SOURCE: Michelex

September 17, 2008 10:23 ET

Michelex Corp. Prepares for 2009 Opening of Plastics Manufacturing Facility

Massena, NY Manufacturing Facility Qualifies for Several Million Dollars in Low Interest Loans and Tax Credits

MASSENA, NY--(Marketwire - September 17, 2008) - Michelex Corp. (PINKSHEETS: MLXO) has announced that the Company's Plastics Division expects to resume operations at its Massena, New York facility early next year. Michelex manufactures and distributes CD and DVD packaging in its Plastics Division, and plans to reopen the facility with previous management and many former employees.

As part of a $4.48 million incentives package arranged for the re-opening of the Massena facility, Empire State Development Corp. has agreed to provide a $1 million Job Development Authority loan, contingent on a pledge of 175 new jobs, to purchase property and equipment. The Company is going to convert biodegradable plastics from the traditional plastics it has been making for years, which may also qualify it for inclusion in the Empire Zone, which would provide wage and investment tax credits worth as much as $2.63 million.

The Company plans to add nano particles to the polymers to build products of greater strength, and that are degradable in landfills. Michelex expects to take an industry lead and address the world's growing need for adherence to green and environmentally friendly standards whenever possible.

"We're looking forward to creating jobs in the Massena area and contributing to the betterment of the economy. We plan to create many new jobs and have been given the incentive to foster the development of a 'green' approach to our manufacturing process," stated Tom Gramuglia, President and CEO of Michelex Corp.

About Michelex Corp:

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.

Contact Information

  • Contact:
    Michelex Corp.
    Investor Relations