NEW YORK, NY--(Marketwire - December 20, 2010) - 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.
Pristine Pharma Corporation participated in the Private Label Manufacturer's Association Trade Show from November 14-16, 2010, held at the Rosemont Convention Center in Chicago.
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 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 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.
More information about Michelex Corp. and Pristine Pharma Corp. is available at: