especially Mr. Saleem, remain in control, Michelex will continue to be an absolute disaster. However, if given the chance, there is the possibility that Pristine Pharma Corporation can be very successful. There's only one way to find out though, so please call and write!
Thanks!
Just called Mr. Lacle's office (609.653.4321 or 888.653.4321). The phone was answered immediately by someone identifying herself as 'Jackie'; I assume she was Mr. Lacle's secretary. She informed me that Mr. Lacle was not in. When she did not offer to take a message, I asked her if she would be so kind as to take a message for me. When I was finished dictating my brief message, she asked me if Mr. Lacle would know what 'Michelex' is; I assured her that he would indeed know all about Michelex ;)
I just called Mr. Syed's office. His secretary answered the phone and put me through to his office, upon which I was greeted with his voice mail. I left a message that I was following-up on an email that I had sent to him, left my name and number and informed him that I was looking forward to speaking with him.
Glad to hear that you will be making the effort to contact Lacle, Saleem and Syed. Hopefully, a few more shareholders will join you.
I do believe that we are toast if Lacle/Saleem/Syed remain or if Kakani walks. It is imperative that we support Kakani and do whatever we can to make sure that he has a legitimate opportunity to make Pristine Pharma into a profitable enterprise.
Fellow-shareholders, please contact Lacle, Saleem and Syed and help them to understand (courteously, of course; we want them to leave, not dig in their heels) that Michelex is DEAD as long as they are in control. It is in their best interest to utilize their resources on other ventures. ASAP, if not sooner ;)
I agree. I think there is great potential if we can:
1) Reconstitute Board (i.e., remove Lacle, Saleem and Syed).
2) Require Saleem to take United, Medscan and anything else that is not Pristine with him when he goes.
3) Arrange for new funding. This will require negotiations concerning return of shares, transfer of any funds that actually were brought to Michelex by United/Saleem, transfer of any non-Pristine debt that was acquired in connection w/ Medscan or any other non-Pristine entities that were brought in to Michelex, etc.
First step, make Lacle, Saleem and Syed realize that Michelex is DEAD as long as they are in control and that it is best for them to save their reputations, and use their precious time on more profitable ventures by extricating themselves from Michelex. JMO
Working on it...hopefully they will realize that it is in their best interest to bow out gracefully. Thus, apply pressure now and then proceed to ramp up the pressure as needed. JMO
Just my opinion, but I believe Lacle and Syed must also go. From what I know, they have been derelict in regards to their responsibilities.
IMO, Pristine Pharma Corporation is legitimate. However, for whatever reason, funding has not been provided to Pristine. If the Board of Directors can be reconstituted, there is the possibility that funding can be acquired.
Please contact the BOD today! Let them know that you have grave concerns about their abilities and that you want some answers!
True, and your timing was good. You only have to wait 30 days to avoid it being considered a 'wash' sale.
PS...If you have the time, please contact the BOD. Thanks.
If anyone wants the possibility of making real $$ from Michelex, please contact the Board of Directors!!!!!
Time will tell. At some point in time they will need to release some information. However, IMHO, this is toast as long as Saleem is in control, and it will just be a manipulator's/rumor-driven play.
Could be. I doubt it, or at least I doubt that it would be 'legitimate', given all that we know.
1) Desperate for a few bucks.
2) Think it is only going to get worse.
I'm with you, doesn't make sense.
If Sabir is not replaced, MLXO will turn into a rumor/momentum/manipulator's play only. JMHO.
I sent my three emails...after lunch I'll call all three.
My L@ just went on the fritz...was there a trade?
Okay..back up
You are welcome, and Thanks! Please encourage any fellow shareholders that you know, especially those that do not read this board.
They need to get 20, 30, 50 messages today. Swamp their email and voice messaging systems!
There are only 4 members of the Board:
Lacle
Saleem
Syed
Kakani
As you know, Kakani is not the problem.
I've got a hunch that that now is the time to apply a little more pressure. I'm pretty sure that Lacle, Saleem and Syed saw the recent article and they must know that the 'cat is out of the bag'. Now is the time to apply more pressure, IMHO.
He is a member of Michelex' Board of Directors and he is an officer of the company (he's the 'Secretary'). He is also an attorney and he has been involved from the beginning. Thus, I'm sure that he does not want to be potentially be liable for any misrepresentations that he might have signed off on.
PS...It doesn't matter if you have contacted them before, do it again today!
Appended List of Questions:
Based upon a review of the News items listed on the Michelex website along with a review of the Draft Audit, following are questions that need to be answered. (Note: similar questions may appear more than once; this is due to the questions being listed in a somewhat chronological order based upon the news releases and the release of the draft audit.)
Funding/Financial Questions:
1. On July 1, 2010, Michelex announced the acquisition of United Mortgage Bankers and noted that United had “$3 million in paid up capital and $10.5 million in funds for investment.”
a. Did the $3million in paid up capital refer to cash deposits or other liquid deposits?
b. In what form was the $10.5 million of ‘investable funds”? The wording of the PR leads one to believe that the $10.5 million was not as liquid as the $3 million in paid up capital.
c. Did United Bankers/Saleem actually have ownership and control of the $10.5million of ‘investable funds’ or were those funds held by another person/entity?
d. If United/Saleem did not have possession of those funds, who did?
e. Were these funds ever transferred to Michelex?
f. If yes, who has control of said funds?
g. Have said funds, or any parts thereof, been transferred to any persons or entities other than Pristine Pharma Corporation?
2. The Draft Audit lists a certificate of deposit in the amount of $13.5 million as an asset.
a. Is the certificate of deposit made up of the funds that were attained by Michelex during the acquisition of United Mortgage Bankers? If not, where did these funds come from?
b. Who has control of the certificate of deposit, Mr. Saleem or someone else?
c. Has this certificate of deposit, or any parts thereof, been transferred to any persons or entities, including subsidiaries of Michelex, other than Pristine Pharma Corporation?
3. The Draft Audit lists a liability in the amount of $10.5 million ‘Due to Related Party’.
a. Is this liability the $10.5 million of ‘investable funds’ that were provided by Saleem/United?
b. If not, who is the related party and how was this liability incurred?
4. The Draft Audit also notes a liability of $7,238,820 for ‘Convertible Notes Payable’.
a. Who holds the notes?
b. What are the terms of the notes?
c. How was this liability incurred?
5. The Draft Audit also lists a liability of $1,105,800 relating to ‘Convertible Notes – past due’. Under ‘Note 4. Notes Payable, Convertible Notes Payable – Past Due’ (Page 5 of the Draft Audit), it states that “The holder of the noted has the right to convert all or any part of the note into shares of the common stock of the Company.”
a. Is AJW/NIR Group/Corey Ribotsky (or any affiliated organizations) the holder of these notes?
b. Has any part of the note been converted into shares of common stock? If so, how many shares and when?
6. The notes to the Draft Audit (Note 1, pg. 1) state that “In May 2010, the Company issued 179,962,772 shares of its common stock to the stockholders of United Mortgage Bankers, LTD (United) in the anticipation of acquiring United. Shortly thereafter, Michelex acquired United in exchange for a $4,000,000.” Note 4 (pp 5-6) states that “In connection with the acquisition of United, the company issued a $4,000,000 note which is due May, 2012 and is non-interest bearing….The note is convertible into such number of shares as may be mutually agreeable and is collateralized by a pledge of shares of United.”
a. It appears that United/Saleem provided Michelex with $3 million (i.e., the ‘paid up capital’ referred to in the July 1, 2010 announcement) and per the July 15, 2010 PR, an additional $1 million was provided to Pristine. Is this correct?
b. In exchange for the $4 million provided to Michelex/Pristine, United/Saleem received a note in the amount of $4,000,000 PLUS shares of Michelex common stock. Is this correct?
c. Did Saleem, Kakani, Lacle or any other past or present member of Michlex’ Board provide any capital to Michelex or Pristine? If so, who and how much?
7. The July 1, 2010 PR noted that Pristine Pharma Corp. was funded $3.5million by a boutique hedge fund (i.e., Moriah Capital).
a. Did this funding go directly to PPC?
b. It appears that these funds were used to modify the Massena facility. Is that correct?
c. Are any further modifications required to make the Massena facility fully operational? If yes, what modifications and at what cost?
8. The July 15, 2010 PR stated that Michelex, via United, invested $1million into Pristine Pharma Corp.
a. Did this actually occur?
b. Combined with the $3.5 million funding from Moriah Capital, Pristine should have received $4.5 million worth of funding. Is that correct?
c. Has Pristine Pharma Corporation been able to access any of these funds?
d. If yes, how much and for what purpose?
e. What additional funding is required to adequately fund Pristine Pharma Corp?
f. Are there any plans to utilize the Massena facility?
g. What needs to occur in order to utilize the Massena facility?
9. The Draft Audit shows the consolidated balance sheet for Michelex and its subsidiaries as of December 31, 2010 and lists revenues as $24,781 and gross profit of $6,039.
a. Are those figures correct? Revenues for the entire year were less than $25K?
10. Note 7. Subsequent Events (page 6 of the Draft Audit) states that “In April 2011, the Company signed a Letter Of Intent to acquire Nutraceutical company in Hackensack, N.J., the due diligence of which is in progress. In addition to this proposed acquisition on May 25, 2011 the Company acquired a controlling interest in Medscan National Corporation, a management services organization which provides management services to diagnostic centers and Clinics in New Jersey.”
a. How did Michelex acquire a controlling interest in Medscan?
b. What liabilities, if any, resulted from acquiring a controlling interest in Medscan?
c. Did Michelex acquire Nutraceutical after completion of due diligence?
d. If yes, what liabilities, if any, resulted from acquiring a Nutraceutical?
Contracts/Manufacturing Questions:
1. The August 4, 2010 PR stated that Pristine received orders worth over $1.8 million from domestic distributors for its NUMED brand pharmaceuticals.
a. Were these contracts fulfilled?
b. Were they fulfilled on time and was a net profit made?
c. In which fiscal year will the profits be accounted for, 2010 or 2011? The Draft Audit for fiscal year 2010 listed revenues as only $24,781 and gross profit of $6,039.
2. Michelex Press Release – 2 (October, 19, 2010) noted that Pristine had started deliveries of OTC pharmaceutical products to overseas distributors. The release also stated that Pristine ‘was holding purchase orders for its OTC line of pharmaceutical products, worth over $2.8 million from its domestic customers, as well as export distributors.’
a. Were the contracts worth over $2.8 million actually filled by Pristine?
b. Were products delivered by more than one distributor?
c. Was ITA one of the overseas distributors?
3. Michelex Press Release – 3 (November 19, 2010) noted that all of the manufacturing equipment had been moved to the Massena facility and that it was projected that the plant would be operational and ready to produce Pristine’s NUMED brand label products by January, 2011.
a. Why did production not commence as planned?
4. Michelex Press Release – 4 (December 20, 2010) stated that ‘Domestic clients include the nations’ largest pharmacies like: Walgreen’s, CVS and Rite-Aid; Regional pharmacies like Kinney Drugs; Supermarkets like Publix, Price Chopper and Wal-Mart Stores, Inc.’
a. Does Pristine have contracts directly with any of the entities listed above? If yes, which ones?
b. Does Pristine have contracts with distributors who supply any of the entities listed above?
5. Michelex Press Release – 4 (December 20, 2010) stated that Cough Syrups, Pain Relievers, Nasal Sprays and other liquid OTC medicines under store brands and Pristine's NUMED label would be produced at the Massena facility. Mr. Kakani noted that the facility might open as soon as February 2011 with a staff of 25 and plans to employ up to 100 people.
a. Was the facility ready in February? If not, why not, and is the facility ready now?
b. If the facility was ready, why was it not used? Investors were told that there was not enough volume to justify using the plant. If that was the case, why were there not enough orders and what will be done to rectify the problem?
6. The January 10, 2011 posting on the Michelex website noted that job openings were posted on the Pristine Pharma website.
a. Were jobs also posted on sites known to attract suitable candidates or listed with firms specializing in the recruitment of individuals for jobs with pharmaceutical companies?
b. Were jobs listed with the St. Lawrence County Industrial Development Agency?
7. The January 23, 2011 news release noted that local TV and print media covered the events at Pristine (i.e., tour of facility given to Maxim Pantchenko).
a. Did Messrs. Lacle, Saleem and/or Kakani know at the time of the tour that the Massena facility would not be used in 2011?
b. Why has the Massena facility not been used up to this point in time? Is it due to a lack of contracts or a lack of adequate funding?
8. Michelex Press Release – 8 (June 1, 2011) stated that Pristine Pharma Corp ‘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.’
a. Were any shipments made in August? If not, were there any penalties associated with not meeting specified shipment dates?
b. Will the entirety of this contract be fulfilled by Pristine?
c. When will Pristine deliver the final allotment of products?
9. What is the total dollar amount of contracts that Pristine has fulfilled? The news releases mention a total of $10.1 million in contracts. (4/4/10: $1.8; 10/19/10: $2.8; and 6/1/10 $5.5)
a. Are there any additional contracts that have been signed?
Management/Ownership Questions:
1. A Form 8-K was filed with the SEC on March 17, 2011 in which the following was noted:
On November 30, 2010, Darshan Shah, the Company’s Chairman and director resigned from the Company. Sabir Saleem was named as Director, CEO and Chairman. Additionally, Venkat Kakani was also named as a Director of the Company. The Company’s new board of directors consists of Albert Lacle’, Midhat H. Syed, Esq., Venkat Kakani and Sabir Saleem. The Company’s new officers are Albert Lacle’ as President, Midhat H. Syed, Esq. as Secretary, Venkat Kakani as Treasurer and Sabir Saleem as Chairman and CEO.
a. Why did Mr. Shah resign and why was Mr. Saleem named as Director, CEO and Chairman?
b. As Treasurer, can Mr. Kakani access all financial documents and accounts related to Michelex and its subsidiaries?
c. As Treasure, can Mr. Kakani withdraw funds from company accounts or does he need a co-signer? If a co-signer is needed, who is that person?
d. Has Mr. Kakani been given the resources to sign new contracts? If not, why not?
2. The Draft Audit notes that ‘in May, 2010 the Company issued 179,962,772 shares of its common stock to the stockholders of United Mortgage Bankers, LTD. (United) in anticipation of acquiring United….In addition, the Company issued 10,000 shares of preferred stock to the former owners of United each share of which has 100,000 voting rights.’
a. Who received shares of common stock, and how many shares did they receive?
b. Who received shares of preferred stock and how many shares did they receive?
c. What, if any, restrictions are associated with the common and/or restricted shares that were received?
3. Press Release – 7 (April 26, 2011) stated that 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.’
a. Who initiated the contact w/ Dr. Desai?
b. Which members of the Board of Directors were in agreement with signing the binding letter of intent? Did any Board members dissent?
c. Why was the deal not consummated?
4. Whose idea was it to perform a Reverse Merger with Michelex?
a. If it was not Mr. Kakani’s idea, how did he become involved?
5. Did Pristine Pharma Corporation exist before the Reverse Merger process was begun or was Pristine Pharma Corporation created in order to facilitate the Reverse Merger?
Dear Mr. Syed,
As a shareholder of Michelex I am very concerned about the performance, or lack thereof, of Michelex’ executive management team and Board of Directors. Like many investors, my decision to purchase Michelex’ stock was based upon information that was publicly disseminated by Michelex’ executive management team/Board of Directors. However, I now have serious concerns regarding the veracity of material representations made by Michelex’ Board of Directors. $13.5 million of capital/investable funds were supposed to be provided to Michelex by United Mortgage Bankers (i.e., Sabir Saleem). Please provide guidance in regarding the following questions (and also the questions included in the attached file):
1.Did United Mortgage Bankers/Sabir Saleem actually provide said funds Michelex?
2. If yes, where are those funds?
3. Have those funds, or any parts thereof, been transferred to the personal accounts or accounts associated with any entities, other than Pristine Pharma Corporation, that are associated with any current or former members of Michelex’ Board of Directors or persons acting on their behalf?
A ‘News Release’ dated July, 15, 2010 that appears on Michelex’ corporate website states:
Fellow Shareholders,
It is my belief that we are approaching a ‘tipping’ point and that it is critical that we contact Messrs. Lacle, Saleem and Syed today (or Monday at the latest) to express our concern. I encourage you to contact them via email and phone. Although they are not likely to reply to us, they need to realize that we are closely monitoring the situation and that it is in their best interest to rectify the situation before additional measures are taken on our behalf.
I believe that it is especially critical that we contact Midhat H. Sayed, Esq. Per the August 16, 2010 PR, it was noted that a Form 8-K was filed with the SEC in which Midhat H. Syed, Esq., was named to the Board of Directors and that he is an officer of the company in his role as Secretary. Mr. Syed is a practicing attorney in the United States. As such, I doubt that he wants to be involved in a situation in which material representations regarding funding and/or the transfer or funds turns out to be false. The key to getting Saleem to ‘step down’ is to apply the heat to those who have the most to lose if he does not step down: that is, Lacle and Syed have reputations and/or licenses to protect.
Please, contact Lacle, Saleem and Syed ASAP! Please be professional and please do not directly accuse them of any illegal activities. Please let them know that as a shareholder you are investigating what possible courses of action are available to you if the current ‘situation’ is not resolved ASAP.
Please feel free to append the long list of questions that I have put together and note that they were publicly disseminated by a concerned shareholder.
Please try to contact them today, and please inform other concerned shareholders who might not be reading the board today! Here is the contact information:
Albert Lacle:
alacle@keymanagementgroup.com
Phone numbers for Key Management Group:
609.653.4321 toll free: 888.653.4321
Midhat H. Syed, Esq.
msyed@syedpc.com
203-569-1180
Sabir Saleem
sabirsaleem@totalcare.us.com
(203) 325-1351
Thank you for your cooperation!
PS...I will post a copy of the email that I am sending. Please feel free to use it as a template.
El Cheepo ;)
Just kidding, don't want El Cheepo to get any more flack!
Just a hunch, but something tells me you have nothing to worry about....I'm just hoping they can get it turned around before the end of 2112...
El Cheepo, Is that your monkey placing trades behind your back ;)
PS...Hang in there, doesn't make any sense to sell now, consider it lost and hope that it gets turned around someday...
LOL...who in heck is putting in the order for 5,911 shares at .0016 Do they really think they are doing anything beyond wasting $9? Okay, maybe they want to be the last trade of the day and 'keep the price up' for technical charting purposes...but still...
PS...If they want to really get the price up, I'll arrange for them to buy all of my shares for a bargain price of 25 cents/share ;)
One of many interesting questions is what has Mr. Saleem done with funding that was provided, or allegedly provided, to Michelex?
Based upon my analysis of the news releases and Draft Audit, it appears that $4million of funding was supposed to be provided by United/Saleem, another $10.5 million of ‘investable funds’ was supposed to be provided/passed-through United and $3.5 million was supposedly provided by Moriah Capital. Thus, it appears that if Saleem is misappropriating funds, he is mainly doing so with funds that came from United or through United. Of course, all is speculation until we get some answers to the questions that I posted the other day. Unfortunately, we may never get answers to those questions. I will attempt to contact Mr. Kakani to see if he will answer those questions. To those who have contacts with Mr. Kakani, please encourage him to do so. If he does, we will better understand what has happened and what needs to happen rectify the current mess.
PS..Does anyone have contacts with Moriah Capital? If not, I will attempt to contact them to get their response to what is happening. My guess is they will issue a 'No Comment', assuming they reply at all.
I'm not sure that the principals made much off of shareholders since the RM, assuming the AS/OS was maxed out. Granted, they could have bought some cheap shares on the open market and then re-sold them, but it's not like the share-price has gone through the roof since the RM. However, I really didn't start following Michelex again until March of this year, so I could be off in regards to volume and pricing since the RM (though I have gone back and taken a historical look).
True, though some shareholders may just fold up their tents, sell off and go home. Another possibility is for short-selling to drive the price down. IMO, that's doubtful as the volume on this stock is not very great even when 'news' is rumored and the difference between the current price and the covering price would not be that great.
PS...A bit of an aside, IMHO, either short-selling of pinkies should be illlegal or short-selling should also be available to retail investors. The current system in which hedgies can short and retail investors cannot means that retail investors can get haircuts they didn't ask for!
A note of caution to those who are considering 'loading the boat' in the triple zero's:
Remember, you have shares of Michelex, not shares of Mr. Kakani; if Kakani gets fed up w/ the inept, and possibly corrupt, management of Michelex, he may very well walk away. If that happens, you would be loaded up with shares of a company, Michelex, that could truly be worthless.