Michelex Corp (fka MLXO)

[VST7]

hurley; I am curious as to why they put all the blame on the Hindsight Records acquisition for the dilution, when the Cornell deal with all the Convertible Debentures are a good reason for a good chunk of the dilution also? They have not addressed the Cornell mess at all, any idea on whats up with that? Also they still have almost 12 Mil more in authorized shares that have not been issued so it didn't use up "ALL" of the authorized shares like the PR says.

From the 7-05 PR;
"The Hind Sight Records acquisition was more dilutive then the Company anticipated and has impeded the Company's ability to raise additional capital in the public markets under the current capital structure. It has used up all of the Company's authorized shares, leaving it unable to use shares to raise capital. The Company will investigate all possible solutions."