Michelex Corp (fka MLXO)

[sawdin]

Dear Mr. Syed,

As a shareholder of Michelex I am very concerned about the performance, or lack thereof, of Michelex’ executive management team and Board of Directors. Like many investors, my decision to purchase Michelex’ stock was based upon information that was publicly disseminated by Michelex’ executive management team/Board of Directors. However, I now have serious concerns regarding the veracity of material representations made by Michelex’ Board of Directors. $13.5 million of capital/investable funds were supposed to be provided to Michelex by United Mortgage Bankers (i.e., Sabir Saleem). Please provide guidance in regarding the following questions (and also the questions included in the attached file):

1.Did United Mortgage Bankers/Sabir Saleem actually provide said funds Michelex?

2. If yes, where are those funds?

3. Have those funds, or any parts thereof, been transferred to the personal accounts or accounts associated with any entities, other than Pristine Pharma Corporation, that are associated with any current or former members of Michelex’ Board of Directors or persons acting on their behalf?

A ‘News Release’ dated July, 15, 2010 that appears on Michelex’ corporate website states:

Michelex, through its wholly owned subsidiary, United Merchant Bankers, has invested $1.0 million into the working capital of Pristine Pharma Corporation, a pharmaceutical drug manufacturing and distribution company.

I believe the information disclosed in the July 15, 2010 news release is materially false and have concerns that Michelex, and its Board of Directors, may have engaged in a practice of providing misleading and/or materially false information to shareholders and investors. At a minimum, many shareholders believe that Michelex’ executive management team and the Board of Directors have been derelict in regards to their fiduciary responsibilities.

Please note Michelex’ shareholders are investigating all options in regards to potential remedies that may be available in order to rectify any harm that may have been done due to actions taken by Michelex’ executive management team and/or its Board of Directors.

I look forward to a prompt reply. Thank you for your cooperation in this matter.

Sincerely,
XXX