MLXO - On the move

MLXO, after a long hiatus released a PR on Wednesday that appears promising for long term shareholders (the pr is pasted below).

The stock has fallen dramatically over the last few months, but that could all change if the company follows through with its plans.

The stock is trading near its all time lows and has yet to receive any attention at these levels. That could all change soon.

MLXO is a stock to watch into 2009.


Michelex Corp. Prepares for 2009 Opening of Plastics Manufacturing Facility
Massena, NY Manufacturing Facility Qualifies for Several Million Dollars in Low Interest Loans and Tax Credits
MASSENA, NY, Sep 17, 2008 (MARKET WIRE via COMTEX) -- Michelex Corp. (PINKSHEETS: MLXO) has announced that the Company's Plastics Division expects to resume operations at its Massena, New York facility early next year. Michelex manufactures and distributes CD and DVD packaging in its Plastics Division, and plans to reopen the facility with previous management and many former employees. As part of a $4.48 million incentives package arranged for the re-opening of the Massena facility, Empire State Development Corp. has agreed to provide a $1 million Job Development Authority loan, contingent on a pledge of 175 new jobs, to purchase property and equipment. The Company is going to convert biodegradable plastics from the traditional plastics it has been making for years, which may also qualify it for inclusion in the Empire Zone, which would provide wage and investment tax credits worth as much as $2.63 million.
The Company plans to add nano particles to the polymers to build products of greater strength, and that are degradable in landfills. Michelex expects to take an industry lead and address the world's growing need for adherence to green and environmentally friendly standards whenever possible.
"We're looking forward to creating jobs in the Massena area and contributing to the betterment of the economy. We plan to create many new jobs and have been given the incentive to foster the development of a 'green' approach to our manufacturing process," stated Tom Gramuglia, President and CEO of Michelex Corp.
About Michelex Corp:
Michelex Plastics, founded in 1972, is currently a manufacturer/importer and distributor of primary plastic packaging products to the optical disc industry.
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