Michelex Corp (fka MLXO)

[sawdin]

Some shareholders are under the impression that the effort to remove Messrs. Lacle, Syed and Saleem from Michelex’ Board of Directors is not possible because Messrs. Lacle, Syed and Saleem have preferred shares that provide them with additional voting rights. The letter that was released yesterday under my name and three additional co-signors stated the following:

Michelex’ Draft Audit states that ‘in May, 2010 the Company issued 179,962,772 shares of its common stock to the stockholders of United Mortgage Bankers, LTD. (United) in anticipation of acquiring United….In addition, the Company issued 10,000 shares of preferred stock to the former owners of United each share of which has 100,000 voting rights.’ Please note that the 10,000 shares of preferred stock have not been issued and cannot be issued; Michelex’ Articles of Incorporation do not allow for the issuance of preferred shares.

I have confirmed with Colonial Stock Transfer that no preferred shares have been authorized or issued (see below). You can contact Colonial Stock Transfer to verify this information. However, as a courtesy to Colonial Stock Transfer, I suggest that one or two moderators verify the information so that Colonial does not have to answer the same questions repeatedly.

As stated in the letter that was released yesterday, we are already quite close to having pledges totaling a majority of the votes of outstanding shares, which will allow us to remove Messrs. Lacle, Saleem and Syed from the Board of Directors and replace them with qualified persons who are committed to creating value for all of Michelex shareholders, not just a select few. If you have not pledged to support our efforts, please do so. Who knows, it might be your shares that will allow shareholders to save Michelex, and thus your investment.

If you have any questions, please feel free to contact me directly.

Sincerely,
Dino A. Sawyer
[e-mail]
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Dear Mr. Sawyer,

Here are the numbers for Michelex:

Number of Authorized Shares- 1 billion
Number of Outstanding Shares- 1 billion
Number of shares held in Treasury- 0
Number of shares of common stock- 1 billion
Number of shares of restricted stock- 365,572,645
Number of shares of preferred stock- I don't show any Authorized or Outstanding Preferred shares

Best,

Jason Carter
Colonial Stock Transfer Co, Inc.
66 Exchange Place, Ste 100
Salt Lake City, UT 84111

W: 801-355-5740
F: 801-355-6505
www.colonialstock.com