CHICAGO,
June 11, 2012 /PRNewswire/
-- Veltex Corporation -- OTC Markets symbol (VLXC) --
Veltex Corporation (VLXC) today announced results from the
Company's 2012 Annual Meeting of Shareholders held in Chicago, Illinois on June 8, 2012 and reported that all members of its
Board of Directors were re-elected by a substantial
margin.
The Board of Directors also announced the appointment
James Jacob, of Palm Springs California, as President and
Chief Executive Officer.
Stephen G. Macklem was
reappointed by the Board as Veltex's Chief Financial Officer and
also as corporate Secretary / Treasurer by unanimous vote.
R. Preston Roberts, who
continues as Chairman of the Board, stated at the Annual Meeting,
"I am honored to be once again elected as Chairman of the Company.
I would like to express my sincere gratitude to our shareholders
for their faith in Veltex's Board and declare profound appreciation
to all directors for several years of dedicated service." Mr.
Roberts went on to say, "Further, the Company's directors are
anxious to begin working to perfect assets and move Veltex into the
next phase of our recovery plan. With Veltex's exceptional and
loyal Board and management team, we expect to grow the Company's
shareholder value as aggressively as possible. We are happy to see
strong shareholder support for our existing Directors, which
indicate an affirmation of Veltex's leadership and continuing
execution of our strategic operating plans to create shareholder
value."
James Jacob, President and
CEO, and major shareholder, stated, "This past year has been yet
another remarkably productive one for Veltex. Management had
retained the services of several highly respected and qualified
legal teams to recover the assets that were the legal property of
the corporation with astonishing results. Veltex is now moving into
a new phase of our recovery and revitalization plan. I am excited
to lead Veltex into the next phase of this well laid
strategy. This management team will be using all
opportunities to create value for Veltex which will convert into
value for all of us – the shareholders of Veltex."
Mr. Roberts also discussed Veltex's cooperation with law
enforcement officials in perusing those individuals who assisted in
the wrongful transfer of assets away from the company.
Veltex reported that the company's balance sheet now
reflected more that $102 million
dollars in assets. This equates into a book value in excess
of $2.50 per share. Veltex has sought
the advice of major legal and accounting firms to protect and
expand upon these assets. Veltex is currently exploring all
opportunities accessible to maximize shareholder value.
Veltex reported at the meeting that it has, to date,
accumulated 2,005,534 common shares back into the corporate
treasury. It was noted by the Board that this plan would continue
as opportunities present themself.
Veltex has also been working with two of the company's
outside law firms to review the questions with Depository Trust.
Veltex intends to have a resolution of those in the near
future.
No shareholder resolutions were presented at the
meeting.
Veltex Corporation, incorporated in Utah September 17,
1987, is a public holding corporation which maintains its
corporate headquarters in Chicago,
Illinois. The company's common shares trade OTC Markets
under the symbol VLXC.
Investor and Company Contact:
Stephen G.
Macklem
Veltex Corporation
312.235.4014
www.Veltex.com
Safe Harbor Statement
Certain of the above statements contained in this press
release are forward-looking statements that involve a number of
risks and uncertainties. Such forward-looking statements are within
the meaning of that term in Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those indicated in the forward-looking statements as a result of
various factors. This press release includes forward-looking
statements intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements generally can be identified
by phrases such as Veltex or its management "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or other words
or phrases of similar import. Similarly, statements herein that
describe Veltex's business strategy, outlook, objectives, plans,
intentions or goals also are forward-looking statements. All such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements.
SOURCE Veltex Corporation