MASSENA, N.Y., Aug. 28, 2006 (PRIMEZONE) -- Michelex Corp. (Pink Sheets:MLXO) ("Michelex" or the "Company"), a plastic manufacturing company and an audio record production group, announced today that it has begun the process to revitalize and expand its music division.
Unbeknown to many, Michele Audio Corporation of America ("Michele"), a division of Michelex Corp., is the owner of over 9,000 copyrights, of which many albums are available on the market today. "STRADIVARI (Classical)," MICHELE RECORDS (Big Band Era and vintage jazz) and "COUNTRY HARVEST (rare and historical Country Recordings)," to name a few, are record labels owned by Michele.
Thomas Gramuglia, Executive Producer and owner of Bop Talk Music, his publishing company, will focus on putting out new recordings on CD compiled from their vast catalog of unreleased masters. Revenues from this plan are projected to increase sales by $500,000.00 for the year 2007.
The Company recently learned that one of its major competitors on the plastics side has closed their doors and gone out of business. This puts the Company in an excellent position in the industry because there will be a need to fill an immediate void in the industry to the tune of over 100,000,000 CD jewel boxes, cassette boxes and DVD boxes -- all items that are currently being manufactured by Michelex Corp. in the USA.
The Company stated its arrangement with Utica Leasco that took out Wells Fargo for $1.2 million was debt financing. This traditional financing was a sale/leaseback of its equipment amortized over five (5) years with an option to purchase at the end of the lease.
The Company is in the process of completing the necessary financial statements that will enable it to have a 15(c)(2)(11) filed to quote its common stock on the OTC Bulletin Board.
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 its 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.