MASSENA, N.Y., Aug. 3, 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, announced today that it plans on lowering the number of authorized common stock to 500 million shares. The company believes that its share price is substantially undervalued and therefore the number of authorized shares needs to be reduced. Michelex continues its plastics operations as well as its audio recording production group and also believes its current market capitalization does not represent its true intrinsic value. The Company intends to file the necessary documentation to lower the authorized shares.
The Company is moving forward with its acquisition of Ag Pro. Thomas Gramuglia, President and CEO, states that "We feel very comfortable that we can lower the authorized shares and still have room for growth."
Michelex has been interviewing Investor Relations firms and hopes to have one in place after the acquisition. It will be important for the Company to communicate more with the shareholders once the acquisition is completed. Michelex is looking for an Investor Relations firm that will create shareholder value as well as help the Company look for new ways to introduce itself to new investors. The Company will focus its efforts on bringing in new investors once the acquisition has been completed.
ABOUT MICHELEX
Michelex Plastics, founded in 1972, is a manufacturer/importer and distributor of C-Zero's, CShells(r), 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.