2011 potential share price could be multi-pennies with larger revenue and BUYING PRESSURE. Do DD and find that Michelex and Pristine Pharma are reputable companies with reputable management.
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NEW YORK, NY -- (Marketwire) -- 12/20/10 -- Michelex Corporation (PINKSHEETS: MLXO) ("Michelex") CEO Mr. Albert Lacle' has announced plans to open a pharmaceutical production facility on County Route 42 in Massena, NY. Pristine Pharma Corporation ("Pristine"), a wholly owned subsidiary of Michelex Corp., is planning to produce Cough Syrups, Pain Relievers, Nasal Sprays and other liquid OTC medicines under store brand labels, and also its own label, "NuMed," in this 30,000 sq. ft facility. Pristine Pharma Corp. was founded in 2009 and became a subsidiary of the Michelex Corp. in July 2010.
The Massena, NY facility may open as soon as February 2011 according to Pristine Pharma Corp. CEO Mr. Venkat Kakani. As of today, contracts have been awarded and the construction work has been progressing as per schedule. Mr. Kakani said that owning our own facility is designed to allow the business to increase revenues and margins by manufacturing our own products.
Mr. Kakani plans to begin production with a staff of 25 people and expects 70 to 80 percent of those to be local hires. The company wants to expand and raise employment to 100 people and it is seeking St. Lawrence County and NY State assistance to accomplish it. Mr. Kakani has been talking with the St. Lawrence County Industrial Development Agency (SLCIDA) to coordinate this effort. SLCIDA Director Ray Fountain described the talks as "moving forward" but "preliminary."
The Company's products are currently contract manufactured at federally registered pharmaceutical plants in New Jersey and New York and then distributed domestically, and to countries all over the world.
Domestic clients include the nation's largest pharmacies like: Walgreens, CVS, and Rite Aid; Regional pharmacies like Kinney Drugs; and Supermarkets like Publix, Price Choppers and Walmart Stores, Inc.
Mr. Kakani said many of their medicines are for Canadian store brands as well, which made the Massena location ideal. The close proximity to the St. Lawrence Seaway will also allow the Company to ship its goods more easily to large markets. Mr. Kakani said he sells a lot of medicines to Canada, Russia and the Ukraine so Massena made strategic sense. "The ports in Montreal are easy access so my customers save a lot of money."
Recent News Paper, Radio and TV reports on Pristine Pharma Corporation can be found at the following web links.
In an October 19, 2010 press release, Pristine Pharma reported holding purchase orders for its line of OTC pharmaceutical products, worth over $2.8 million from its domestic customers, as well as export distributors. The company started deliveries of OTC pharmaceutical products to its customers who are export distributors. http://michelex.com/html/index.aspx?p32sda=news&psdge87d=204&tl97abi=42&nsd=11
Michelex Corp. CEO Mr. Albert Lacle' is a seasoned hotel sales and marketing executive who 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.
Pristine Pharma Corp. CEO Mr. Venkat Kakani received his M.B.A. degree in 1991 from Rutgers University, Graduate School of Management, with major in Finance and International Trade, his M.S (Ag) degree in Genetics in 1985 from Andhra Pradesh Agrl University, India and in 1982 he received his B.S (Ag) degree.
About Michelex Corp.
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.
PRISTINE Pristine Pharma Corporation, a subsidiary of Michelex, owns pharmaceutical manufacturing assets worth $3.5 million for the production and packaging of liquid as well as solid dose medicines. Pristine supplies the National Brand Equivalents of Over The Counter medicines to National and International Wholesalers and Retailers in store brands, private label and "NUMED" brand control label.
UNITED MERCHANT BANKERS United Mortgage Bankers a/k/a United Merchant Bankers, another subsidiary of Michelex, concentrates on trade finance, factoring and project financing of privately held businesses. United has $3.0 million of paid up capital and $10.5 million of investment funds to support its business plan.
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.
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For further information please contact our IR at: Email Contact Michelex Corporation 204 Haledon Ave, Prospect Park, NJ 07508
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MLXO - "Medicine maker set to open next month"
MASSENA FACILITY: CEO says building's infrastructure allowed quick development of pharmaceutical plant
By BRIAN HAYDEN JOHNSON NEWSPAPERS
SATURDAY, JANUARY 22, 2011
MASSENA — The CEO of Pristine Pharma Corp. expects the company to open its manufacturing facility here next month.
Venkat E. Kakani visited this week to meet with local economic development officials and tour the progress of the 32,000-square-foot facility on County Route 42.
Normally, a pharmaceutical plant takes more than a year to build and complete, Mr. Kakani said. But the infrastructure in the former Michele Audio building allowed the company to convert it into a pharmaceutical facility in just three months. The company still needs to move in more equipment and make additional installations in its production facility before it can open.
"This facility is very much in move-in condition," Mr. Kakani said.
Nearly 180 applications have poured in to the state Labor Department for the first 25 positions for which the company is hiring — chemists, mechanical engineers and assembly line workers.
Pristine Pharma originally planned to recruit talent from Central and Western New York, but the company is now planning to do nearly all of its hiring locally because of the large talent pool in the area, Mr. Kakani said.
"The resumes are very, very qualified resumes," he added.
The company will initially make generic over-the-counter nasal and throat sprays in the plant under store brand names and its own label, NuMed. It will then branch out to stomach remedies and cough and cold medicines as time goes on, Mr. Kakani said.
Pristine Pharma has plans to grow to 100 employees over the next 18 months. A company sign in front of the building now greets drivers as they head into the village.
Mr. Kakani said he also spoke Thursday night with Rep. William L. Owens, D-Plattsburgh, who offered his support as the company opened.
Pristine Pharma is planning to use its proximity to the Canadian border to tap into the market and will also ship its products to Russian markets using the Port of Montreal.
Mr. Kakani showed the facility on Friday to Maxim Pantchenko, president of ITA of America, a Florida-based exporting company.
Mr. Pantchenko said ITA is one of the leading U.S. exporters of aspirin to Russia. Now, his company is negotiating a contract with Pristine to export nasal sprays to Russia as well.
ITA already contracts with a manufacturing plant in Long Island. But shipping out of the Port of Montreal is less expensive than shipping out of New York City, he said.
Any new products ITA ships to Russia would first have to be approved by Russia's Ministry of Health, Mr. Pantchenko said. But he was optimistic the contract would eventually be approved.
"We are hoping it will create a larger business for both of us," Mr. Kakani said.
Pristine Pharma is also expecting to receive approval from the U.S. Food and Drug Administration and the state Department of Health in the next couple of weeks, Mr. Kakani said. Someone from those agencies will likely inspect the facility once it opens.
"We don't have to wait for anybody to come and inspect our facility. We can start producing and shipping the product," he said. "They have the right to come in, any time, unannounced ... and check our procedures."
Mr. Kakani thanked the community for its outpouring of support in the last few months.
"The citizens of this town, they are very cooperative, and they are very much welcoming of us," Mr. Kakani said. "We are very glad to be here."
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January 23, 2011 EXPORT DISTRIBUTOR VISITED MASSENA FACILITY
On January 20 & 21, 2011, the management of Pristine hosted a welcome to an export executive, whose firm has been exporting pharmaceuticals to Russia and CIS countries for over 10 years. The executive was given a detailed tour of Prtistine’s manufacturing facility in Massena, NY.
Upon completion of the tour, the export executive expressed his profound confidence in Pristine Pharma, in providing them with all of their liquid OTC medicine requirements. A contract is already in the works between the firms which reflects the confidence of the customer in Pristine's ability to meet their market demands.
The excerpts of the conversation with the TV and Print media on Jan 21, 2011 on this occasion can be found at the following web links.
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MLXO NEWS Thursday February 17, 2011, 8:55 am EST
NEW YORK, NY--(Marketwire - 02/17/11) - Michelex Corporation (Pinksheets:MLXO - News) ("Michelex") President Mr. Albert Laclé is pleased to announce the successful registration of Pristine Pharma Corporation's ("Pristine") newly constructed manufacturing facility with the United States Food and Drug Administration ("FDA"). Having met cGMP (Current Good Manufacturing Practices) requirements, Pristine commenced operations and will deliver, for export, the first lot of its products in February.
The FDA registration information can be searched by name on the FDA website:
During the third week of January 2011, Mr. Venkat Kakani, CEO of Pristine, provided a tour of the Massena, NY, facility to Mr. Maxim Pantchenko, President of the International Trade Association of America, an export distributor of OTC pharmaceuticals to Russia. ITA placed orders with Pristine for two products worth over $2.0 million, and a contract for four more products for near term fulfillment is under negotiation. During his visit to Pristine's facility, Mr. Pantchenko confirmed that ITA will source its liquid OTC pharmaceuticals exclusively from Pristine. Press coverage of Mr. Pantchenko's visit is available at the following:
Having successfully completed registration with the FDA, Pristine is currently fulfilling existing orders. As it does so, the company is working to expand its operations, its product portfolio, and its customer base.
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.
PRISTINE Pristine Pharma Corporation was founded in 2009 and became a wholly owned subsidiary of the Michelex Corp. in July 2010. Pristine owns pharmaceutical manufacturing assets worth $3.5 million for the production and packaging of both liquid and solid dose medicines. Pristine supplies National Brand Equivalents of Over The Counter medicines to national and international wholesalers and, to retailers in store brands, private-label, and its own brand, "NUMED."
Venkat Kakani Mr. Kakani, CEO of Pristine Pharma Corp., has been a part of the pharmaceutical industry for over 18 years. In 1991, he earned an M.B.A. from Rutgers University, Graduate School of Management, with major in Finance and International Trade. Prior to that, he earned an M.S. (Ag) in Genetics (1985) and a B.S. (Ag) (1982) from Andhra Pradesh Agricultural University in India.
Albert Laclé Mr. Laclé, President of Michelex, is a seasoned sales and marketing executive who trained with industry giants Intercontinental Hotels, Holiday Inn Corporation, and Hilton Hotels. He was 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.
More information about Michelex Corp. and Pristine Pharma Corp. is available at the following:
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MICHELEX (MLXO) ANNOUNCES FIRST SHIPMENT OF PHARMACEUTICAL PRODUCTS FROM MASSENA FACILITY
New York, NY – Feb 25, 2011
Michelex Corporation (ticker symbol:PINK SHEETS:MLXO.PK) (“Michelex”) President Mr. Albert Laclé is pleased to announce the shipment of the first batch of products from Pristine Pharma Corporation’s newly constructed manufacturing facility in Massena, NY, on Feb 23, 2011, to an export distributor for Caribbean countries.
Mr. Venkat Kakani, CEO of Pristine, is excited about near-term plans to expand Pristine’s North American territory beyond the Caribbean by distributing, for the first time, its products to Central America.
In further news, the FDA’s Center for Drug Evaluation and Research (“CDER-FDA”) issued labeler code 76044 to Pristine on Feb 22, 2011. This labeler code is the prefix to the New Drug Code Number (NDC#) for each drug manufactured at Pristine’s facility. NDC numbers appear on drug labels and packages identifying the manufacturer of the drug product.
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.
PRISTINE
Pristine Pharma Corporation was founded in 2009 and became a wholly owned subsidiary of the Michelex Corp. in July 2010. Pristine owns pharmaceutical manufacturing assets for the production and packaging of both liquid and solid dose medicines. Pristine supplies National Brand Equivalents of Over The Counter medicines to national and international wholesalers both in private-label and its own brand, “NUMED,” and to retailers in store brands,
More information about Michelex and Pristine is available at the following:
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Pristine Pharma Starts Operations By BRIAN HAYDEN TUESDAY, MARCH 8, 2011
MASSENA - Pristine Pharma Corp. has begun its manufacturing operations here.
The company shipped out its first medicine on Feb. 23, according to Pristine CEO Venkat E. Kakani.
Pristine Pharma produced a batch of Dewitts Worm Syrup to be exported to customers in Guyana, Haiti and Jamaica. That shipment of de-worming medication came a week after the company registered with the Food and Drug Administration.
Seven employees currently work at the 32,000- square-foot plant on County Route 42:two consultants, a chemist, a mechanical engineer, an operations staffer and two packaging employees
Three of those hires came from applications filed in the New York state Labor Department's Massena office, Mr. Kakani said. The company is still expecting to grow to 25 employees at the facility by the end of March.
The company's first medicine shipment came only months after New Jersey- based Pristine bought the former Michele Audio building from Massena businessman Thomas Gramuglia.
The Massena plant is the first manufacturing facility owned by Pristine, which had previously contracted its work out to other pharmaceutical manufacturers.
Massena's proximity to the Canadian market and the Port of Montreal were high selling points to locate the company in Massena, Mr. Kakani said previously.
We are very happy, Mr. Kakani said. We are very proud to bring that plant there in a short amount of time.
Pristine Pharma recently landed a $2 million contract with a U.S.-based Russian export company to produce aspirin for Russian customers. Aspirin will likely be produced in the plant in the next two to three months, Mr. Kakani said.
The company is also finalizing a contract to make nasal spray for Russian customers. If that contract comes through, nasal spray will be produced in the next four to five months.
A multi-million dollar contract is also being negotiated with a U.S- based nursing home medicine supplier, Mr. Kakani said.
If they come through, the plant will be full very soon, Mr. Kakani said.
Pristine Pharma is still planning to grow to 100 employees in the next 18 months. Approximately 30 percent of those jobs would be chemists, pharmacists and skilled engineers. The rest of the jobs would be in assembly, packaging, warehousing and distribution.
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Item 5.02 . Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On November 30, 2010, Darshan Shah, the Company’s Chairman and director resigned from the Company. Sabir Saleem was named as Director, CEO and Chairman. Additionally, Venkat Kakani was also named as a Director of the Company. The Company’s new board of directors consists of Albert Lacle’, Midhat H. Syed, Esq., Venkat Kakani and Sabir Saleem. The Company’s new officers are Albert Lacle’ as President, Midhat H. Syed, Esq. as Secretary, Venkat Kakani as Treasurer and Sabir Saleem as Chairman and CEO.
Item 8.01 Other Matters
Change of Phone number:The new telephone number for the Company’s Executive Office is:201-977-1177.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On February 4 2012, pursuant to a written consent in lieu of a special meeting of the shareholders of Michelex Corporation (the Company), which consent was received by the Company on January 19, 2012, Sabir Saleem, Midhat Syed and Albert Lacle were removed as directors of the Company. Mr. Saleem was, until his removal on February 4, 2012, the Chairman of the Board of Directors of the Company.
On February 4, 2012, by action of the remaining member of the Board of Directors of the Company, Dino A. Sawyer was appointed as a Director of the Company to serve until the next annual meeting of shareholders. Mr. Sawyer, age 52, is a shareholder in the Company and will serve without compensation until such time as the Board deems appropriate. Mr. Sawyer has advanced approximately $3,500 in expense costs to the Company in the last year, and has had no other transactions with the Company. Mr. Sawyer is retired. Mr. Sawyer is an experienced investor in "micro-cap" companies, and is an advocate for corporate transparency. Previously, he was the Director of Human Resources and Administrator of Sales & Marketing for the Dartmouth Printing Company, where he managed the training of over 250 employees in Statistical Process Control techniques and assisted in implementing a 'Consultative Sales' approach that was employed by the national sales force. Mr. Sawyer holds a B.S. in Economics from the University of New Mexico.
On February 4, 2012, by action of the remaining member of the Board of Directors of the Company, Frank T. LaSusa, RPh was appointed as a Director of the Company to serve until the next annual meeting of shareholders. Mr. Lasusa, age, 58, will serve without compensation until such time as the Board deems appropriate. Since 2009, he has been the President of J.C. Marketing, a pharmaceutical consulting company. From 2007 until 2009, Mr. LaSusa was the Vice President of Trade and National Accounts for Auriga Pharmaceuticals. Mr. LaSusa has 30 years experience as an executive in the Pharmaceutical Industry. Mr. LaSusa holds a B.S. in Biology from Marquette University and a Pharmacy degree from the University of Wisconsin.
On February 4, 2012, by unanimous consent of the Board of Directors, Sabir Saleem (Chairman and CEO), Midhat Syed (Secretary) and Albert Lacle (President) were removed as officers of the Company. Negotiations regarding severance are ongoing as of the date hereof.
On February 4, 2012, by unanimous consent of the Board of Directors, with Mr. LaSusa abstaining, Frank T. LaSusa was appointed President and CEO of the Company. Mr. LaSusa will serve without compensation until such time as the Board deems appropriate. The Board will convene a Compensation Committee which will address Mr. LaSusa's compensation.
On February 4, 2012, by unanimous consent of the Board of Directors, with Mr. Kakani abstaining, Venkat Kakani was appointed Treasurer of the Company. Mr. Kakani will serve without compensation until such time as the Board deems appropriate. The Board will convene a Compensation Committee which will address Mr. Kakani's compensation.
On February 4 2012, by unanimous consent of the Board of Directors, with Mr. Sawyer abstaining, Dino A. Sawyer was appointed Secretary of the Company. Mr. Sawyer will serve without compensation until such time as the Board deems appropriate. The Board will convene a Compensation Committee which will address Mr. Sawyer's compensation.
Item 8.01. Other Events
As of February 4, 2012, the address of the Company's principal executive offices has been moved. The new address is:
Michelex Corporation 5 County Route 42 Massena, NY 13662
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.
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