MASSENA, N.Y., Oct. 13, 2006 (PRIMEZONE) -- Michelex Corp. (Pink Sheets:MLXO) "Michelex" (or the "Company") a plastic manufacturing company and an audio record production group announced today that their Auditors, Seligson & Giannattasio, LLP have completed the company's audited financials for 2004 and 2005. This will enable the company to have the 15(c)(2)(11) filed to quote its common stock on the OTC Bulletin Board which is currently in process; however there can be no assurances as to when the 15 (c)(2)(11) will be approved or whether it will be approved at all.
Thomas Gramuglia, CEO of Michelex announced that since it restarted production on July 10th, the company has been successful in regaining market share. The Company's August sales were up 140% over July, and September sales were up 70% over August. The company anticipates that their operating margins will increase due to the declining costs of polystyrene, the raw material used in manufacturing its products, which is predicated to the oil industry cost per barrel.
The Company has leased another building in the Massena Industrial Park giving it an additional 20,000 square feet of warehousing space needed to accommodate the plastics manufacturing plant.
The Company also announced that one of its two retail websites (plastics) is operational and generating sales. (www.michelexmedia.com) The music retail website is near completion and expected to be on-line next week (www.hindsightrecords.com). This website will feature product from its music catalog including Big Band, Classical, Country, Comedy, Polka, Children's Music and will also offer special seasonal promotions of Christmas Music.
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.
Safe Harbor:
This release may contain forward-looking statements within the meaning of the Private Securities Litigation reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services and pricing, general market trends and conditions, and other risks detailed in the Company's SEC reports.