SOURCE: Michelex

Michelex

June 01, 2011 09:27 ET

Michelex (PINKSHEETS: MLXO) Announces Signing of Contract Between Pristine Pharma Corporation and International Trade Association of America

NEW YORK, NY--(Marketwire - Jun 1, 2011) - Michelex Corporation (PINKSHEETS: MLXO) ("Michelex") announced today that its subsidiary, Pristine Pharma Corporation, has signed a contract with International Trade Association of America for export distribution of six over-the-counter pharmaceutical products. This contract is valued initially at $5.5 million per year, and delivery of these products is to begin in August 2011.

Michelex also announces commencement of due diligence for the acquisition of Vitacoat Corp., Alpro Inc., and G&P International LLC. Michelex expects to complete the due diligence process by the end of June.

In further news, Michelex has received, from the prior management of Michelex, long-awaited financials, dating to FY 2009, and said financials were forwarded for auditing. The current management of Michelex is finalizing accounts through December 2010 and expects the financial audit through FY 2010 to be completed by the end of June.

MICHELEX

Michelex Corporation, founded in 1999, is currently comprised of subsidiaries with a diversified portfolio of businesses in the areas of financial services and pharmaceutical drug manufacturing and distribution.

More information about Michelex is available at: http://www.michelex.com

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 extremely limited operating history, the performance of the subsidiaries, as well as other economic, competitive and technological factors involving the subsidiaries' operations, markets, services, products and prices., uncertainties related to the company's access to additional capital, the ability of the subsidiaries to enter into contracts with new customers, and dependency on key management.

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