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Posted: March 29, 2008
Michelex Corp. and Source Bio-Plastics Re-Establish a Major Plastics Operation
(Nanowerk News) Michelex Corp. (PINKSHEETS: MLXO) today is pleased to report important events with respect to its Plastics Division.
As a partner in Source Bio-Plastics, Inc., a plan is being instituted to re-establish a significant plastics manufacturing facility in Massena, NY. Utilizing Michelex's modern facility and equipment for the proposed project, it is expected that both traditional and new products will be produced. The company plans to add nanoparticles to the polymers to build products of greater strength or that are degradable in landfills. The company expects to take an industry lead and address the world's growing need for adherence to green and environmentally friendly standards whenever possible.
Of major significance to this partnership is an approved and accepted $4.5 million incentive package granted by Empire State Development, State of New York. This package initially includes favorable loans and wage and tax incentives. This aid will allow the business to be rapidly brought back into operation in the next few months and grow to a minimum target of 175 employees over the next three years.
Tom Gramuglia, President and CEO of Michelex, stated that he is really pleased to be able to re-energize the plastics company, which has long been a successful and notable factor in the Massena area. "It is great to achieve this opportunity for an important division of our company and to be able to give back economically to our community and the State of NY, both which have supported us for many years."
Source Bio-Plastics President and CEO, Robert Rood, said, "We are excited to take advantage of the years of successful business activity of our partner, build on it, and utilize an excellent skilled local workforce. It is a win-win for everybody." Source Bio-Plastics is a green energy company based in Bethesda, MD.
Michelex expects to provide further details on aspects of this outstanding business development in the coming weeks. The company is also pleased to report that efforts continue in it's pursuit of exciting opportunities in bio-diesel and zero trans-fat oil markets and we will be reporting to our shareholders when any material activities are finalized. Investor understanding and continued support is appreciated. The company continues to work hard to increase the company's value for its shareholders and believes this news is a meaningful step in that direction.
Michelex Plastics, founded in 1972, is currently a manufacturer/importer and distributor of primary plastic packaging products to the optical disc industry.