MASSENA, N.Y., Feb. 8, 2008 (PRIME NEWSWIRE) -- Michelex Corp. (Pink Sheets:MLXO) would like to update its shareholders with general comments on recent company activity.
We are pleased to confirm that positive negotiations are ongoing at this time and, while progress has been slower than desired, we feel that a positive conclusion is very likely in the near future. We want to acknowledge the concerns expressed by investors and the company does appreciate that the length of time required to date to conclude the initial transactions has been frustrating for everyone. Timing has been influenced by an evolving opportunity, relationship changes, and recent market and financial conditions outside of the company's control. Communications and details concerning these business activities are non-public and restricted at this time but they will be reported when appropriate.
"As we near the conclusion of current negotiations, I am very excited about the prospects ahead for the company. We expect to conclude some material portion(s) of our efforts in the coming weeks. We continue to expect to have a presence in the plastics, bio-diesel, and zero trans-fat oil markets in the future," stated Thomas Gramuglia, President and CEO.
Investor understanding and continued support is appreciated. The company is working hard to increase the company's value for its shareholders.
About Michelex
Michelex Plastics, founded in 1972, is currently a manufacturer/importer and distributor of primary plastic packaging products to the optical disc industry.
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.