Michelex Corp (fka MLXO)

[sawdin]

I apologize if my recent posts are 'old news'. I'm just trying to figure out what in heck is going on w/ Michelex. Michelex' management has never provided guidance related to debts that are listed with the Utah Department of Commerce, especially those related to AJW/NIR and YA Capital/Cornell. I know that Tom Gramuglia had entered into an agreement with Cornell Capital but to my knowledge he never accessed funds that were available. Thus, I am not sure why YA Global is listed as a creditor with the Utah Dept. of Commerce.
Per the SB-2 filing:

In November 2004, we signed a Standby Equity Distribution Agreement with Cornell Capital Partners, LP (“Cornell”) whereby Cornell agreed to purchase, during the next two (2) years, up to $10,000,000 of our common stock. We have not borrowed any funds under the agreement.

Michelex' EDGAR filings with the SEC can be accessed using the following link. Type in "Michelex" for the company name. DO NOT use the ticker symbol 'MLXO' to search by ticker symbol.
SEC EDGAR Company Search

Quite honestly, prior debts due not seem to be related to Michelex' current management crisis. However, as Michelex will not provide guidance on anything, I thought I would dig a little deeper into Michelex' association with NIR and YA Global Opportunities.