Yes, but why put out a pr out like that. Everyone knew they were off the otcbb to begin with. They did more harm in there image then good. We also knew about the old news about Wells n Fargo and the new financing. Here is the only real news of that pr.
Michelex has terminated its agreement with Argilus Financial, closing the letter of credit which was used to purchase the equipment from Nepco, SA. While the company would like this updated equipment, it must devote 100% of its resources to existing operations.
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.
Currently, Michelex has several under funded divisions. The current structure does not allow for these divisions to grow and impedes them from financing. The Company will determine which of these divisions can act as "stand alone entities," then plans to spin those divisions off and allow them to become self sufficient companies. If the Board of Directors determines that any of the divisions should be spun-off, it plans to reward the patience of Michelex shareholder by awarding them shares of the Division as a dividend. The company has also placed the acquisition of Media Books L.L.C. on hold, indefinitely.
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