quote: Michelex Corp. Revitalizes Its Music Division; Expanding Revenue Growth and Profit
MASSENA, N.Y., Aug 28, 2006 (PRIMEZONE via COMTEX) -- Michelex Corp. (Pink Sheets:MLXO) ("Michelex" or the "Company"), a plastic manufacturing company and an audio record production group, announced today that it has begun the process to revitalize and expand its music division. Unbeknown to many, Michele Audio Corporation of America ("Michele"), a division of Michelex Corp., is the owner of over 9,000 copyrights, of which many albums are available on the market today. "STRADIVARI (Classical)," MICHELE RECORDS (Big Band Era and vintage jazz) and "COUNTRY HARVEST (rare and historical Country Recordings)," to name a few, are record labels owned by Michelex.
Thomas Gramuglia, Executive Producer and owner of Bop Talk Music, his publishing company, will focus on putting out new recordings on CD compiled from their vast catalog of unreleased masters. Revenues from this plan are projected to increase sales by $500,000.00 for the year 2007.
The Company recently learned that one of its major competitors on the plastics side has closed their doors and gone out of business. This puts the Company in an excellent position in the industry because there will be a need to fill an immediate void in the industry to the tune of over 100,000,000 CD jewel boxes, cassette boxes and DVD boxes -- all items that are currently being manufactured by Michelex Corp. in the USA.
The Company stated its arrangement with Utica Leasco that took out Wells Fargo for $1.2 million was debt financing. This traditional financing was a sale/leaseback of its equipment amortized over five (5) years with an option to purchase at the end of the lease.
The Company is in the process of completing the necessary financial statements that will enable it to have a 15(c)(2)(11) filed to quote its common stock on the OTC Bulletin Board.
Good deal!!!
BF
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Wasn't expecting news or action today but won't sneeze at it. I think this may settle for a bit but it will soon be pushing the envelope again as we get into September and we near the reporting time.
GLTA.
Bigfoot
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posted
does anyone know what is up with this? I would have thought with all the good news this company has put out over the last 4 months this would be moving.
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It isn't an exciting stock and that may have something to do with it but it has always been a steady play for me. Movement should come soon. (Honestly we could be seeing the beginings now. went up .015 yesterday and holding so far today.) Bid is a low but nobody has scored on bid yet. May need to up the ante if they want to get in on this.
BF
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Another answer to your question lies within this chart.
I don't have the fancy tools to draw on the chart but consider this. Within the last 6 months this stock has established 3 different support levels.
1)The first is right at the begining under .01 2)The second formed in April at .022 3)The final support level was created in July at .05
Now look at resistance levels. We had a resistance level at .07 that was broken in July when our current support level was formed.
We have since tested the next resistance level at .09 a couple of times and nearly rose high enough to consider it broken in early August.
The steam is building. It will soon grow again as evidenced by the MacD and the Accumulation/Distribution below.
I'd love to break that .09 resistance and see where we can take it. I think it'll happen soon. Just waiting for those financials and production updates that are due two weeks from now.
BF
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posted
You'd have to be a VERY good boy to get that I think. I'm shooting for a nice break of the .09 and want .12-.14. I take more if it gives though.
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Michelex Corp. Revitalizes Its Music Division; Expanding Revenue Growth and Profit Monday August 28, 11:22 am ET
MASSENA, N.Y., Aug. 28, 2006 (PRIMEZONE) -- Michelex Corp. (Other OTC:MLXO.PK - News) (``Michelex' or the ``Company'), a plastic manufacturing company and an audio record production group, announced today that it has begun the process to revitalize and expand its music division.
Unbeknown to many, Michele Audio Corporation of America (``Michele'), a division of Michelex Corp., is the owner of over 9,000 copyrights, of which many albums are available on the market today. ``STRADIVARI (Classical),' MICHELE RECORDS (Big Band Era and vintage jazz) and ``COUNTRY HARVEST (rare and historical Country Recordings),' to name a few, are record labels owned by Michele.
Thomas Gramuglia, Executive Producer and owner of Bop Talk Music, his publishing company, will focus on putting out new recordings on CD compiled from their vast catalog of unreleased masters. Revenues from this plan are projected to increase sales by $500,000.00 for the year 2007.
The Company recently learned that one of its major competitors on the plastics side has closed their doors and gone out of business. This puts the Company in an excellent position in the industry because there will be a need to fill an immediate void in the industry to the tune of over 100,000,000 CD jewel boxes, cassette boxes and DVD boxes -- all items that are currently being manufactured by Michelex Corp. in the USA.
The Company stated its arrangement with Utica Leasco that took out Wells Fargo for $1.2 million was debt financing. This traditional financing was a sale/leaseback of its equipment amortized over five (5) years with an option to purchase at the end of the lease.
The Company is in the process of completing the necessary financial statements that will enable it to have a 15(c)(2)(11) filed to quote its common stock on the OTC Bulletin Board.
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