I would like to believe that, but I am not quite sure about Cornell as I remembered that deal was cancelled by MLXO, one of the reasons why I did, at the time, add to my position. Here is the PR relating to the cancelation:
Michelex Corp. Announces Termination of Convertible Debenture with the Commander Fund
Wednesday April 19, 2006 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
