Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
You don't know that. It might be possible, and if it was, it might be worth it to do so. Dirty shells get cleaned up. The biggest reason they usually do not is b/c there are often millions in liabilities on the books. If PBLS has zero liabilities, it comes down to the following:
Can shares be audited? Not sure, would have to find out from Transfer Agent.
Can new company that is put into the shell be audited? If not, you find a company that can be.
Can you find a MM. You can, if you pay them.
FINRA/SEC should not be an issue if the new entity is legit and is not associated with 'bad actors'.
DTC signs off: This one is the trickiest, but if there isn't a chill or lock on it now, that makes it easier.
I know it can be done with a de-registered shell. It's been done before and I'm working on cleaning up one now.
If this thing is still hanging around in the fall, I'll have time to look into it.
Clean shells can be expensive, cleaning up a shell can be much less. If the shares can be audited, and all of the BS shares eliminated, this POS could potentially get relisted. Find a real company and real directors, do an S1 and find a MM to file 15c211 info. Why would MM do that? B/c they get paid and then they make money when it trades.
Heck, you might be able to use Reg A+, if the new entity is not disqualified under the “bad actor” rules and, in particular, Rule 262 of Regulation A+.
Here's the key, those shares that were previously trading would immediately be eligible for trading if FINRA issues a new ticker symbol and DTC signs off.
A DTC chill is supposedly the "Kiss of Death", but I had one removed and didn't even use counsel.
Look, all I'm saying is that it might be possible, and if it was, it would be worth it for 100 shareholders to kick in some money.
If the share structure could get cleaned up, and the shares could be audited, you could find a company to put into the shell, and find a market maker to submit 15c211 info to FINRA. Of course, you will have to pay them, even though they are not supposed to be paid for submitting the 15c211. However, they get around that, and if you want a MM to make the submission, you will have to pay. I believe you could also file a Form 10 w/ audit and then be OTCQB and fully reporting right out of the box. But would have to check on that. I'm working on cleaning up a de-registered shell now (yes, different), and if you have a legit business, you can relist. FINRA/SEC is more concerned about whether the new entity is legit, not the former shell. They are concerned that no additional people get scammed. From SEC perspective, those who were scammed are water under the bridge, they just don't want any additional people to get scammed.
The two biggest problems are whether the shares can be "audited" and whether you can get rid of all of the, IIRC, preferred shares that were handed out.
If the share structure could be cleaned up, it would not cost that much to turn it into an OTCQB stock, and one that potentially has zero liabilities given the BK.
Thanks....if the share structure could be "fixed", cleanup would not be that expensive.
Have the Bankruptcy case/proceedings been finalized?
Did the SEC de-register the shares via a 12-j action?
TIA
Has the Bankruptcy case/proceedings been finalized?
Did the SEC de-register the shares via a 12-j action?
TIA
Have the BK proceedings finally ended?
Someone's been buying lately. Any updates on the BK proceedings?
The "News" section of the Michelex web-site has been updated. Please note that the updated news items refer to information that is already available.
In addition, the IR page has been updated and includes phone and fax numbers for Colonial Stock Transfer and a hyper-link to their website.
Additional updates to the site will be made as soon as possible.
Thank you for your patience.
Sincerely,
Dino A. Sawyer
On the Fidelity site, it only shows up due to the filing with the SEC (Feb 9)? It does not show up as a news release dated 2/14?
Michelex released a PR this week (2/14/12). The release appears on Yahoo Finance and Google Finance, but it does not appear on Marketwatch. Likewise, the release appears on brokerage service sites such as Zecco, but it does not appear on the sites for Options XPress (now part of Charles Schwab) or TD Ameritrade. Please let me know if it appears on the sites you use for trading (e.g., Scott Trade, Schwab, E-Trade, etc.) or financial news sources that you use.
There are numerous options available for releasing PR's (with numerous price points) and I want to make sure that Michelex is using the service that best fits our needs and budget.
Thank you for your cooperation.
Sincerely,
Dino A. Sawyer
Investor Relations, Michelex
Michelex has begun the process of updating its website. We appreciate your patience as we work through this process.
Sincerely,
Dino A. Sawyer
Investor Relations, Michelex
We have been experiencing some 'technical difficulties' with doing the updating. I hope to start updating the site tonight, if we can get the technical glitches resolved. I will keep you posted regarding progress.
Are you referring to the EWorldWire newsroom site for Michelex? If so, it has been updated. I just checked and there is now only one phone number and one fax number.
Thanks.
FYI,
PRFree is affiliated with EWorldWire. However, PRFree is no longer free for business. In fact, it was less expensive to use EWorldWire.
Besides a regular distribution, we utilized EWorldWire's "Pink Sheets Disclosure distribution"
EWorldWire
We submitted searchable keywords with the release.
Website to be Updated:
We hope to update the corporate website over the next few days. Thank you for your patience during this time of transition.
Michelex Files 8-K with the SEC Noting Removal of Directors and Officers and Announces Their Replacements
MASSENA, N.Y./EWORLDWIRE/Feb. 14, 2012 --- On February 9, 2012, Michelex Corporation (Pink Sheets: MLXO) filed a Form 8-K with the Securities and Exchange Commission noting the removal of certain Directors and Officers. In addition, two new Directors were named. Below is a synopsis of the 8-K filing.
On February 4 2012, pursuant to a written consent in lieu of a special meeting of the shareholders of Michelex Corporation (the "Company"), which consent was received by the Company on January 19, 2012, Sabir Saleem, Midhat Syed and Albert Lacle were removed as directors of the Company.
Also on February 4, 2012, by action of the remaining member of the Board of Directors of the Company, Dino A. Sawyer and Frank T. LaSusa were appointed as Directors of the Company and will serve on the board with Venkat Kakani until the next annual meeting of shareholders. Messrs. Sawyer, LaSusa and Kakani will serve without compensation until such time as the Board deems appropriate and a compensation committee is formed.
In addition, by unanimous consent of the new Board of Directors, Sabir Saleem (Chairman and CEO), Midhat Syed (Secretary) and Albert Lacle (President) were removed as officers of the Company, effective February 4, 2012. The Company's new officers are Frank T. LaSusa as President and CEO, Venkat Kakani as Treasurer and Dino A. Sawyer as Secretary.
Mr. Sawyer, age 52, is retired. He is a shareholder in the Company, an experienced investor in "micro-cap" companies and an advocate for corporate transparency. Previously, he was the Director of Human Resources and Administrator of Sales & Marketing for the Dartmouth Printing Company, where he managed the training of over 250 employees in Statistical Process Control techniques and assisted in implementing a "Consultative Sales" approach that was employed by the national sales force. Mr. Sawyer holds a B.S. in Economics from the University of New Mexico.
Frank T. LaSusa, R.Ph., age 58, has been the President of J.C. Marketing, a pharmaceutical consulting company since 2009. From 2007 until 2009, Mr. LaSusa was the Vice President of Trade and National Accounts for Auriga Pharmaceuticals. Mr. LaSusa has 30 years experience as an executive in the Pharmaceutical Industry. Mr. LaSusa holds a B.S. in Biology from Marquette University and a Pharmacy degree from the University of Wisconsin.
The new officers and Directors are initiating appropriate actions to bring transparency to the Company's affairs and create a dynamic company that creates shareholder value.
As of February 4, 2012, the address of the Company's principal executive offices has been moved. The new address is:
Michelex Corporation
5 County Route 42
Massena, NY 13662
For further information, or if you would like to receive notification via email of news releases, Corporate filings, updates to the Company website, etc., please contact:
Dino A. Sawyer
Investor Relations, Michelex Corporation
EMAIL: Investor_Relations@michelex.com
http://www.michelex.com
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation reform Act of 1995. These statements and the matters discussed in this news release are forward-looking statements that involve a number of important risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements, including, but not limited to, the extremely limited operating history, the performance of the subsidiaries, as well as other economic, competitive and technological factors involving the subsidiaries' operations, markets, services, products and prices., uncertainties related to the company's access to additional capital, the ability of the subsidiaries to enter into contracts with new customers, and dependency on key management.
HTML: http://www.eworldwire.com/pressreleases/212450
PDF: http://www.eworldwire.com/pdf/212450.pdf
MOBILE: http://e4mobile.com/view_release.php?id=212450
ONLINE NEWSROOM: http://www.eworldwire.com/newsroom/317847.htm
NEWSROOM RSS FEED: http://newsroom.eworldwire.com/xml/newsrooms/317847.xml
LOGO: http://www.eworldwire.com/newsroom/317847.htm
CONTACT:
Dino A. Sawyer
PHONE. 207-406-2588
EMAIL: Investor_Relations@michelex.com
http://www.michelex.com
SOURCE: Michelex
It is the intention of the new Board to move up the OTC market tiers as quickly, and efficiently, as possible.
The following links provide additional information regarding the OTC Market:
Welcome to OTC 101
OTC Market Tiers
OTC Fact Sheet
Updates have been provided to OTC Market Groups. However, OTC Markets Group needs to verify the changes before updating the listing.
I am very excited to have Mr. LaSusa on board. I've spoken with him numerous times, and based upon those conversations, I believe he is an ethical and honest man. He's also been very generous to me in regards to taking much time to bring me up to speed concerning issues specific to the marketing, manufacture and distribution of OTC and generic RX pharmaceutical products.
He is a great addition to the Michelex management team and we are fortunate to have a person of his experience and stature on board.
Sincerely,
Dino A. Sawyer
You are correct that the address is for the facility located in Massena. If United Mortgage Bankers, LTD had provided $1,000,000 in funding, funding that was noted to have already occurred in a Press Release dated July 15, 2010, it is likely that the facility would currently be in full production.
In addition, the facility is not owned by Michelex. The owner of the facility is agreeable to selling said facility to Michelex or investors working on behalf of Michelex, but negotiations regarding the purchase or lease of the facility cannot commence until certain clarifications are received from the ousted Directors & officers.
We are working as quickly as possible to save Michelex and build it into a transparent company that creates value for all shareholders. However, as previously noted, we are starting from a pretty deep hole courtesy of prior management (excluding Mr. Kakani).
I want to reiterate that none of this would have been possible without the support of shareholders like yourself. This is the first step, but it is going to be a long road back and there's no guarantee that we will be able to dig out of the huge hole that Michelex finds itself in courtesy of prior management (excluding Mr. Kakani).
Sincerely,
Dino A. Sawyer
Investor Relations, Michelex
Hondo,
Thanks, and thank you for supporting the effort to save Michelex. You are correct that it is a long game.
Sincerely,
Dino A. Sawyer
Michelex Shareholders: Michelex files Form 8-K
Earlier today, Michelex filed a Form 8-K with the Securities and Exchange Commission (“SEC”). At the bottom of this email, I’ve included a copy of the filing.
Herewith is a link to Michelex’ EDGAR (“Electronic Data Gathering, Analysis, and Retrieval system”) filings with the SEC: Michelex SEC Filings
Sincerely,
Dino A. Sawyer
Investor Relations, Michelex
Herewith is a copy of today’s filing:
8-K 1 v301912_8k.htm FORM 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 9, 2012 (February 3, 2012)
MICHELEX CORPORATION
(Exact name of registrant as specified in its charter)
UTAH
(State or other jurisdiction of incorporation or organization)
Commission File No. 000-26695
87-0636107
(I.R.S. Employer Identification Number)
204 Haledon Avenue
Prospect Park, NJ 07508
(Address of principal executive offices)
732-485-1400
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
? Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
? Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
? Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
? Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On February 4 2012, pursuant to a written consent in lieu of a special meeting of the shareholders of Michelex Corporation (the Company), which consent was received by the Company on January 19, 2012, Sabir Saleem, Midhat Syed and Albert Lacle were removed as directors of the Company. Mr. Saleem was, until his removal on February 4, 2012, the Chairman of the Board of Directors of the Company.
On February 4, 2012, by action of the remaining member of the Board of Directors of the Company, Dino A. Sawyer was appointed as a Director of the Company to serve until the next annual meeting of shareholders. Mr. Sawyer, age 52, is a shareholder in the Company and will serve without compensation until such time as the Board deems appropriate. Mr. Sawyer has advanced approximately $3,500 in expense costs to the Company in the last year, and has had no other transactions with the Company. Mr. Sawyer is retired. Mr. Sawyer is an experienced investor in “micro-cap” companies, and is an advocate for corporate transparency. Previously, he was the Director of Human Resources and Administrator of Sales & Marketing for the Dartmouth Printing Company, where he managed the training of over 250 employees in Statistical Process Control techniques and assisted in implementing a ‘Consultative Sales’ approach that was employed by the national sales force. Mr. Sawyer holds a B.S. in Economics from the University of New Mexico.
On February 4, 2012, by action of the remaining member of the Board of Directors of the Company, Frank T. LaSusa, RPh was appointed as a Director of the Company to serve until the next annual meeting of shareholders. Mr. Lasusa, age, 58, will serve without compensation until such time as the Board deems appropriate. Since 2009, he has been the President of J.C. Marketing, a pharmaceutical consulting company. From 2007 until 2009, Mr. LaSusa was the Vice President of Trade and National Accounts for Auriga Pharmaceuticals. Mr. LaSusa has 30 years experience as an executive in the Pharmaceutical Industry. Mr. LaSusa holds a B.S. in Biology from Marquette University and a Pharmacy degree from the University of Wisconsin.
On February 4, 2012, by unanimous consent of the Board of Directors, Sabir Saleem (Chairman and CEO), Midhat Syed (Secretary) and Albert Lacle (President) were removed as officers of the Company. Negotiations regarding severance are ongoing as of the date hereof.
On February 4, 2012, by unanimous consent of the Board of Directors, with Mr. LaSusa abstaining, Frank T. LaSusa was appointed President and CEO of the Company. Mr. LaSusa will serve without compensation until such time as the Board deems appropriate. The Board will convene a Compensation Committee which will address Mr. LaSusa’s compensation.
On February 4, 2012, by unanimous consent of the Board of Directors, with Mr. Kakani abstaining, Venkat Kakani was appointed Treasurer of the Company. Mr. Kakani will serve without compensation until such time as the Board deems appropriate. The Board will convene a Compensation Committee which will address Mr. Kakani’s compensation.
On February 4 2012, by unanimous consent of the Board of Directors, with Mr. Sawyer abstaining, Dino A. Sawyer was appointed Secretary of the Company. Mr. Sawyer will serve without compensation until such time as the Board deems appropriate. The Board will convene a Compensation Committee which will address Mr. Sawyer’s compensation.
Item 8.01. Other Events
As of February 4, 2012, the address of the Company’s principal executive offices has been moved. The new address is:
Michelex Corporation
5 County Route 42
Massena, NY
13662.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.
Michelex Corporation
/s/ Frank T. LaSusa
Frank T. LaSusa, President
Date: February 9, 2012
I did receive it and you will now receive email notification whenever Michelex releases news, makes filings, etc..
To Michelex Shareholders:
If you would like to receive emails notifying you of news/updates/filings, etc., please send me an email authorizing me to add you to the 'Michelex Email List'.
In addition, from now on, please use the following email address:
Investor_Relations@michelex.com
Thank you for your cooperation.
Sincerely,
Dino A. Sawyer
Investor_Relations@michelex.com
Thank you for re-posting that information. However,I want to make it clear that I did not ask Deano361 to do so.
We are doing everything possible to save Michelex and we are doing so as fast as we can. We will inform shareholders of news/updates as soon as we can.
Sincerely,
Dino A. Sawyer
Investor_Relations@michelex.com
You are welcome.
Thanks, but nothing would have happened without the support of shareholders like yourself. Saving Michelex is not going to be easy and it is not going to happen overnight, if at all. However, at a minimum, Michelex shareholders will not be treated like mushrooms and members of the board will not use Michelex as a private ATM.
I agree with your assessment, especially
To Michelex Shareholders:
Please do not sign and return the consent form that appeared on the backside of the letter notifying you that shareholders of Michelex Corporation holding at least a majority of the voting power of the Company ratified a "Written Consent in Lieu of a Special Meeting of the Shareholders of Michelex Corporation". The consent form was included solely to provide shareholders who did not participate in the consent action notification of the actions that were taken.
Please contact me if you have any questions.
Sincerely,
Dino A. Sawyer
To Michelex Shareholders:
As soon as possible, we will provide updated financial information for Michelex. However, please note that our ability to do so is dependent upon the prompt delivery of accurate information from Messrs. Lacle, Syed and Saleem. We are taking all necessary actions so that we may receive said information as soon as possible.
At this time, we do not know the full extent of the damage that has been inflicted upon Michelex and its shareholders. We estimate that $150,000+ in unpaid bills have accrued since Messrs. Lacle, Syed and Saleem became involved with Michelex. In addition, it is very likely that contractual obligations may have been entered into that were not in the best interest of Michelex shareholders.
Although there are major obstacles that must be overcome, and as such there are no guarantees of success, the new Board of Directors will do everything possible to save Michelex and create a transparent and profitable company.
You wrote:
Options Available to Shareholders:
Derivative Action:
A lawsuit brought by a shareholder against the directors, management and/or other shareholders of the corporation, for a failure by management. In effect, the suing shareholder claims to be acting on behalf of the corporation, because the directors and management are failing to exercise their authority for the benefit of the company and all of its shareholders. This type of suit often arises when there is fraud, mismanagement, self-dealing and/or dishonesty which are being ignored by officers and the Board of Directors of a corporation.
Derivative Action
Additional Information:
Stockholder's Derivative Suit
Please note that a derivative suit is filed by a shareholder (or a group of shareholders), it is not filed by the corporation as a legal entity or the corporation's directors or officers. However, the filing of a derivative suit by an individual shareholder does not preclude the corporation from filing suit against current or former directors and officers.
To Michelex Shareholders: Notification sent to Messrs. Lacle, Syed and Saleem
Yesterday, Venkat Kakani, as Treasurer of Michelex, and I, as a shareholder of Michelex, sent letters to Messrs. Lacle, Syed and Saleem via certified mail. Each letter was personalized. A copy of each individual letter was also sent via email.
Below is a copy of the letter that was sent to Mr. Lacle. Herewith are links to copies of all three signed letters:
https://viewer.zoho.com/docs/cacccjh
https://viewer.zoho.com/docs/aad3bch
https://viewer.zoho.com/docs/paddbaS
==========================================================
January 26, 2012
Albert Lacle
President, Michelex Corporation
c/o Key Management Group
199 New Road, Suite55
Linwood, New Jersey 08221
Dear Mr. Lacle:
You are hereby advised that you have been removed as a Director of Michelex Corporation (the “Company”). This action was taken pursuant to the written consent of shareholders holding a majority of the voting power of the Company dated January 20, 2012, and in accordance with Utah law. Please be advised that you have also been removed as an Officer of the Company. You should not take any actions on behalf of the Company. The Company and its shareholders will hold you responsible for any negligent or willful act taken by you on behalf of the Company.
Furthermore, we demand that you transfer all assets of the Company over which you currently have dominion or control to the Treasurer of the Company, Venkat Kakani. Such assets include, but are not limited to, the $13,505,500 in assets held by United Mortgage Bankers, LTD that were certified by Mr. Midhat Syed and which the Company was supposed to receive pursuant to the May 17, 2010 Stock Purchase Agreement, along with all financial records and documents, including, but not limited to, the names, addresses, phone numbers and contact persons of all banks, trust companies, savings and loan associations and other financial institutions at which either the Company or its subsidiaries maintain a safe deposit box, lock box or checking, savings, custodial or other account of any nature, the type and number of each such account and the signatories therefore, a description of any compensating balance arrangements, and the names of all persons authorized to draw thereon, make withdrawals there from or have access thereto, and the balances of such accounts as of January 20th, 2012 and certify that all records and other documentation relating to such accounts is true, complete and accurate as of the date thereof.
Sincerely,
Dino A. Sawyer
Shareholder, Michelex Corporation
Venkat Kakani
Treasurer, Michelex Corporation
To Michelex Shareholders: Notification of Consent Mailed
Pursuant to Chapter 16-10a, Section 704 of the Utah Business Corporation Act, a letter was sent to shareholders via first-class mail notifying them that shareholders of Michelex Corporation (the “Company”) holding at least a majority (570,215,548 shares as of 1/19/12 and 588,355,628 shares as of 1/25/12) of the voting power of the Company ratified a "Written Consent in Lieu of a Special Meeting of the Shareholders of Michelex Corporation" (the “Consent”). A copy of the Consent was included in the mailing, and a copy of the Consent appears below.
If you have not yet received a copy of this letter, you should within the next few days. If you are a shareholder of Michelex and do not receive a letter in the mail, it is because:
1. You hold shares in certificate form, have moved and have not updated your address with Colonial Stock Transfer.
2. You hold shares in ‘street name’, have moved and have not updated your address with your brokerage firm.
3. You hold shares in ‘street name’ and have requested that your brokerage firm not provide issuers with your name, address, shares held, etc.
4. You hold shares in ‘street name’ with a non-participating brokerage firm (i.e., a brokerage firm that does not provide any information to the clearinghouse that provided Michelex with the list of shareholders holding Michelex stock in ‘street name’).
Accounting for the vagaries of USPS delivery, if you have not received a letter in the mail by February 1, 2012 and would like a copy, please contact me at: investorrelations@michelex.com
==============================================
WRITTEN CONSENT
IN LIEU OF A SPECIAL MEETING
OF THE SHAREHOLDERS OF
MICHELEX CORPORATION
The undersigned, being the shareholders holding at least a majority of the voting power of Michelex Corporation, a Utah corporation (the “Company”), do hereby consent to, approve and adopt the following resolutions and the transactions contemplated thereby by written consent in lieu of a meeting pursuant to Section 16-10a-704 of the Utah Business Corporation Act and in accordance with the Bylaws of the Company:
WHEREAS, the undersigned shareholders of the Company and certain members of the Company’s Board of Directors have determined that it is in the best interests of the Company to immediately remove Sabir Saleem, Midhat Syed and Albert Lacle as directors of the Board (the “Removal”);
WHEREAS, the undersigned shareholders of the Company hereby vote to increase the number of Board of Directors to five (5) and elect Dino Sawyer and Frank LaSusa to serve as Directors of the Company to fill the vacancies created by the Removal. The remaining vacancies shall stay unfilled until suitable new candidates are chosen, and the existing Directors are authorized to Co-op new Directors by majority OF Directors vote until the following annual meeting of shareholder is held.
WHEREAS, the undersigned shareholders of the Company hereby vote to ratify the Board’s appointment of Venkat Kakani to the Board of Directors as of November 30, 2010
NOW, THEREFORE, the undersigned believing it is in the best interests of the Company, it is hereby:
RESOLVED, that the Company shall be authorized, and it is hereby authorized, to remove Sabir Saleem, Midhat Syed and Albert Lacle as directors of the Company; and it is further
RESOLVED, that Dino Sawyer and Frank LaSusa are hereby elected as directors of the Company to serve until the next annual meeting of the shareholders.
RESOLVED, that Venkat Kakani’s appointment as Board of Director as of November 30, 2010 is ratified and Venkat Kakani is authorized and directed to execute and deliver on behalf of and in the name of this Company all documents and instruments and to make any such filings with the appropriate entities as may be determined by such officer to be reasonably necessary to accomplish the purposes of these resolutions and to do all other things and acts which any such officer may determine to be necessary and appropriate to carry out the purposes of these resolutions; and it is further
RESOLVED, that Venkat Kakani is hereby authorized and instructed to commence an investigation into the activities of Sabir Saleem during his tenure as a Director of the Company; and it is further
RESOLVED, that the action taken by this Consent shall have the same force and effect as if taken at a meeting of the Company’s shareholders, duly called; and it is further,
RESOLVED, that this Consent may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall be deemed one and the same document. This Consent may be executed by facsimile signature.
IN WITNESS WHEREOF, the undersigned, representing a majority of the voting power of the Company, consent hereto in writing and direct that this instrument be filed with the minutes of proceedings of the shareholders of the Company.
_____________________________________________
Signature
Please Print Name of Shareholder:_____________________________________________
# of Registered Shares Owned:________________________________________________
It is correct that under the control of Messrs. Lacle, Syed and Saleem, Michelex has has been a disaster for shareholders.
Michelex Shareholders: ‘Articles of Correction’ filed with the state of Utah
On January 14th I posted that Mr. Saleem had filed an amendment with the state of Utah and noted the following: