Michelex Corp (fka MLXO)

[sawdin]

Albert Lacle
President, Michelex


Dear Mr. Lacle:

Last week I attempted to contact you regarding your position as President of Michelex. I left a message with your secretary at Key Management Group as well as sending emails to the following addresses: [e-mail] and [e-mail] Michelex is close to becoming a dead company and it is crucial that severe measures be taken immediately. I sincerely hope you agree that the current situation regarding Michelex/Pristine is untenable. I also hope that you were unaware of Mr. Saleem’s checkered past, or at the least, unaware of his intention to defraud Thomas Gramuglia and Michelex’ shareholders. Finally, I hope you agree that it is best for all involved parties to resolve the current impasse w/out resorting to court proceedings and a very messy public airing of what has transpired.

I am in contact with many shareholders and have some influence with most of them. As noted above, my preference is to resolve the current impasse w/out resorting to a messy campaign of public disclosure. However, many investors are rapidly approaching the point where their focus will turn from attempting to save Michelex to seeking retribution. I know that some shareholders have already started to populate the internet with information linking the current actions of Mr. Saleem to his rather checkered past. As I’m sure you are aware, a good reputation is an extremely valuable asset, and one that is hard to recover when it has been lost. My understanding is that Dr. Shaw is a well known figure in New York. I doubt that he would want to be linked to accusations of securities fraud, embezzlement, etc. I’m sure he would not want that information publicly linked to his federal conviction for one (1) count of receipt of kickbacks and one (1) count of mail fraud, along with the suspension of his license to practice medicine.

http://w3.health.state.ny.us/opmc/factions.nsf/0/af55ed54ec2f06c785256a4a0047ee61/$FILE/lc128759.pdf

Likewise, I doubt that someone who is associated with casino gambling would want to be linked to accusations of security fraud and embezzlement, and to have that information appear at the top of Google searches related to his name and companies that he is associated with. In addition, I know a reporter with the Wall Street Journal who might find this story to be ‘news-worthy’.

Quite honestly, I cannot fathom how you let yourself get involved with the likes of Mr. Saleem. More important, I cannot understand why you are not doing everything possible to rectify the current situation. I have no idea what you stand to gain by continuing to support Mr. Saleem, but I do know that the loss will greatly exceed it.

I look forward to hearing back from you shortly.

Sincerely,
XXX