MASSENA, N.Y., Jan. 25, 2007 (PRIME NEWSWIRE) -- Michelex Corp. (Pink Sheets:MLXO) ("Michelex" or the "Company"), a plastic manufacturing company with its offices in Utah, and an audio record production group located in New York announced today that it has signed an Exclusive Investment Banking agreement with JH Darbie, located 99 Wall Street New York, to arrange financing for up to $5 million, in order to consummate the purchase of the AGPro soybean crushing and soybean oil refining assets located at Massena, New York in St. Lawrence County. JH Darbie has stated several factors that lend insight toward their confidence in carrying out this raise, geared to enable Michelex to enter the rapidly growing soybean oil refining and processing business.
The soybean market has been bolstered primarily due to recent trans-fat replacement regulations, as well as momentum towards alternative fuel and increased demand for Bio-diesel. St. Lawrence County is an ideal location for operating a Soybean Processing Plant as it provides among the lowest electrical power cost in the country; St Lawrence County has readily available farmland, and enjoys proximity to the country's largest East Coast population. Thomas Gramuglia, Chief Executive Officer of Michelex also commented from its head quarters in Utah; "Sales in our plastics business continue to ramp up nicely now that we have eliminated our debt to Wells Fargo Business Credit. We are also excited about our Plastics' Business Outlook for 2007, and share JH Darbie's enthusiasm for value driven opportunities."
About JH Darbie & Co.
JH Darbie & Co. is a financial services firm specializing in private client services, investment banking, financial advisory, institutional investing, and corporate finance. Their network of over 5000 retail clients and numerous institutional investors in both the U.S. and overseas has placed JH Darbie under management of nearly $500M in assets. JH Darbie has over 30 professionals on staff as well as a network of professional and legal advisors with vast experience in all facets of corporate proceedings. Additionally, JH Darbie has a high tier Internet presence with an online trading platform for retail and institutional clientele.
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.