Replies to post #31791 on Michelex Corp (fka MLXO)

[sawdin]

That audit is not worth the paper it's printed on. It was never finished. An unfinished audit is worthless in terms of verifying anything.

Anyone can present information to a firm conducting an audit. The firm conducting the audit then has the responsibility to verify that the information presented to them is accurate and factual. At a minimum, independent verification requires a completed audit from a reputable firm. I am not saying that Paritz & Company is not a reputable firm, I am saying that they've acknowledged that the audit was never completed.

In addition, I fail to see what is so good about that draft audit. Revenue is under $30K and no one besides Messrs. Saleem, Syed and Lacle have ever verified that the assets listed in the draft audit actually exist and/or are held by Michelex and/or are in a form that can be accessed by Michelex. We do know that Paritz & Company did not verify anything.

[sawdin]

It was never filed with the SEC, and for good reason.

[sawdin]

At best, Messrs. Lacle, Syed and Saleem have been negligent and incompetent. At worse, well, let's just leave it at incompetent and negligent.

Pristine Pharma Corporation is Michelex' only real asset, and PPC's CEO, Mr. Venkat Kakani, has publicly acknowledged that promised funding was never received. However, a majority of shareholders do believe that Michelex should at least be given an opportunity to become a successful company that is transparent and focused on creating shareholder value for all shareholders, not just those who happen to be members of the Board of Directors. That is why the shareholders of Michelex have decided to remove Messrs. Lacle, Syed and Saleem from the Board of Directors.

As previously noted, there are no guarantees that Michelex will become a profitable company. There are many challenges that need to be overcome, and the first is to seat a Board of Directors who believe that Michelex should be a transparent company that is committed to creating shareholder value for all shareholders.

[mugs57]

If its FINAL Draft Audit then why isn't it signed all my company audit reports are signed by the auditor! obviously there is something NOT FINAL about the report or it would be FINAL and SIGNED IMO i know i wouldn't want to sign it - just the 10,000 prfd shares maybe a problem but i sure would love proof of the letter of credit oh thats right they aren't even using it to grow the business so why bother.