Allstocks.com's Bulletin Board: MHXC Announces 3x1 Split

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Posted by Wallace#1 on :

Do your DD -

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MICHELEX CORP Quick Quote: MHXC 0.25 (-0.06)

Michelex Corp. Announces 3-for-1 Forward Split
10/1/04

MASSENA, N.Y., Oct 1, 2004 (BUSINESS WIRE) --
Michelex Corp. (OTCBB:MHXC) today announced that its Board of Directors has declared a 3-for-1 stock split in the form of a common stock dividend to shareholders of record, subject to shareholder approval. As a result, shareholders of record will see three additional shares for each share held as of the close of business on record date.

"We are pleased to award our shareholders for their investment with this stock dividend. The decision was driven by the Board of Directors' and management's confidence in the Company's improving fundamentals and the prospect for future success. The split is intended to signal to our shareholders and interested investors that we feel the market opportunities for the Company are very good. In addition, the split should help achieve greater liquidity," stated Thomas Gramuglia, director and vice president.

About Michelex

Michelex Plastics -- Founded in 1972, is a manufacturer/importer and distributor of C-Zero's, C-Shells, Norelco Boxes, Jewel 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 over 100 people who are committed to the 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

For further information, www.micheleaudio.com. 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.

SOURCE: Michelex Corp.

Stock Communications Group (for Michelex) Investor Relations Erik Fromm, 713-297-8886 Customize your Business Wire news & multimedia to match your needs. Get breaking news from companies and organizations worldwide. Logon for FREE today at www.BusinessWire.com.

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Posted by Golf57 on :

Does anyone have anymore info on this Co.

Posted by jokerwld33 on :

when will we see these extra shares? will the stock price decrease dramatically?

Posted by Wallace#1 on :

Golf - check out the latest 10QSB. Fundamentals leave a bit to be desired, but draw your own conculsions. 52wk high=1.90, low=.08. Not too long ago (just prior to increasing authorized for a poss. 5x1 split - 9/9/04), this hit .56 high. May be short term (with the split) or long term hold (with fundamental improvements). Forward splits do have a tendency to rise back to the pre-split level...but not always.

Joker - no record date, x-date or payment date appear to have been provided. Must be forthcoming later. A 3x1 split should end up around .10 to .15. That is just my opinion. Could be more or less.

[This message has been edited by Wallace#1 (edited October 01, 2004).]

Posted by Wallace#1 on :

By the way guys, here's the volume for the last 3 days:

10/01/04 0.310 0.370 0.250 0.250 420,540
09/30/04 0.210 0.310 0.210 0.310 191,126
09/29/04 0.250 0.250 0.240 0.240 3,000

Average volume is around 73K shs.