Michelex (pinksheets:MLXO) Announces Commencement of Deliveries of Orders to Customers by Pristine Pharma
NEW YORK, NY, Oct 19, 2010 (MARKETWIRE via COMTEX) -- Michelex Corporation (pinksheets:MLXO) ("Michelex") announced that its wholly owned subsidiary, Pristine Pharma Corporation, has started deliveries of OTC pharmaceutical products to its customers who are export distributors. These products are currently contract manufactured at FDA registered pharmaceutical plants in New Jersey and New York.
In further news, Michelex has started moving the pharmaceutical manufacturing assets of Pristine Pharma Corporation to its own facility in the State of New York. The facility, lease-purchased by Pristine Pharma, where all the lease payments will be applied towards the purchase price, is comprised of 32,000 sq. ft. of very well laid out building, suitable for pharmaceutical drug manufacturing and is situated on approximately 4.2 acres of land in an industrial zone. The manufacturing area of the building needs very little modifications for pharmaceutical drug manufacturing and the whole facility is in ready to move-in condition. It is expected that the move will be completed by the end of October. Pristine Pharma is expected to commence production of OTC pharmaceutical products at its own facility within 6 weeks.
MICHELEX Michelex Corporation, founded in 1999, is currently comprised of subsidiaries with a diversified portfolio of businesses viz: Financial Services, Pharmaceutical Drug Manufacturing and Distribution.
Pristine Pharma sells Over The Counter pharmaceutical products in store brand, private label and in its own control label, 'NUMED.' Pristine Pharma is holding purchase orders for its line of OTC pharmaceutical products, worth over $2.8 million from its domestic customers, as well as export distributors.
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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