SOURCE: Michelex Corporation

Michelex Corporation

August 19, 2010 09:09 ET

Michelex (PK: MLXO) Acquires United Mortgage Bankers and Pristine Pharma

NEW YORK, NY--(Marketwire - August 19, 2010) -  Michelex Corporation (PINKSHEETS: MLXO) ("Michelex") announced that it has acquired all of the issued and outstanding shares of United Mortgage Bankers, Ltd. d/b/a United Merchant Bankers, ("United") a financial services company in Stamford, CT. As a result of the acquisition, United became a subsidiary of Michelex.

As part of the acquisition, a new Board of Directors of Michelex has been constituted. Mr. Thomas Gramuglia has retired as the CEO of Michelex and Mr. Albert Laclé has been appointed as the new CEO of Michelex.

Mr. Laclé is a seasoned hotel sales and marketing executive, trained with such industry giants as Intercontinental Hotels, Holiday Inn Corporation and Hilton Hotels. He held positions of Vice President of Sales and Marketing for the Sands Casino Hotel, Senior Vice President of Marketing with Inter-Hotels Hospitality Services and Executive Director of Marketing for the Trump Taj Mahal in Atlantic City. Mr. Laclé studied marketing at Cornell University and holds a degree in Hotel Management. He speaks fluent English, Spanish, Dutch, and Papiamento.

In further news, Michelex through United has also acquired all of the issued and outstanding shares of Pristine Pharma Corporation ("Pristine"), a start-up Pharmaceutical manufacturing enterprise located in Central New Jersey. As a result of the acquisition, Pristine became a subsidiary of Michelex.

Michelex Corporation, founded in 1999, is currently comprised of subsidiaries with a diversified portfolio of businesses viz: Financial Services, Pharmaceutical Drug Manufacturing and Distribution.

United has $3.0 million paid up capital besides having $10.5 million in funds for investment into projects. United contemplates to focus on receivables factoring and project financing.

Pristine sells Over The Counter pharmaceutical products in store brand, private label and its own control label, 'NUMED.' United has invested $1 million of working capital into Pristine, while another $3.5 million funding in the form of a convertible note was provided by a boutique hedge fund based in New York for the acquisition of manufacturing assets -- equipment, formulations and inventory.

Mr. Laclé stated that, "I am very confident that with over 100 years of combined experience of the executives who are now sharing the responsibilities with me to develop Michelex as a viable entity, I believe we will prove worthy of shareholders' expectations."

Safe Harbor:
This release may contain forward-looking statements within the meaning of the Private Securities Litigation reform Act of 1995. These statements and the matters discussed in this news release are forward-looking statements that involve a number of important risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements, including, but not limited to, the acquired companies' extremely limited operating history, the performance of the acquired companies, as well as other economic, competitive and technological factors involving the acquired companies' operations, markets, services, products and prices., uncertainties related to the acquired companies' access to additional capital, the ability of the acquired companies to enter into contracts with new customers, and dependency on key management.

Contact Information

  • Contact:
    Email Contact
    Michelex Corporation
    204 Haledon Ave, Prospect Park, NJ 07508