Michelex Corp. Announces Termination of Convertible Debenture with the Commander Fund
Last Update: 11:58 AM ET Apr 19, 2006
MASSENA, N.Y., Apr 19, 2006 (PRIMEZONE via COMTEX) -- Michelex Corp. (Pink Sheets:MLXO) ("Michelex" or the "Company"), a plastic manufacturing company and an audio record production group, announced today that the proposed convertible debenture agreement with the Commander Fund introduced by Cornell Capital, which was to take effect in February 2006, never materialized.
All future dealings with the Commander Fund have been terminated. With this news, Michelex will file a 14C with the SEC to reduce the number of available shares from 1 billion to 200 million shares. This reduction will allow for more investor interest and limit potential shorting which has been placing significant pressure on Michelex stock.
Thomas Gramuglia, CEO of Michelex, stated, "We also feel with this agreement eliminated, we can move to the next level and partner ourselves with a quality investment banking partner to provide non-toxic financing and added-value to our shareholders."
About Michelex
Michelex Plastics, founded in 1972, is a manufacturer/importer and distributor of C-Zero's, Cshells, Norelco Boxes, Jewel Boxes, DVD Boxes and other related specialty plastic products. The company has manufacturing facilities and distribution points in New York and Salt Lake City. The company employs people who are committed to the customers and to the operations of the business. Michelex offers a full range of products through its divisions to make it a one-stop shop for its customers.
Michele Audio -- Audio duplication services and an exclusive rights holder of a large catalog of music and spoken word recordings.
Michelex Media Products -- Producer, supplier and distributor of paper multimedia packaging products, also offering complete fulfillment services to its customers.
This news release was distributed by PrimeZone, www.primezone.com
SOURCE: Michelex Corporation
Michelex Corp.
Thomas Gramuglia
(315) 769-6616
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