Realest, The A/S was Increased as part of a Loan Michelex was going to get from Commander Capital which was a Fund that Cornell Capital was going to create OFFSHORE in the Virgin Islands, because they are under SEC Investigation (since July 2005) and have been issued a cease & desist order from doing anything with Michelex since they Short-Sold their own client into the ground, which we are still trying to recover from, but Cornell thought they would be slick and start an "Offshore Fund" and continue the scam on Michelex, but it seems to me that the SEC Shut it down before it ever got off the ground, thats my opinion there, but, bottom line is that THE COMMANDER CAPITAL LOAN "NEVER TOOK PLACE" But the DEF14 Filing did, and Michelex already released in a PR Back in the spring that the A/S will be lowered back down to 200 MIL shares, Below is the PR. (I would like to add also that Cornell is STILL under the SEC Investigation for Manipulating the Stock of 9 companies and Judging by the SEC's recent track record with other Hedge Funds found guilty of the exact same things, we could possibly expect to see Cornell Capital hit with some Hefty Fines AND BE ORDERED TO PAY MICHELEX RESTITION.)
Michelex Corp. Announces Termination of Convertible Debenture with the Commander Fund
Wednesday April 19, 11:57 am ET
MASSENA, N.Y., April 19, 2006 (PRIMEZONE) -- Michelex Corp. (Other OTC:MLXO.PK - News) (``Michelex' or the ``Company'), a plastic manufacturing company and an audio record production group, announced today that the proposed convertible debenture agreement with the Commander Fund introduced by Cornell Capital, which was to take effect in February 2006, never materialized. All future dealings with the Commander Fund have been terminated. With this news, Michelex will file a 14C with the SEC to reduce the number of available shares from 1 billion to 200 million shares. This reduction will allow for more investor interest and limit potential shorting which has been placing significant pressure on Michelex stock.
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Thomas Gramuglia, CEO of Michelex, stated, ``We also feel with this agreement eliminated, we can move to the next level and partner ourselves with a quality investment banking partner to provide non-toxic financing and added-value to our shareholders.'
About Michelex
Michelex Plastics, founded in 1972, is a manufacturer/importer and distributor of C-Zero's, Cshells, Norelco Boxes, Jewel Boxes, DVD Boxes and other related specialty plastic products. The company has manufacturing facilities and distribution points in New York and Salt Lake City. The company employs people who are committed to the customers and to the operations of the business. Michelex offers a full range of products through its divisions to make it a one-stop shop for its customers.
Michele Audio -- Audio duplication services and an exclusive rights holder of a large catalog of music and spoken word recordings.
Michelex Media Products -- Producer, supplier and distributor of paper multimedia packaging products, also offering complete fulfillment services to its customers.
Safe Harbor:
This release may contain forward-looking statements within the meaning of the Private Securities Litigation reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services and pricing, general market trends and conditions, and other risks detailed in the Company's SEC reports.
Contact:
Michelex Corp.
Thomas Gramuglia
(315) 769-6616
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Source: Michelex Corporation
