Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > Michelex Corp. and Source Bio-Plastics Re-Establish a Major Plastics Operation

Abstract:
Michelex Corp. (PINKSHEETS: MLXO) today is pleased to report important events with respect to its Plastics Division.

Michelex Corp. and Source Bio-Plastics Re-Establish a Major Plastics Operation

MASSENA, NY | Posted on March 29th, 2008

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 nano particles 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.

####

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.

For more information, please click here

Contacts:
Michelex Corp.
Thomas Gramuglia
(315) 769-6616

Gary Patterson
Investor Communications
(916) 965-6439

Copyright © Marketwire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Ag/ZnO-Nanorods Schottky diodes based UV-PDs are fabricated and tested May 26th, 2017

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

Unveiling the quantum necklace: Researchers simulate quantum necklace-like structures in superfluids May 26th, 2017

Materials/Metamaterials

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Stanford scientists use nanotechnology to boost the performance of key industrial catalyst May 18th, 2017

Self-healing tech charges up performance for silicon-containing battery anodes May 15th, 2017

Discovery of new transparent thin film material could improve electronics and solar cells: Conductivity is highest-ever for thin film oxide semiconductor material May 6th, 2017

Announcements

Ag/ZnO-Nanorods Schottky diodes based UV-PDs are fabricated and tested May 26th, 2017

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

Unveiling the quantum necklace: Researchers simulate quantum necklace-like structures in superfluids May 26th, 2017

Alliances/Trade associations/Partnerships/Distributorships

California Research Alliance by BASF establishes more than 25 research projects in three years April 26th, 2017

BASF and Landa partner to create revolutionary pigments for automotive coatings: The alliance combines BASF innovations with Landa nano-pigment technology April 5th, 2017

Leti Announces EU/South Korean Project for Worlds First 5G-system Prototype: Coinciding with the 2018 Winter Games in PyeongChang, Korea, Prototype Will Be First Time State-of-the-art Terrestrial Wireless Communication Is Seamlessly Combined with Disruptive Satellite Communicati April 4th, 2017

ATTOPSEMI Technology Joins FDXcelerator Program to Deliver Advanced Non-Volatile Memory IP to GLOBALFOUNDRIES 22 FDX Technology Platform: Leading-edge I-fuse brings higher reliability, smaller cell size and ease of programmability for consumer, automotive, and IoT applications March 27th, 2017

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project