MASSENA, N.Y., May 31, 2005 (PRIMEZONE) -- Michelex Corporation (Pink Sheets:MLXO), a manufacturer, importer and distributor of a full range of specialty plastic products, would like to announce that it has closed a deal with Commercial Capital for a $2.5 million line of credit, the revolver credit line with Wells Fargo has been bought out. The new terms are favorable to the prior arrangement and facilitates the release of $550,000 in receivables which are now being held by Wells Fargo, dramatically improving Michelex' liquidity. The Michelex contract with Wells Fargo came up for renewal recently and they have, mutually, decided to terminate the agreement.
Shareholders and other interested investors who would like to receive the Michelex monthly newsletter; the first issue will be sent out the first week of June, please go to http://www.michelex.com, scroll down and click on the Signup Now link. In addition to the newsletter we will forward Michelex e-lerts; an e-mail with Michelex press releases when they are released.
ABOUT MICHELEX:
Michelex Plastics -- Founded in 1972, is a manufacturer/importer and distributor of C-Zero's, C-Shells, Norelco Boxes, Jewel Boxes and other related specialty plastic products. The company has manufacturing facilities and distribution points in New York and Salt Lake City. The company employs over 100 people who are committed to the customers and to the operations of the business. Michelex offers a full range of products through its divisions to make it a one-stop shop for its customers.
Michele Audio -- Audio duplication services and an exclusive rights holder of a large catalog of music and spoken word recordings.
Michelex Media Products -- Producer, supplier and distributor of paper multimedia packaging products, also offering complete fulfillment services to its customers.
For further information, www.micheleaudio.com
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.