Michelex is the parent company. Pristine Pharma Corporation is a subsidiary of Michelex. However, Pristine Pharma Corporation is actually the company/business that would be producing revenue.
As part of the reverse merger, United Mortgage Bankers was supposed to provide funding to Michelex; funding that was supposed to be used to retro-fit the facility in Massena. Pristine was supposed to produce generic drugs, mainly in liquid-dose form, at the Massena facility. The initial Reverse Merger agreement was contingent upon financing being provided to Michelex. If that funding was not provided, or never existed, the question of whether shares of Michelex should have been transferred to certain individuals per the Reverse Merger agreement arises. In fact, the validity of the Reverse Merger could be questioned. End result: Acrimony and impasse.
Given the numerous questions that exist, and the actions that were taken by officers of Michelex over the past year, it is understandable if one temporarily loses his mind trying to figure out what was supposed to happen, what actually happened and what can be done to rectify the current situation.
