Investo....thanks for the interesting update re: cornell
Still , what is bothering is that we do not hear anything about their core business?? There seemed to be great progress under way a few month ago? Maybe you , in case you talk with Tom on a regular basis, could convince him to give an update on the core business?? just a sign of life from MLXO would probably do miracles to the stock, like this one :
MASSENA, N.Y., May 12, 2006 (PRIMEZONE) -- Michelex Corp. (Other OTC:MLXO.PK - News) ``Michelex'' (or the ``Company''), a plastic manufacturing company and an audio record production group, announced today that it was successful in carrying out the first part of the agreement with Wells Fargo Business Credit and has paid them $1,025,000.00. Michelex is on schedule to complete the second part of the agreement to satisfy the remaining debt in the sum of $1,400,000.00 to Wells Fargo Business Credit before the August 31, 2006 deadline. Michelex anticipates finalizing this payment much before the deadline. This will result in a net gain for Michelex in the sum of $633,684.18.
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Michelex also announced that on April 28, 2006, it has completed the sale of its building in Salt Lake City which has reduced its debt by $2,400,000.00 after sales expenses. Michelex will continue to have use of the building for the next three years. This will significantly reduce its operating costs in Salt Lake City.
Michelex has signed an agreement to purchase a manufacturing line that produces the 5.2mm ultra slim cd jewel box. Once this new line is fully operational, it projects an increase in revenues of approximately $300,000.00 per month. This product line, which was imported in the past, will strengthen Michelex's position as a manufacturer of optical media packaging products made in the USA. The ``Made in USA'' will be a big selling tool for Michelex in its new retail website projected to go on line within the next few months.
Thomas Gramuglia, CEO of Michelex stated that ``We feel the Michelex share price is under valued. Michelex will be returning to the OTCBB much sooner than anticipated. We are waiting for the Accounting and Audited Financials to be completed.''
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