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.
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.
Contact:
Michelex Corp.
Investor Relations
1-866-THE-APPL(E)
SOURCE: Michelex
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