Below are some valid questions that I do not believe they have answered. Curious, has anyone tracked down the supplier of the doors at the Massena plant to see if they've actually been paid? For a company that supposedly already has a $25M LOC, its rather odd they cannot pay for doors or a phone line, or do not want to pay for a phone line. Then again, if you don't have a phone, you don't have to speak with investors! Also, please verify for me, but I thought mgt informed us (via back-channel of course) that the LOC was dependent upon the audit being completed, but in their latest round of back-channel info, they said that was not the case and they already have the LOC. Am I mistaken?
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Below are excerpts from some recent PR’s along with associated questions. MLXO may have ‘answered’ some of these questions via private channels, but they have not provided updates via the MLXO or PPC websites.
PRESS RELEASE-8 – 06/01/2011
New York, NY – JUNE 1, 2011
Pristine Pharma Corporation, 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.
Questions:
1) What is the status of this contract?
2) If the contract is still valid, where will the products be manufactured, Massena, NJ or some other location?
3) When will delivery commence and when will delivery be completed?
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PRESS RELEASE-7 - 4/26/2011
New York, NY – April 26, 2011
Michelex Corporation (ticker symbol:PINK SHEETS:MLXO.PK) (“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. All three entities are under the common, privately held ownership of Dr. Girish Desai. The total acquisition cost is $5,800,000. The terms of this LOI require that the contract be executed within 30 days after due diligence is completed by Michelex.
Questions:
1) What is the status of these acquisitions? Have the acquisitions been completed? If not, why not?
2) When will these acquisitions be finalized?
[Whoops, we got this answer. Not directly from mgt. and not in a timely fashion, but only via back-channel after mgt. had been tracked down by an investor!]
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Press Release-5
[Feb 17, 2011]
Michelex (PINKSHEETS:MLXO) Announces Successful Registration of Pristine Pharma Corporation's Manufacturing Facility With the US FDA
NEW YORK, NY--(Marketwire - February 17, 2011) - Michelex Corporation (PINKSHEETS:MLXO) (Michelex) President Mr. Albert Laclé is pleased to announce the successful registration of Pristine Pharma Corporation's (Pristine) newly constructed manufacturing facility with the United States Food and Drug Administration (FDA). Having met cGMP (Current Good Manufacturing Practices) requirements, Pristine commenced operations and will deliver, for export, the first lot of its products in February.
During the third week of January 2011, Mr. Venkat Kakani, CEO of Pristine, provided a tour of the Massena, NY, facility to Mr. Maxim Pantchenko, President of the International Trade Association of America, an export distributor of OTC pharmaceuticals to Russia. ITA placed orders with Pristine for two products worth over $2.0 million, and a contract for four more products for near term fulfillment is under negotiation. During his visit to Pristine's facility, Mr. Pantchenko confirmed that ITA will source its liquid OTC pharmaceuticals exclusively from Pristine.
Questions:
1) Has the $2.0 million contract been completed? If so, when and where were the products manufactured? If the contract has not been completed, why not?
2) What products, if any, have been manufactured at the Massena facility?
2) What products, if any, have been manufactured at facilities other than Massena? What are those products and where were they manufactured?
4) What is the status of contract negotiations with ITA for "for four more products for near term fulfillment"?
